Larry Elder

About Hong Kong, economist Milton Friedman wrote: "At the end of World War II, Hong Kong was a dirt-poor island with a per-capita income about one-quarter that of Britain's. By 1997, when sovereignty was transferred to China, its per-capita income was roughly equal to that of the departing colonial power. ... That was a striking demonstration of the productivity of freedom, of what people can do when they are left free to pursue their own interests."

In the U.S., we watch the spectacle of Jamie Dimon, the CEO of JPMorgan Chase, explaining to Congress why his company lost $2 billion in private money. Meanwhile, the federal government squanders many times more by "investing" public money in now-bankrupt or soon-to-be bankrupt "green" companies.

After nearly four years of spending with dismal results, Obama blames the results on an "inherited" economy that was worse than he thought. He also blames the dastardly Republicans for stopping him from spending the requisite amount of money to get things right.

Bill Clinton, too, pushed for a federal takeover of health care. In fact, everything ObamaCare purports to achieve HillaryCare set out to do. But when Clinton saw negative polls on HillaryCare and realized he overreached, he backed up.

Obama saw that parts of ObamaCare polled well, like refusing to allow rejection based on pre-existing illness and requiring insurance companies to cover the "children" of policyholders. To keep the costs down, Obama called for an individual mandate, believing that to "bend the cost curve" he must require young, healthy types to get insurance or pay a fee for not doing so. Obama assumed that once people took a closer look at ObamaCare, resistance would fade. It hasn't. If anything, ObamaCare is more unpopular now than ever.

In France, not only did the voters elect a socialist, they gave him enough seats in parliament so that his agenda can get passed without compromise. For two years, Obama had that kind of power. It gave us ObamaCare, "stimulus" and a tepid recovery.

Poor France.


Larry Elder

Larry Elder is a best-selling author and radio talk-show host. To find out more about Larry Elder, or become an "Elderado," visit www.LarryElder.com.