Over at Politico in a post titled "No populist he," Ben Smith prints a partial transcript of an interview Obama did with CNBC set to air tonight:
HARWOOD: On your general approach to business, you have criticized trade deals as not in the interests of American workers. You've talked about Wall Street speculators tricking people out of their homes, you've hit corporations for outsourcing. Are you a populist, and do you have any concern that your agenda might end up doing some damage to a US and global economic system that, though it's struggling now, has delivered a lot of benefits to a lot of people over the last 25 years?Sen. OBAMA: Look. I am a pro-growth, free market guy. I love the market. I think it is the best invention to allocate resources and produce enormous prosperity for America or the world that's ever been designed.
Smith says Obama "puts his love for the free market in terms that we didn't hear in Ohio," but he's missing the point. Obama quickly pivots:
As I said before, I think what's happened is that the market has gotten out of balance. This isn't the first time it happened. It happens often, particularly during periods of great technological and economic change. It happened, you know, when we moved from farms to factories. It happened when we shifted from factories to the information age. We're still in the process of adapting to this new environment. And there are those of us who have done very well in this new global economy. A lot of dislocations have taken place. And all I've said is let's make sure that our economy takes into account not just the winners but also the losers in the economy.Let's make sure that the burdens and benefits of globalization are fairly distributed. Let's make sure that we are investing in what's required for long-term growth. And I don't think there's any market advocate who would suggest that if our schools are underperforming, if our investment in basic science and research is declining, if young people can't afford to go to college, if our health-care system is broken and more expensive delivering less in terms of quality care than any other advanced nation, that those are good things for the market, then, you know, we should go ahead and make those investments, make those changes, to make this marketplace work better. That's my basic philosophy.
Obama doesn't use rhetorical sledgehammers often, so the key is reading the layers of what he's saying (especially considering the specific outlet). Obama first sets down a premise that, in theory, markets are the best system to produce and distribute prosperity. But then nearly everything he says after that points to work that must be done to fix failures and make the economy work for people again.
The unstated premise is that our markets have been hijacked to distribute resources to only a very small segment of our population at the expense of everyone else. Obama's language is not as partisan or blunt as some would like (and this example is particularly subtle), but there's no mistaking his meaning.
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