Adam Smith

Obama today pretty much just stating the obvious:

And even though we’re bringing manufacturing jobs back to America, we’re creating more good-paying jobs in education and health care and business services, we know that we’re going to have a greater and greater portion of our people in the service sector. And we know that there are airport workers and fast-food workers and nurse assistance and retail salespeople who work their tails off and are still living at or barely above poverty. (Applause.) And that’s why it’s well past the time to raise a minimum wage that, in real terms right now, is below where it was when Harry Truman was in office. (Cheers, applause.)

This shouldn’t be an ideological question. You know, it was Adam Smith, the father of free-market economics, who once said, “They who feed, clothe and lodge the whole body of the people should have such a share of the produce of their own labor as to be themselves tolerably well-fed, clothed and lodged.” And for those of you who don’t speak old English -- (laughter) -- let me translate. (Laughter.) It means if you work hard, you should make a decent living. (Applause.) If you work hard, you should be able to support a family.

Every 8 months or so we get a nice feel speech like this from the President.  Everyone coos for a few days.  And then nothing happens.