The Libertarian Case For Obama:
3. One word: Osmosis. You couldn’t live in Hyde Park or teach at the University of Chicago with the intellectual curiosity of a Barack Obama without gaining at least some understanding of libertarian economics. That can’t be said for most of the reactionary left-liberal wing of the Democratic Party dominating Capitol Hill. But I believe Obama is educable on free markets and I’m convinced that Democrats are ripe for a return in the next decade to the liberalism of our party’s founder, Thomas Jefferson.
As a UChicagoan, there at the same time as Barack, I absolutely concur with this statement. No matter what your views, learning something about Chicago economics will happen, and will affect you.
For another interesting look at Obama’s economic thoughts, check out this NYT Magazine article from August, entitled “Obamanomics: Barack Obama, A Free-Market-Loving, Big-Spending, Fiscally Conservative Wealth Redistributionist. It explains more about how UChicago affected his economic viewpoints:
Obama, when I asked him, agreed that his years surrounded by Chicago School thinking affected him. He tends to assign his motives to more intimate narratives, though, and he said that his grandmother, a high-school graduate who rose to become the vice president of a bank and was the family’s main breadwinner, had the biggest impact. “She had to think very practically about, How do you make money?” he told me. “How does the system work? That led me to have an orientation to ask hardheaded questions. During my formative years, there was still ideological competition between a social-democratic or even socialist agenda and a free-market, Milton Friedman agenda. I think it was natural for me to ask questions of both sides and maybe try to synthesize approaches.”
There is plenty of evidence that this synthesis isn’t merely a part of a candidate’s inevitable tack to the center for a general election. In Obama’s memoir, “Dreams From My Father,” he sympathetically recounts a conversation he had with a Kenyan farmer, in which the man complains both about rich people who won’t pay their fair share of taxes and about burdensome government regulations on coffee growing. In Obama’s second book, “The Audacity of Hope,” he goes further: “Reagan’s central insight — that the liberal welfare state had grown complacent and overly bureaucratic, with Democratic policy makers more obsessed with slicing the economic pie than with growing that pie — contained a good deal of truth.”
