Obama, Economics 101 and the Myth of Technology

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Obama, Economics 101 and the Myth of Technology

Post by Admin on Thu Jun 16, 2011 5:44 pm

President Barack Obama recently made the following statement on NBC;

“There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate. So all these things have created changes. . . .” Barack Hussein Obama

Obama's statement above shows a complete misunderstanding of the role technology plays in national economics and our standard of living.

Generally speaking, new inventions, technology and it's implementation, always leads to a better standard of living for everyone and the President's ignorance towards this and what really is an Economics 101 principal, illustrate's why he will never be able to solve the unemployment crisis if given a million years to do it.
Source/More Here.


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