Charles Payne


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In addition to this being another specious exercise to smear capitalism, it is another idea that will probably result in fewer jobs and slower promotions. It is the kind of misdirect that has been the hallmark of this administration where failure is excused through a litany of excuses, or conversations changed to something irrelevant in the grand scheme of things. In this case, it's not about invading corporate income statements to support the bulging welfare state, which cannot be supported with high taxes alone; it is about the fact that the tide of prosperity isn't rising in this flaccid recovery.

The focus should not be on fast food workers getting a bigger cut of the action, but instead making sure they and certainly their children are in a position to take advantage of higher paying jobs.
There is an enormous skills gap in this country, because of a school system drowning in lower standards and priorities, and which puts union power ahead of teaching and preparing children. The jobless recovery can only be blamed on administration policies designed to hurt some and help others. The notion that the economic pie is fixed and therefore must be shifted around in the name of fairness, shows a lack of understanding about economics or a disdain for our economic system.

Or both:

I once took a creative writing course at Minot State University, and was completely discouraged when the instructor's reaction toward work that I felt subpar, was the same as his reaction to my work. Still, in a world where everyone gets an "A" or in my case that same exclamation of approval, it did not take anything from me. I have a feeling it actually did hurt the guy that got the inflated praise. In economics, that mentally hurts everyone. Rewarding mediocrity keeps people mediocre, stealing money from businesses means fewer jobs, and a war on success gets you the recovery we're plodding through right now.

Instead of sparking the economy, America gets policies rooted in nefarious goals of class warfare and disdain for profit-motivation. The welfare society is expensive, and at this point can only be maintained through schemes that see corporate profits as part of the public domain.

The Market

A Missing Jumbo Jet

Scuttlebutt about an exchange of fire, coupled with harsher rhetoric about sanctions and counter-sanctions took a toll on the market yesterday. Europe does not want a full-fledge economic war with Russia, and as it turns out, neither does Japan and many other nations. Not only is the European recovery tentative and shaky, but China's economy is slowing too fast. (It's funny that when China was sporting double-digit growth the naysayers called the numbers phony, but now that their economy is slowing rapidly those same naysayers are whining as they run for the hills.)

Charles Payne

Charles V. Payne is a regular contributor to the Fox Business and Fox News Networks. He is also the Chief Executive Officer and Principle Analyst of Wall Street Strategies, Inc. (WSSI), founded in 1991 which provides subscription analytical services to both individual and institutional investors.

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