While speaking at Georgetown University’s Global Social Enterprise Event, U2 frontman Bono admitted that capitalism trumps aid in the long run.
Via the Young Conservatives:
“Aid is just a stop-gap. Commerce [and] entrepreneurial capitalism takes more people out of poverty than aid.
“In dealing with poverty here and around the world, welfare and foreign aid are a Band-Aid. Free enterprise is a cure.
“Entrepreneurship is the most sure way of development.”
Bono makes a very valid point. While welfare and foreign aid are necessary Band-Aids (although our welfare system is clearly abused and in need of reform), nothing can be as good as a job. A job provides the kind of economic growth a country needs to see.
Under Obama, we have seen a very different kind of growth: corporate profit margins hit an all-time high while we have also seen the lowest wages as a percentage of the economy …not to mention the smallest workforce in 3 decades and an expanding welfare state.
Obviously, this is not the kind of economy Obama campaigned on that helps the middle class.