There are few things more disturbing than hearing your President claim that a founding principle of your country has never worked.  Yet that is precisely what President Obama did in Kansas a week ago.  In his speech he claims that free markets have never worked.  Economic freedom is a founding principle of the United States of America.  It is also largely responsible for a group of tiny British colonies growing into an economic superpower in less than two centuries.  Mr. President, it does work.

Michael Moore stated in his documentary Capitalism: A Love Story that capitalism is a system of “giving and taking, mostly taking.”  The ridiculous definition demonstrates Moore didn’t bother trying to understand the topic of his film.  Before anyone can go forward on criticizing an economic system or proposing solutions, at the very least they should know what capitalism is, and how popular definitions or conceptions of capitalism are wrong.

History teaches us that revolution often leads to something far worse.  Even where brutal dictators are removed from power, often times the new regimes are just has abusive.  Recent events in Egypt are a perfect example.  While many romanticized the protests in Tahrir Square, the outcome for the people of Egypt may not be what they expected or wanted.  Ending the reign of a tyrant is only the first step.  What follows is a long and difficult process towards gaining true individual freedom.

Congress is currently debating whether to extend the reductions in the FICA tax (payroll tax).  Democrats would love to extend it along with unemployment insurance, paid for with a new surtax on millionaires.  Republicans would extend it but would balance it with spending cuts.  Fortunately neither passed in the Senate today.  An extended payroll tax holiday will have no real impact on economic growth and will only further damage the financial solvency of Social Security and Medicare.

The Tea Party, high off their 2010 victories, thought they could push through a Tea Party candidate for President.  There were so many promising candidates and plenty of energy.  But in the end, none of their favorites decided to run.  Republicans remain undecided for the most part but one thing is for sure: the Republican nominee will not be a Tea Party conservative.  The Tea Part must refocus their efforts on Congress in adding to their ranks in both chambers.

It is time political leaders in Europe and the U.S. admit they don’t know what to do.  For three years we have endured promises of government stimulus, bailouts, and quantitative easing pushing us straight out of this recession.  Yet we are near the end of 2011 still dealing with the same problems.  This week, they discussed doing more bailouts for Europe while President Obama and Democrats in Congress believe raising taxes and printing money is the way to go here.  Both sides of the Atlantic are suffering from poor governance and are in desperate need of new leadership.

American liberals have long dreamed of a U.S. that is more like Europe.  Not necessarily culturally, but economically and politically.  Large and generous welfare programs, strict labor laws, and well-funded public services.  President Obama promised to deliver it for them.  He succeeded in some areas but failed in most.  After three years, Americans are rejecting to the European model.  Not only have Obama’s new policies failed, his exemplars in Europe are failing as well.

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