All The News That Fits

Thomas Sowell on Obama

Posted by Nancy on November 9, 2008

I read recently that the federal government is borrowing $550 BILLION in the third quarter of this year, with more planned for next year.  Counting the stimulus package earlier this year (chump change at less than $200 billion), the government is set to borrow almost $1 trillion in less than a year’s time.  

That is unsustainable, and we are in for rough times no matter who is living at 1600 Pennsylvania Av.

Today’s paper carries the news that Treasury Secretary Ben Bernanke is asking for another multi-billion dollar stimulus package on top of everything else.  Send everyone another check to stimulate the economy, and watch them put it in the bank or pay down already existing debt instead of going out and spending it.  That’s what happened to most of the last one. 

Others in Washington are floating the idea of taking the same amount of money and using it to rebuild the nation’s crumbling infrastructure – roads, bridges, etc.  Now that is something worthwhile, something that the country needs, something that would get money into the economy by paying people to work. 

Meanwhile, Thomas Sowell gives us a glimpse of what he expects out of our new president-elect.

After the big gamble on subprime mortgages that led to the current financial crisis, is there… an even bigger gamble, by putting the fate of a nation in the hands of a man whose only qualifications are ego and mouth?

Barack Obama has the kind of cocksure confidence that can only be achieved by not achieving anything else.

Anyone who has actually had to take responsibility for consequences by running any kind of enterprise — whether economic or academic, or even just managing a sports team — is likely at some point to be chastened by either the setbacks brought on by his own mistakes or by seeing his successes followed by negative consequences that he never anticipated.

The kind of self-righteous self-confidence that has become Obama’s trademark is usually found in sophomores in Ivy League colleges — very bright and articulate students, utterly untempered by experience in the real world. (snip)

For someone who has actually accomplished nothing to blithely talk about taking away what has been earned by those who have accomplished something, and give it to whomever he chooses in the name of “spreading the wealth,” is the kind of casual arrogance that has led to many economic catastrophes in many countries.

The equally casual ease with which Barack Obama has talked about appointing judges on the basis of their empathies with various segments of the population makes a mockery of the very concept of law.

After this man has wrecked the economy and destroyed constitutional law with his judicial appointments, what can he do for an encore?  He can cripple the military and gamble America’s future on his ability to sit down with enemy nations and talk them out of causing trouble.

Only time will tell if he is right or just being curmudgeonly.  One thing’s for certain, and that is he’s not being racist.  He is  a black conservative columnist and academic economist at Stanford University who opposes Marxism and supports free market capitalism. 

Sowell grew up poor and dropped out of high school, moved out on his own at age 17, worked several jobs, was drafted into the army, and later went on to graduate magna cum laude from Harvard, get a masters from Columbia, and a doctorate from the University of Chicago.

He knows economics, and he thinks he knows Barack Obama.

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One Response to “Thomas Sowell on Obama”

  1. Elaine said

    “Barack Obama has the kind of cocksure confidence that can only be achieved by not achieving anything else.”

    Sounds like someone else I know. Wonder when HE’LL rule the free world?

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