Obama Clueless About Basic Economics

If there was ever a doubt that this White House does not understand basic economics, let alone accounting, President Obama removed all doubt with his speech last night. While pushing for the public option during his speech he came up with this gem:

"I have insisted that like any private insurance company, the public insurance option would have to be self-sufficient and rely on the premiums it collects. But by avoiding some of the overhead that gets eaten up at private companies by profits, excessive administrative costs and executive salaries."

What did he just say???

President Obama and his speech writers actually confuse "profits" with "administrative costs" and "executive salaries," let alone completely misunderstanding what "overhead" is all about. Do you get the feeling that President Obama does not understand what the word "profits" actually means?

Now, we've been told by the MSM over and over again how brilliant the president is. If President Bush had made this gaffe you know it would have been pounced upon by the media for days afterward. But I bet no "mainstream" media outlets will point this out. Plus, you have to take into account that this speech was pored over by staffers and writers time and time again and they still could not get this correct. My thinking is these are words that tested out well for their purposes in some focus groups so they just threw them in, regardless of what the words actually mean.

So President Obama has a problem correctly using the word profits. If I recall correctly, he has a problem with the word
victory too. But according to the media, Bush was dumb as a box of rocks but Obama is brilliant sand sends tingles up their legs.

It's getting scary, folks.