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Letter: Obama vision will not grow market economy in four more years

Published: Tuesday, Aug. 4 2015 9:26 p.m. MDT

President Barack Obama speaks to supporters at Springfield High School, Friday, Nov. 2, 2012 in Springfield, Ohio. (Associated Press) President Barack Obama speaks to supporters at Springfield High School, Friday, Nov. 2, 2012 in Springfield, Ohio. (Associated Press)

It is critical for the citizenry to understand the Obama vision for growing the market economy cannot succeed in four more years. The pinnacle of their success, "GM is still alive," was accomplished by restructuring through managed bankruptcy, which is exactly what Mitt Romney proposed.

Jobs were lost, and contracting companies and dealerships were cut out. The difference is instead of permitting private capital to assume the risk and courts to assume the restructuring, failed management did it with taxpayer money. Each job "saved" cost millions; as a major owner, government still subsidizes GM.

The other side of the Obama vision is to stimulate the economy with large government grants and guarantees (noticeably to donors of large political gifts) for favored industrial projects. The creation, course and demise of Newsmax, Solyndra, other failed companies and absence of shovel-ready jobs have fizzled away huge sums of tax revenue. The policy bets on the brilliance of a few to know what's best for America; the risk is absorbed in public debt. Subsidizing failure is the wrong direction.

It will not grow the market economy in four more years — not in 40 more years.

George Jackson

Salt Lake City

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