Analysis: Obama Georgetown Speech

President Obama gave an economic pep talk today. Invoking some biblical imagery, the White House billed it as the "House Upon a Rock" speech.  If all I knew about the U.S. economy came from listening to the president, I would think that we were a low-productivity country with an inefficient private sector dominated by Wall Street. Actually, we are a high productivity country with an extremely competitive private sector. Indeed, we have the most competitive economy in the world, according to the World Economic Forum. The U.S. economy is already built on a rock. We just need to rehab a few rooms, maybe replace some old wiring. This thing isn't a tear-down candidate. If we don't understand our strengths, we can't build upon them.

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