U.S. needs to ditch free-market approach

[ej510]

President Barack Obama needs to go further than criticizing millionaires and oil companies. He needs to propose an industrial policy.

In his June 29 news conference, Obama was right to come out against tax breaks for millionaires and billionaires, corporate jet owners and oil and gas companies.

What is passing as the free market is a system of giveaways to those who don't need it -- the richest Americans, corporations that relocate jobs overseas and banks that are "too big to fail," yet have failed the economy with their predatory practices.

With more than 10 million jobs lost to the recession, and the private sector sitting on cash, it is clear that the United States is on the wrong course, a course that won't be corrected with more tax cuts and deregulation. America needs a plan, and it must generate growth by selling and exporting things people will buy, rather than through credit-fueled consumption and a reliance on fossil fuels.

Read more: http://www.timesunion.com/opinion/article/U-S-needs-to-ditch-free-market-approach-1457341.php#ixzz1RXYyqZEI

[ej510]

1. Capitalism has destroyed America.