China Schools Obama on Free Market Capitalism

It’s okay for the Chinese to lecture President Obama on free market capitalism because he clearly doesn’t understand even the most basic principles of capitalism and needs all the help he can get. What’s not okay is for the Chinese to lecture the American people. Here’s what I think:

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Americans understand that prosperity, true prosperity, is created by an economic system where strong dynamic firms with better ideas, management and motivated employees are free to prosper and the weak are allowed to fail. This kind of Darwinian economic system has allowed our country to prosper for over 200 years.

Americans also understand that the federal government doesn’t really create jobs that lead to economic growth because Americans know that any job the government creates can only be paid for by increasing taxes or by borrowing money–probably from the Chinese. Nor is there any need to remind Americans that small businesses are the engine that move our economy, and that small businesses create 3 out of every 4 jobs in this country.

On the other hand, there is an urgent need to help President Obama learn the basic principles of a free enterprise system and how jobs are actually created in a market economy, for he is plunging headlong in the opposite direction.

Even now, our President is unwisely erecting new barriers to job growth on small business by increasing the heavy burden of taxes and fees on small businesses that stifle competitiveness and growth.

President Obama ‘s plan doubles down on bad policy by increasing spending on entitlements and wealth redistribution that will further erode American competitiveness, wealth creation and power. The President’s misplaced priorities are slowly, and certainly, convincing Americans that Obama just doesn’t get it, and that Obama has no understanding of what makes an economy competitive.

Competitiveness comes from a strong economy, which comes from a strong private sector business community–especially the small business community . Crippling taxes, wealth redistribution, trillions of dollars of debt are disincentives that make the United States less competitive. Americans know that creating a system that punishes the most successful Americans will not lead to economic growth.

Americans understand that there are winners and there are losers, that some kernels pop, and some don’t. When was the last time the Kentucky Derby announced: “let’s all share the blanket of roses and the prize money and the Derby Cup–after all, we’re all winners?” Not.

The Obama Administration may be filled with idealistic, clever academics and bureaucrats, but they know diddlysquat about creating jobs, Ten months of the Obama Administration, 4.3 million additional lost jobs and a jobless rate of 10.2% are all the proof American need of the failure of President Obama’s job-creation-pudding scheme.

Good teachers use every tool in their arsenal to help their students learn. President Obama has had ten months of on-the-job (OJT) training to try to get up to speed on business, the economy and competitiveness. But, the President’s OJT is proceeding slowly, too slowly. Our country needs for Obama to learn quite a bit faster if our economy is to prosper.

Barack Obama is now in the midst of a teachable moment, by the capitalists in China. So, if the President, after docilely accepting lectures from the Chinese, returns to the United States, smarter in the ways of free market capitalism, then bully for him and bully for us. If the President returns to endorse the same, failed , big-government, wealth redistribution schemes combined with colossal debt, then he needs to be put on double-academic probation until his performance improves.

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