Moreover, it is economic growth that has provided the resources enabling us to dramatically reduce pollution and improve the environment, without trashing our standard of living.
Some will no doubt benefit in the near term, but the removal of limited capital from the productive parts of the economy will ultimately reduce our standard of living, drive up unemployment and make individuals more--as opposed to less--needful of charity.
Whereas most would think that universal guarantees to a minimum standard of livingreduce incentives to work and innovate, Obama believes they give the down-and-out the incentive to build business and employ people.