by Andrew P. Napolitano
President Obama has been a failure. On his watch, the American economy has significantly deteriorated largely because he has stifled free market forces by over-regulating them and because he has laden taxpayers with debt. Those two factors alone – the federal government increasing the cost of doing business by telling businesses from physicians to major industries how to do their work, and the federal government spending trillions it doesn’t have and pushing the debts onto future generations – are enough to sink any economy.
In this arena, Mitt Romney has it half-right. He does understand that only free market forces can produce prosperity, but he fails to see that when the government spends what it doesn’t have, the result is inflation and higher taxes for future generations. Why does the federal government now spend half a trillion a year in debt service? Because every president, Republicans as well as Democrats, from FDR to Obama has borrowed money in order to spend more than he collected and has let future generations deal with repaying the debt. Because the feds do not repay (they merely roll over) their debt, the cost of interest payments has skyrocketed. Romney’s ability to articulate the virtues of the free market and to dance around the issue of debt, while the president nearly fell asleep, are the reasons he did so well in the presidential debate last week.