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Wednesday, June 15, 2011

Blame the Wheel

President Obama says automation accounts for high unemployment today. He really said that. And he said: “You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate.” So maybe when his administration finances “shovel-ready projects,” they should literally use shovels and not modern equipment. That would put a lot of people to work.

It all started going down hill with the wheel. If there were any doubts that Obama knows zero about economics, all doubts should now be dispelled.

Further reading: “The Curse of Machinery” by Henry Hazlitt.

  • Sheldon Richman is the former editor of The Freeman and a contributor to The Concise Encyclopedia of Economics. He is the author of Separating School and State: How to Liberate America's Families and thousands of articles.