When the charter of government is to spread wealth around, economies resemble the socialist success in Africa. Governments do not design cars well; nor do they allocate cash where it will do any good. That is the way of governments, be they in the Soviet Union, which brought you the ever popular Lada, in Africa, overrun by mosquitos and cholera, or in the United States, where government officials sell Senate appointments. Governments have exquisite difficulty handling cash, which too easily winds up in plastic freezer-bags. Not only does government-directed wealth spreading discourage efficient and innovative production of goods and services, it encourages a high degree of dependency in a broad swath of citizens and visitors. The largest beneficiary of government wealth-spreading is predictably, government.
So, Chairman O, who gets the job of deciding where the wealth goes? We know who spread around the Annenberg wealth in Chicago, to no reported positive effect, but obviously massive ill effect. It was you, Chairman O. It must have felt good; but what improvement in education was achieved? None was reported. Through the wisdom and judgment of an Obama lawsuit, the wealth of Citigroup and other mortgage financiers was spread around driving up the price of grossly overvalued collateral in your fabulous town. The final impact of Clinton’s and Obama’s feverish, frenzied prosecution of the Community Reinvestment Act caused massive – perhaps most of it in the world – wealth – to disappear recently. Whether it had been spread around or not. But we conclude, Chariman O, that you are the grand master of spreading wealth around. And you proclaim it openly.
Like in Africa, the children will pay the highest price, Chairman O, for your wealth-spreading proclivities.
Photo above, H/T Moonbattery Zimbabwe Blazes the Trail Into Socialism