“If you’ve got a business—you didn’t build that. Somebody else made that happen,” declared President Barack Obama at a campaign stop last week in Virginia. Evidently, the president believes that economic growth and job creation are largely the result of actions taken by benevolent government agencies. But while it is certainly the case that good governance is essential, entrepreneurs engaging in voluntary cooperation coordinated through competition in free markets is what actually creates wealth and jobs.
In the Virginia speech, the president also observed, “Somebody helped to create this unbelievable American system that we have that allowed you to thrive.” As parts of “this unbelievable American system” that “allowed” businesses to “thrive,” the president cited “a great teacher” and that “somebody invested in roads and bridges.” With regard to building a business, the nebulous “somebody” who “made that happen” is, of course, government.