Unbelievable: U2's Bono Says Capitalism Quickest Way to Prosperity
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.