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About Nolan Finley's column

by: Eric B.

Sun Feb 17, 2013 at 13:00:43 PM EST


The only thing coherent is its incoherence. From the "Government doesn't create jobs" Department.

What was billed as a jobs blueprint instead exposed the administration's appalling indifference to the fundamentals of a dynamic economy.

Imagine what global companies considering bringing investment to America thought of the president of the United States demonizing profits.

Well, they asked those companies.

 

(Reuters) - Political, fiscal, and regulatory uncertainty in the United States is hampering capital investment in the country and beyond, Tom Kloet, chief executive of TMX Group (X.TO), Canada's biggest exchange operator, said on Thursday.

Kloet, a Chicago native who guided TMX through its recent C$3.8 billion ($3.84 billion) takeover by Maple Group, a consortium that includes some of Canada's biggest banks, pension funds, and insurers, said the lack of compromise in Washington on the "fiscal cliff" is frustrating and stifles business.

"As a business owner that represents 4,000 listed issuers on the stock exchange of the biggest trading partner the United States has, I've got to say that the uncertainty is really hurting the appetite for capital expenditures and capital investment right now," he said.

In other words, a pro-business agenda would be creating a stable, predictable business and political climate. In other words, business investment isn't scared away by rhetoric, but by a failure to do things like pay bills. Nolan Finley, by the way, was willing a couple of years to send the nation into default over just that.

Obama breezed by the oil and gas shale revolution that promises to be the next economic boom, choosing instead to rehash the failed green energy agenda of his first term.

Here we see the problem with the rightwing echo chamber. Inside of it, it's like a bunch of children running around a McDonald's Playland all shrieking the same thing. "Solyndra! Solyndra! Solyndra!" Why? Because while most of us understand that most businesses fail in the first couple of years (and, Solyndra's failure wasn't because of green energy policies, but because their success was undercut by massive public sector investments in green energy by the Chinese), inside that echo chamber the failure of one represents the failure of an entire industry. And, while they believe that, the rest of us read things like this, with the headline: "Renewable energy sees explosive growth during Obama administration."

Businesses are begging for a saner tax code to make America competitive globally. Instead, the president offered to close tax loopholes and kill credits without lowering the highest corporate tax rate in the industrialized world. Somehow, he expects that formula will lead to job creation.

He couldn't be so clueless about economics. ...

Every sane human being who has looked at the causes and size of the federal deficit and debt understands that the problem is a matter of rising health care costs and a lack of revenue (those unfinanced, economically worthless Bush tax cuts). That includes the business community. Also, job creation is driven by an excess in demand, not tax cuts. Tax cuts represent a cut in business costs, not more product leaving store shelves in the shopping bags of consumers. But, that's why that last sentence got tossed in.

Keep in mind that he's supposed to be the adult in the rightwing room, and you get a real sense for why the policies they regularly support wind up being such horrid failures when applied to the real world.

 

Eric B. :: About Nolan Finley's column
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