In the all great minds think alike category, Julie and I have both reacted to President Obama’s recent Luddite-tinged statement about ATMs! But I am going to leave my post up, even though Swifty Gunlock beat me to the punch. The statement from the President that so inspired the two of us came as he explained what’s wrong with the economy to NBC’s Ann Curry:
[T[here are some structural issues with our economy, where a lot of businesses have learned to become much more efficient, with a lot fewer workers. You see it when you go to the bank and 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.
What incredible innocence of economic matters. We have a president who actually believes that businesses that are innovative and become more efficient are a drag on the economy. President Obama, you see, has an essentially static view of economics: wealth is static and it exists to be fairly allotted in society. He doesn’t realize that when businesses are dynamic and come up with new ideas (not that ATMs are that new) they create more jobs and more revenue. For example, ATMs may reduce the number of bank tellers required, but somebody has to make those ATM machines.
ATMs are standing on the side of the road sipping a Slurpee
Hat tip to Daniel Halper of the Weekly Standard.