Protecting the Golden Goose
A free, growing, creative economy is an absolute prerequisite for an ever-improving quality of life [an insufficient phrase indeed, but for now...].
The ability of property owners to employ their property [including capital] in the most efficient way is a likewise-indispensable corollary, an important and inseparable subordinate condition.
Having a free economy, and permitting property to be employed as its owners judge to be best, [especially as the rate of change in an economy increases] will produce dislocations and difficult transitions -- but playing Canute here will be no more effective than at the shoreline. And it will simply aggravate the eventual change that economic law will force.
The President is correct: finding better ways for people to adapt to change, and protecting their property through ownership of a range of assets, is the better way by far.
Trying to keep the skills and jobs of an extinct past alive is no better than trying to go into life with no skills at all.
"The world itself is an economic laboratory in which we discover that the richest countries are the ones with economies that are the most free. What is most astonishing is how many people, just like 18th-century British leaders, refuse to see it, and when they see it, refuse to believe it."
~~ Jim Beamguard