The idea of redistributing wealth has turned into the reality of redistributing poverty, in countries where wealth has fled and the production of new wealth has been stifled by a lack of incentives.
Politicians telling businesses how to operate? That’s been tried in countries around the world, especially during the second half of the 20th century. It has failed so often and so badly that even socialist and communist governments were freeing up their markets by the end of the century.
The economies of China and India began their take-off into high rates of growth when they got rid of precisely the kinds of policies that Obama is advocating for the United States under the magic mantra of “change.”