A few thoughts

Full employment does not equal wealth.  In a totalitarian society, such as the former Soviet Union, one often finds 100% employment, but no wealth.  What matters isn’t the quantity of jobs, it’s the quality.

Government prints money.  It does not create wealth.  People create wealth.

Zimbabwe is a very frightening example of the speed within which bad government interference can utterly destroy a thriving economy.

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  • 11B40

    Greetings:

    My all-time favorite bit of Soviet Russian folk wisdom, “We pretend to work and they pretend to pay us.”

  • http://photoncourier.blogspot.com David Foster

    Even in the Soviet Union, there wasn’t always full employment. I read a very interesting book by a young American idealist, a welder, who went to Stalin-era Russia to work on a huge steel-factory construction project. He described hundreds of people jostlilng for a limited number of subsistence-level jobs unloading boxcars.

  • 1Lulu

    The problem with Zimbabwe’s thriving economy was that it was based on the old colonial system. When I was there 18 years ago you saw unpaved roads and real poverty. But the system was racially based with minority white plantation owners and their majority poorly paid black workers. So, while robust in a sense, it was different than our economic system. But of course, instead of improving things, Zimbabwe was dragged down by foolish social and economic engineering.

    We will need to speak out again and again to defend our country from Obama’s experiments. Why the rush, Barack?