ATMs: No wonder O doesn’t understand

Via Jonah Goldberg:

At the dawn of the self-service banking age in 1985, for example, the United States had 60,000 automated teller machines and 485,000 bank tellers. In 2002, the United States had 352,000 ATMs – and 527,000 bank tellers.

Contrary to Obama’s perception that those pesky machines drove our economy to the brink, the market need for ATMs increased, as did the number of bank tellers. Additionally, the advent of ATMs created more jobs: the machines are built and serviced by people.

Create a machine that fills a unique niche–giving consumers better access to their banked money–and create more jobs in the process.  No wonder Obama doesn’t get it. It’s capitalism.

As for real “structural” job killing, Obama should look no further than his own policies:

Meanwhile, Obama does want to make some structural changes to the economy that will destroy very good paying jobs in the energy sector. If his clean energy-win-the-future-regulate-carbon proposals were implemented, it would throw vast numbers of people out of work in the coal, oil and gas industries. And there’s zero reason to believe that the “green jobs” he would replace them with would be better paying. And, we’d all pay more for more expensive energy, either as consumers or as taxpayers footing the bills for subsidies.

But that’s ok, because the guiding hand of government knows best which jobs to permanently kill since we should all use less energy.  Just ask the incandescent light bulb factory workers. Besides, who needs an ATM when there’s no money to be had?


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