Heavy Lifting - thoughts and web finds by an economist
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Saturday, July 31, 2004
Been perusing the party platform of the Dems...it is a lot like Kerry's speech the other night - perhaps to the disgust of many statists, er democrats. However, there is this little nugget tucked in the "Strong Economy" section:
A plan to reinvigorate manufacturing. Manufacturing has lost 2.5 million jobs under President Bush in its worst jobs crisis since the Depression. John Kerry, John Edwards and the Democrats will launch a concerted effort to revitalize American manufacturing. The measures outlined above are important components of our overall strategy. In addition, based on the model that has helped launch some of America's most successful companies, we will establish new investment corporations to give small and medium-sized businesses access to capital. And we will support the growth of high-technology "clusters" that invest in new industries around research institutions.They key phrase of concern is the "we will establish new investment corporations." What that means is not immediately clear, but the "we" is either the Democrats or the government, and "establish" means steal money from one group of people, most likely the wealthy who seem to know where to invest money so that it yields a positive return, to give to someone else.
Small and medium-sized businesses that are worth investing in can and do get access to capital every day. The government handing out capital is almost guaranteed to fail. Capital will be handed out but principal and interest will never be repaid. Those who have pull will get the best access to the "capital," and the government will crowd out private investment. Not a good prospect.
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