The state of the economy is very weak. Since President Obama took office the Dow Jones fell 8 percent, while China’s is up 71 percent. The world index is up 4 percent. Emerging markets are up 25 percent. The U.S. is last in this race.

          China is creating a free-market capitalists economy, while the Obama administration is taking control of private enterprise at an acceleration pace. While Obama favors a return to the 40% capital gains tax, China has none, and while Obama wants to increase the real marginal rate of 50%, China’s max tax is between 15 to 20 percent. Corporate tax rates in most of Europe are 15% lower then U.S. domestic corporations.

          U.S. fortune 500 companies have declined to the lowest in history, while China has added 37 new companies to the index. Pundits are still proud to say that the U.S. is the richest country in the world. The question is not if but when it will not be.

          We will see how the Obamaczars running GM and Chrysler do now that competent leadership has been fired. The Chinese registered 6.1 million car sales since Obama became President. The U.S. industry when under private ownership, and subject only to government CAFÉ requirements produced 4.8 million in sales during the same period.