In a joint op-ed with the British prime minister, President Obama admits that jobs are created by an innovative private sector. So why is he strangling ours with regulations, rules and taxes?

IBD Editorials

EXCERPTS:

We would hope it was a candid admission of the truth rather than just boilerplate rhetoric in an op-ed in the Times of London by President Obama and British Prime Minister David Cameron. But there it was: “Governments do not create jobs; bold people and innovative businesses do.”

Government consumes wealth and sucks the economic oxygen out of the room. Its employees create paperwork and regulations that restrict economic growth.

There’s no better example of this than the Obama administration’s failed stimulus.

According to a report by Ohio State University economists Tim Conley and Bill Dupor titled “The American Recovery and Reinvestment Act: Public Sector Jobs Saved, Private Sector Jobs Forestalled,” the 2009 stimulus created or saved 450,000 state and local government jobs while destroying or forestalling a million private sector jobs. That’s a net loss of half a million jobs.

This administration has let loose the dogs of regulation in the form of Environmental Protection Agency rules that restrict economic growth and energy development. Even as the energy industry finds innovative and entrepreneurial ways to produce more, such as oil and gas from shale rock, the government finds new and creative ways to stop them.

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