President Obama visited Raleigh yesterday to announce still more crony corporatism. The President announced that state and federal governments came to an agreement with several rent-seeking corporations to confiscate tens of millions of taxpayer dollars (were we asked to consent to fund this “public-private partnership”?) to prop up industries apparently incapable of succeeding without taxpayer handouts.
Or as the N&O put it:
Instead, the consortium of five universities and 18 companies represents a bet by government and industry that electronic technology used in modern manufacturing is on the verge of a major scientific breakthrough and needs a governmental push to get it across the finish line.
Interesting choice of words there when they say “bet.” Of course, none of the politicians patting themselves on the back for making this “bet” is staking any of their own money. If this emerging technology is such a valuable commodity, then why doesn’t Obama put his own money at risk and invest?
Naturally, big-time lobbyist and Obama supporter Cree will get a slice of this taxpayer handout.
Yet another example of the corporatist policies “progressives” love: big business in bed with bigger government, all at the expense of the taxpayer.