Tuesday, October 9, 2012

Steve Wynn Still Doesn't Get It.

So Ralston interviewed Wynn (again). Here's how it went down.

We've talked before about Steve Wynn and his his irrational view of how government is supposed to work. But now, he's falling to a new low in letting his loathing of President Obama get in the way of facts.

For one, even Wynn himself admitted that Obama inherited a terrible economic crisis from George W. Bush. Yet despite the evidence showing steady job growth and economic recovery since we hit bottom in 2009, Steve Wynn wants us to believe that President Obama is some incompetent boob who knows nothing about the economy. So if Obama really caused some terrible economic catastrophe and can't figure out how to get us out of it, then why have Wynn's corporate profits been looking so good lately?

And while even Steve Wynn himself struggled to defend George W. Bush's economic record, he seemed more than eager to return to the very Bush policies that threw the country into the mess that President Obama inherited in 2009. He even showed a bit of frustration with Bush's tendency to "tax cut, borrow, and spend" his way out of any politically thorny situation, yet he doesn't want to notice how Mitt Romney's economic proposals mostly call for the same thing. In order to pay for all of Romney's favored tax cuts for the super rich and increased military spending, he will either have to raise taxes on the middle class & working poor, slash critical investment in our middle class that's the foundation of our economy... Or do what George Bush did and borrow more money to try to avoid making tough choices.

This is why I just can't take Steve Wynn seriously as an economic policy analyst. While he's been great at building great casino resorts, he isn't as great at realizing the true economic problems of our time (and how to solve them).

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