In an interview with Larry Kudlow on CNBC last night, Treasury secretary Tim Geithner defended the Obama administration as pro business:
Now, this president understands deeply that governments don’t create jobs, businesses create jobs. And our job as government is try to make sure we’re creating the conditions that allow businesses to prosper so they can hire people back, get this economy going again.” (Full interview.)
This is an interesting statement, considering that President Obama is currently touring the nation touting his “recovery summer,” crediting government programs for creating jobs. Meanwhile, the aministration “creates conditions” so that some businesses can thrive, but others are burdened with greater expenses. Drug companies now face a market in which more money is chasing their product. Insurers wanted an even more friendly health care bill, but they have still been blessed with a market in which every American must purchase their product under penalty of law. Meanwhile, small-to-medium-sized businesses suffer under new coverage mandates and penalties.
And cap and trade is a sure job killer and raiser of expenses for ordinary Americans, but it will help you if you’re the largest windmill or nuclear power producer in North America and you have overseas operations unaffected by the legislation (think General Electric or Duke Energy).