Obama, Joe the Plumber, and the Democratic Socialists of America

Rudolph Penner recently said on a C-Span call-in show that capitalism isn't perfect but it is better than the alternatives. Indeed, many have suggested that the current mortgage mess derives from well-intended attempts to spread the wealth around. In unraveling the causes of the housing bust, one finds multiple targets of blame. However, it seems clear that government policies which encouraged home ownership beyond a borrower's means were part of the chaos. In light of the federal government's inability to manage markets, it is a fair question to ask: Do we need more central planning or less?

Thanks to John McCain and the presidential debate, the questions Joe the plumber asked are now part of the public debate. Should the nation move to the left and embrace the principles of democratic socialism or should we seek to revive the best in free markets and free trade?

I fear many Americans enamored with Mr. Obama's ability to revive the economy may be surprised that he intends instead to remake it.