- The Washington Times - Wednesday, April 11, 2012

ANALYSIS/OPINION:

President Obama has begun a war against free-market capitalism because, he says, we have tried the capitalism approach and it hasn’t worked (“Obama attacks inequality while soliciting big-money donors,” Web, Tuesday). Where has he been all these years?

Big government, his preference, is not the answer, as evidenced by his failed policies. These include the Chevy Volt electric car, Solyndra, the solar-panel company that went bankrupt after a half-billion-dollar taxpayer-backed loan guarantee, and now the bankruptcy of Solar Trust of America in California, which got a government loan guarantee of $2.1 billion. There has also been the government-run Freddie Mac and Fannie Mae, which have caused the housing collapse that has hurt millions of homeowners, Obamacare was supposed to solve all our health care problems and was estimated to cost $900 billion but we now learn it will cost more like $2 trillion.

Additionally, the national debt is at $15.6 trillion, with $5.3 trillion of that added during Mr. Obama’s tenure. Also on his watch, we’ve had the first credit-rating downgrade in our history, we have seen more people on food stamps than ever before, we have more people out of work now than when Mr. Obama took office, and gas prices have skyrocketed in large part due to Obama energy policies.

In contrast, free-market capitalism has succeeded many times. It has created numerous large and small businesses that have, in turn, employed millions and contributed trillions of dollars in tax revenue. Some of the familiar business names include McDonald’s, Burger King, Wal-Mart, Target, Costco, United Parcel Service, Fed Ex, Staples, Amazon, Google, Yahoo, eBay and many more. Some famous, successful free-market persons include Steve Jobs, Bill Gates, Oprah Winfrey and Herman Cain.

The big-government, tax-and-spend mentality so heartily embraced by Mr. Obama is not the answer to our economic woes. Also, lessening the financial burdens on businesses usually results in economic growth for the benefit of all, as evidenced particularly during the last four years of Bill Clinton’s presidency and the whole tenure of President Ronald Reagan. Compare those to the failures during President Jimmy Carter’s four-year term and President Lyndon B. Johnson’s term. Both those men believed in tax-and-spend and big-government policies.

Mr. Obama should stop pushing his failed ideological concepts and employ the precepts of free-market capitalism that lead to success. Hand-ups, not handouts, usually do wonders.

FRANK MEDICO

Mount Vernon

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