Obama the Elitist

David Bromwich, writing in the London Review of Books (in the November issue; I just got around to reading this) about Barack Obama and particularly the president’s attachment to the very conventional economics of his advisors from world of investment banking:


Here the charge of elitism against Obama finds some basis in fact. He shares with his economic advisers the view that wealth is created by the banks and money firms from the top down: a healthy economy comes from money making money, not from people making things.

In this, Obama shares much with the clerisy as a people who do not understand where wealth comes from. This is both a liberal and conservative failing. The clerisy are by nature people who do not “make” money, who do not really create wealth (though through their work they may add to the wealth at large in a community or society), and so don’t really understand how it comes about.