Our young are so ill educated (in more ways than one) that they don't even understand the difference between socialism/communism and capitalism. It's time they learned why they don't have jobs, why everything costs more and why our future as far as the eye can look is bleak unless we get rid of the occupier of The White House. Maybe it's time for these youngsters to learn the lessons of government intervention in the economy and to recognize anti-American sentiment in our leaders. Oh yeah, that's right. I forgot for a moment that our young don't know history - thanks to our ah,,,,,,,government run schools. So we have a bunch of nitwits barricading Wall St who probably attended public schools who are protesting the rich and blaming Wall Street for THEIR problems. It's the lunatics running the asylum syndrome. I say after we rid ourselves of the socialist/communist Obama and his incompetent appointees (Eric Holder comes to mind) we then get rid of the totality of our public schools and allow the free market to function. Then maybe we'll be lucky and get some Thomas Jefferson clone who will remind us of what America was meant to be.....Still, if anyone in the Occupy Wall Street movement wants an intellectually honest explanation for why they can't find a job, they might start by considering what happens to an economy when the White House decides to make pinatas out of the financial-services industry (roughly 6%, or $828 billion, of U.S. GDP), the energy industry (about 7.5% of GDP, or $1 trillion), and millionaires and billionaires (who paid 20.4% of all federal income taxes in 2009). And don't forget the Administration's rhetorical volleys against individual companies like Anthem Blue Cross, AIG and Bank of America, or against Chrysler's bondholders, or various other alleged malefactors of wealth.
Now move from words to actions. Want a shovel-ready job? The Administration has spent three years sitting on the Keystone XL pipeline project that promises to create 13,000 union jobs and 118,000 "spin-off" jobs. A State Department environmental review says the project poses no threat to the environment, but the Administration's eco-friends are screaming lest it go ahead.
Then there are the jobs the Administration and its allies in Congress are actively killing. In June, American Electric Power announced it would have to shutter five coal-fired power plants, at a cost of 600 jobs, in order to comply with new EPA rules. Those same rules may soon force the utility to shutter another 25 plants. Bank of America's decision last month to lay off 30,000 employees is a direct consequence of various Congressional edicts limiting how much the bank can charge merchants or how it can handle delinquent borrowers.
These visible crags of the Obama jobs iceberg are nothing next to the damage done below the waterline by the D.C. regulations factory, which last year added 81,405 pages of new rules to the Federal Register, bringing the total cost to the U.S. economy of regulatory compliance to an estimated $1.7 trillion a year.
Less easy to quantify, but no less harmful, are the long-term uncertainties employers face in trying to price in the costs of ObamaCare, Dodd-Frank, the potential expiration next year of the Bush tax cuts, the possible millionaire surcharge, the value of the dollar and so on. No wonder businesses are so reluctant to hire: When you don't know how steep the trail ahead of you is, it's usually better to travel light.
This probably won't do much to persuade the Occupiers of Wall Street that their cause would be better served in Washington, D.C., where a sister sit-in this week seems to have fizzled. Then again, most of America's jobless also won't recognize their values or interests in the warmed-over anticapitalism being served up in lower Manhattan. Three years into the current Administration, most Americans are getting wise to the source of their economic woes. It's a couple hundred miles south of Wall Street. What's Occupying Wall Street?