Today’s Wall Street Journal posted an article on the ongoing Wall Street protests. There were some interesting points:
In the matter of Occupy Wall Street, the allegedly anticapitalist movement that’s been camped out in lower Manhattan for the past few weeks and has inspired copycat protests from Boston to Los Angeles, we have some sympathy. Really? Well, yeah.
OK, not for the half-naked demonstrators, the ranting anti-Semites, Kanye West or anyone else who has helped make Occupy Wall Street a target for easy ridicule. But to the extent that the mainly young demonstrators have a valid complaint, it’s that they are trying to bust their way into an economy where there is one job for every five job-seekers, and where youth unemployment runs north of 18%. That is a cause for frustration, if not outrage.
That’s editorial speak for “I feel their pain.” I think everyone can identify with the struggles of young people trying to get jobs in a miserable economy, but the protesters need to rethink some of their protest targets. On Wednesday, they marched on J.P. Morgan Chase’s headquarters. J.P. Chase did not take excessive mortgage risk and did not need or receive TARP money. So why are they being protested?
Something else the protesters might consider when complaining that they cannot find jobs:
Now move from words to actions. Want a shovel-ready job? The Administration has spent three years sitting on the Keystone XL pipeline project that promises to create 13,000 union jobs and 118,000 “spin-off” jobs. A State Department environmental review says the project poses no threat to the environment, but the Administration’s eco-friends are screaming lest it go ahead.
The article concludes:
This probably won’t do much to persuade the Occupiers of Wall Street that their cause would be better served in Washington, D.C., where a sister sit-in this week seems to have fizzled. Then again, most of America’s jobless also won’t recognize their values or interests in the warmed-over anticapitalism being served up in lower Manhattan. Three years into the current Administration, most Americans are getting wise to the source of their economic woes. It’s a couple hundred miles south of Wall Street.
The easiest way to revive the stalled economy is the develop America’s fossil fuel energy sources. Unfortunately, under this administration, that will not happen.