President Obama travels to Racine, WI to take part in a town hall meeting on continuing economic growth, implementing Wall Street reform and creating new jobs.
Key quote: Now, some of this is just politics. That’s the nature of Washington. Before I was even inaugurated, there were leaders on the other side of the aisle who got together and they made the calculation that if Obama fails, then we win. Right — that was the basic theory. They figured if we just keep on saying no to everything and nothing gets done, then somehow people will forget who got us into this mess in the first place and we’ll get more votes in November. (Applause.)
And, you know, that will make people pretty cynical about politics. Now, let’s be fair though. The other party’s opposition is also rooted in some sincere beliefs about how they think the economy works. They think that our economy will do better if we just let the banks or the oil companies or the insurance industry make their own rules. They still believe that, even after the Wall Street crash, even after the BP oil well blew, that we should just keep a hands-off attitude.
They think we should keep doing what we did for most of the last decade leading up to the recession. So their prescription for every challenge is pretty much the same — and I don’t think I’m exaggerating here — basically cut taxes for the wealthy, cut rules for corporations, and cut working folks loose to fend for themselves. Basically their attitude is, you’re on your own.
Now, here’s the problem. And again, I don’t question that a lot of them sincerely subscribe to this view. Here’s the problem: We’ve already tried these ideas. Remember, we tried them for eight years. We tried them for a good part of the last decade. We know where they led us.