by Michael S. Rozeff, Lewrockwell.com
Obama in meeting with advisors
Obamanomics,the economic program of the Obama administration,will fail to help the U.S. economy. Instead it will undermine the economy. It will fail to help the American people as a whole,although it will benefit some. It will succeed in augmenting the government.
The depression is causing and threatening to cause many failures of banks,companies,whole states like California,localities,pension funds,federal home loan banks,and so on. Unemployment is rising. The Obama administration,following the Bush administration and the roadmap laid down by the New Deal and the Employment Act of 1946,will try to stop these failures and the unemployment using government action. This will fail. The system is too large for the government to bail out without destroying any semblance of free markets. Even if the system were not so large,government action would still fail,as will be explained in some detail.