Obama Blames ATMs for Unemployment

Obama Blames ATMs for High Unemployment

President Obama explained to NBC News that the reason companies aren't hiring is not because of his policies, it's because the economy is so automated. ... "There 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 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."

 

Click above to see the video clip.

 

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Really, Mr. President?  You're blaming ATMs for high unemployment?  From what I've read, "On September 2, 1969, Chemical Bank installed the first ATM in the U.S. at its branch in Rockville Centre, New York."

 

I seem to remember people in 1969 fearing that ATMs would replace all bank tellers, but that hasn't happened.  Why would this be an issue now?

 

You've blamed Bush for your failures.  Last week you blamed Europe and earthquakes for your failed policies.

 

A good leader takes responsibility for his decisions and his mistakes.  When do you think you'll have enough leadership experience to do that, Mr. President?  A good leader also surrounds him/herself with people who CAN do the job, Mr. President.  Don't you think you need a few people around you who actually understand what it takes to help our economy?

 

Here's a hint:  Learn from history.

 

During the forgotten depression of 1920:

Instead of "fiscal stimulus," Harding cut the government's budget nearly in half between 1920 and 1922. The rest of Harding's approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third.

The Federal Reserve's activity, moreover, was hardly noticeable. As one economic historian puts it, "Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction." By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and it was only 2.4 percent by 1923.

 

 

Japan, tried an approach more like the U.S. has been trying in recent years, and they lost 7 years.