Obama's speech denounced "trickle-down ideology" and deplored growth that "has flowed to a fortunate few." But the monetary policy he favors — very low interest rates, driving money into equities in search of higher yields — is a powerful engine of inequality. Since the Dow closed at 7,949 on Inauguration Day 2009, it has doubled, benefiting the 10 percent who hold 80 percent of directly owned stocks. The hope is that some of this wealth will trickle down.
Suppose there were not 16 government agencies "to help businesses, large and small, in all kinds of ways." Suppose there were none. Such barnacles on big government institutionalize the scramble for government favors; these agencies are a standing incitement to bend public power for private advantage. Hence they increase distrust of government, diminish social solidarity and aggravate the most indefensible inequality — that driven by government dispensations.
Obama's solution to the problem of the 16 is to "consolidate" them, replacing 16 small subtractions from good governance with one big one. Progressives consider this progress.
George Will's email address is firstname.lastname@example.org.
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