President Obama and “Occupy Wall Street”
By Randall Holcombe • Wednesday December 7, 2011 1:02 PM PST •
I don’t get it. Here is an article saying that President Obama is “riding the populist wave” of the “Occupy Wall Street” movement, giving him ” his best chance to reconnect with the American people.” These Occupy Wall Street people claim to represent the 99% against the elite 1% who are getting rich by taking advantage of the other 99%.
Here’s what I don’t get. President Obama’s administration has bailed out big corporations (like GM and Chrysler), subsidized high rollers who have gambled away the tax dollars paid by the 99% (like Solyndra), and even directly supported the 1% on Wall Street by bailing out the banks. The Treasury and Federal Reserve continue to cooperate to pursue policies that produce profits for banks at the expense of the 99%. Meanwhile, the poverty rate stands at 15.1% under President Obama’s watch, up from 13.2% in 2008.
If there is anything to the protests of the “Occupy Wall Street” people (which is a whole separate subject), it appears that they should be protesting against the current administration’s policies. How can the “Occupy Wall Street” people possibly see President Obama as an ally?
Tags: Bailouts, Budget and Tax Policy, Corporatism, Economics, Elections, Federal Reserve, Free Market, Government subsidies, Media, Politics, Poverty, Presidential Power, Progressivism, Taxation, The State