The Challenge Is Growth, Not Banal Inequality Cliches

From Larry Kudlow at RealClearMarkets.com:

Can anyone think of a more boring, banal, irrelevant, or stale speech than the one (President Obama) gave this Thursday in Washington D.C.?

The speech was allegedly on the economy, but more likely it was to divert attention from the Obamacare catastrophe.

Whatever the motive, his idea that the defining challenge of our time is to reduce income inequality is completely wrong.

In truth, the defining challenge is to restore more rapid economic growth, create substantially more jobs, and significantly reduce unemployment.

This is the worst recovery in the modern era going back to 1947.

But Obama is always more interested in income redistribution than growth.

He never speaks the language of growth, such as a rising tide would lift all boats. That's the basic economic truth of the remarkable prosperity of the '80s and '90s, a period during which tax, regulatory, trade, and monetary barriers were reduced, and the door opened to innovation, entrepreneurship, capital formation, and job creation.

Obama comes from a long line of liberals whose guiding star is the equality of result, i.e., income leveling, rather than the equality of opportunity, which is the heart of free-market capitalism....
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Link: http://www.realclearmarkets.com/articles/2013/12/06/the_challenge_is_growth_not_banal_inequality_cliches_100781.html