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February 8, 2011
Obama: Corporate profits must be 'shared with workers'
Nothing wrong with profit sharing - as long as it's a private transaction either between an employee and the company or the union and the industry.
But Obama's not concerned about that kind of setup. In fact, he makes it sound as if government would have a role in enforcing such profit sharing (video at RealClearPolitics link)
"If we're fighting to reform the tax code and increase exports, the benefits cannot just translate into greater profits and bonuses for those at the top. They have to be shared by American workers, who need to know that opening markets will lift their standard of living as well as your bottom line," President Obama told the Chamber of Commerce on Monday morning.Someone might suggest a way this would work. I suppose government could mandate a certain percentage of profits - "excess profits" - be put in a kitty for all workers. Or government could just seize what it thinks is too much profit and redistribute the wealth.
Any way you look at it, it's more coercion, more redistributive nonsense from someone who has no respect for business or the people who create wealth.