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Obama Touts “Inclusive Capitalism”

In an interview with Ezra Klein of Vox, President Obama said traditional market forces that used to redistribute income are failing and the time for government to do it instead has arrived.

The interview, which ran today, was conducted January 23.

Touting what he referred to as inclusive capitalism, Obama made the case for what actually sounds a lot like socialism.

So part of our job is, what can government do directly through tax policy? What we’ve proposed, for example, in terms of capital gains — that would make a big difference in our capacity to give a tax break to a working mom for child care. And that’s smart policy . . .

We also still have to focus on the front end. Which is even before taxes are paid, are there ways that we can increase the bargaining power: making sure that an employee has some measurable increases in their incomes and their wealth and their security as a consequence of an economy that’s improving. And that’s where issues like labor laws make a difference. That’s where say in shareholder meetings and trying to change the culture in terms of compensation at the corporate level could make a difference. And there’s been some interesting conversations globally around issues like inclusive capitalism and how we can make it work for everybody.

Capitalism, Obama indicated, is no longer working to get enough money out of the hands of the rich and into the hands of workers:

I think that part of what’s changed is that a lot of that burden for making sure that the pie was broadly shared took place before government even got involved. If you had stronger unions, you had higher wages. If you had a corporate culture that felt a sense of place and commitment so that the CEO was in Pittsburgh or was in Detroit and felt obliged, partly because of social pressure but partly because they felt a real affinity toward the community, to re-invest in that community and to be seen as a good corporate citizen.

Today what you have is quarterly earning reports, compensation levels for CEOs that are tied directly to those quarterly earnings. You’ve got international capital that is demanding maximizing short-term profits. And so what happens is that a lot of the distributional questions that used to be handled in the marketplace through decent wages or health care or defined benefit pension plans — those things all are eliminated. And the average employee, the average worker, doesn’t feel any benefit.

Obama, singing from the traditional Leftist hymnal, said we must “make sure” that “folks at the very top are doing enough of their fair share.” He complained about the “winner-take-all aspect of this modern economy” and the need to be “investing enough in the common good.”

Because, you see, you didn’t build that. And you don’t own it either.

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29 Responses to Obama Touts “Inclusive Capitalism”

  1. Obama is as qualified to comment on capitalism as I am to do repairs on a nuclear submarine. In other words, he has no qualifications to make any recommendations regarding the market economy (that he doesn’t believe in, anyway).

    • He was touting it to certain audience’s of socialists. Here & there I saw video clips of his true transformation plans of the America he hates.
      It’s so hard to wrap my head around the fact that our own president hates us. I mean, I know it, but was raised in a patriotic time…

  2. I’m not sure how taking money away from the rich helps me very much. Even if we took $10 billion away from both Warren Buffet and Bill Gates (which would force them to liquidate and drive down stock prices and my 401(k) – maybe not a good plan), and gave it away, that would only be $100 each for the lowest 200 million Americans – leaving over 100 million of us still where we are and not really moving the others much closer to being rich. I guess we could all sit around and feel smug that we had hurt the rich guys.

    • Yikes, you’ve broken the progressive code. The important point is to damage those who have done well (except for your pals. Yeah, you, Oprah). That in and of itself HELPS the underclass!

  3. Notice he’s been recently saying some pretty stupid things for his supporters and he knows it’ll never pass Congress. Yet the lofo voters will buy into the Dem line “Republicans don’t care about you”.

  4. I await his plan for the inclusive capitalism of his ‘own’ growing fortune. Butt, alas, he & his commie bff’s will create a way to damage & drown the schtruggling white middle class, giving our money to his new immigrant (sick & diseased) invaders. The really rich will stay that way while the American Dream is flushed away with all the aborted fetuses.
    This Monday’s news is a downer.

  5. O/T
    I watched D’Souza’s “America” yesterday. He is very good at laying out his topics & revealing both sides of each point he makes. He loves this country & his insights & intelligent information should be mandatory HS curriculum. Not the bs liberal glow bull warming & one sided history our next gen is receiving.

  6. Re: “traditional market forces that used to redistribute income are failing and the time for government to do it instead has arrived.”

    Isn’t this the definition of Socialism?

  7. Yadayadayada. All this socialist b.s. has been tried over and over and it doesn’t work because of human nature. But the know-it-alls keep trying because if they can change human nature they can impose socialism, they’ll be in charge, get nice juicy jobs and fly around in government jets checking on things and never have to take a risk to satisfy some consumer demand. The real problem, of course, is them, is government intervention in the economy via regulations, labor laws, taxes, micromanaging workplaces and all the rest. Obama can’t admit this because it would mean he would have to actually go out and find a job, and be held accountable or get fired. That’s all there is to this carping and lefty nonsense.

  8. Karl Marx would be very proud of Obama. Marx lays out the details and tactics of “wealth distribution” in Chapter 2 of his “Das Kapital”.