Obama Flaunts His Economic Ignorance: ATM Machines Responsible For High Unemployment

I, like many others, was hoping this was taken out of context. Sadly, the truth is much worse.

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“There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate. So all these things have created changes. . . .”

Yesterday he laughed off the shovel ready jobs that never materialized, and now this. Technological advancement is a good thing, not a bad thing.  That’s why it’s been a mantra of his electoral life.

If companies are using technological advancement instead of hiring workers (and that’s a bad thing), why are we doing stimulus funding instead of technological repossession Mr. President?

This is why so many people were worried about Obama becoming president.  He has virtually no real world experience in the workforce, and he has none in business.  What makes me so sad is that there are already a lot of people out there defending his statement.

It’s the old horse-drawn carriage argument again.  We can’t have the automobile, and its factories, putting the horse-drawn carriage industry out of business.

I know, I know … some of you are mad at me, and thoroughly confused.  You think I’m ignoring the President’s wisdom in order to launch a partisan attack.  How can I ignore the fact that an ATM machine is taking a job away from a bank teller? Well …

People design, build, test, deliver, install, and maintain ATM machines.  In order to design, build, test, deliver, install, and maintain ATM machines, you need other industries supporting those efforts with materials and resources that also need to be produced by more people. Every ATM machine supports hundreds of jobs.  Every bank teller supports one.

A business-minded person understands this.  They don’t just see the final product, they see all that went into it.  Obama fails to see this simple fact.  A simple fact that happens to be the cornerstone of a free-market economy.


Posted on June 14, 2011, in Dumbassery, Politics, Science and tagged , , , , , . Bookmark the permalink. 6 Comments.

  1. Now, people are beginning to understand…. too late….

  2. The main service of the ATM is to provide 24 hr banking needs They haven’t replaced any tellers jobs for decades. Their second service is to charge nonbank members usage fees. I’m guessing it was an “off-prompter” moment for “The Rookie”.

  3. Wow even this blog against Obama’s ATM statement doesn’t get it right. A single ATM machine does not support 100’s of jobs. The benefit of automation and technology is that it eliminates jobs, but increases the productivity of society as a whole. But the eliminated jobholder is now free to pursuit other, likely more productive, occupations, often while both using technology and benefiting from other’s efficient use of it.

    • I get what you are saying, and you have a point about that one person. However, an ATM does, in fact, support 100’s of jobs. Of course it makes us more productive, but that wasn’t the point of the post. All of the jobs devoted to getting one ATM machine up and running are all jobs that would not have existed had the bank simply hired a teller. As someone who’s been involved in manufacturing I have seen this many times, and it is often overlooked by those who have no business experience.

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