The Wall Street Journal has trumpeted the value of the free market for over a century. Indeed, the WSJ editorial board has often made the connection between free markets and individual freedom—contrasted against the correlation between domineering governmental involvement in the free market and political oppression. Take the Board’s own statement of philosophy:
“[Our editorials] are united by the mantra “free markets and free people”, the principles, if you will, marked in the watershed year of 1776 by Thomas Jefferson’s Declaration of Independence and Adam Smith’s Wealth of Nations. So over the past century and into the next, the Journal stands for free trade and sound money; against confiscatory taxation and the ukases of kings and other collectivists; and for individual autonomy against dictators, bullies and even the tempers of momentary majorities. If these principles sound unexceptionable in theory, applying them to current issues is often unfashionable and controversial.”
Since it became apparent that then-Senator Obama had a better-than-average chance at becoming our president late last summer, the editorial board waged a battle against the prospective policies of the Obamaists—and is continuing that battle against the realities of the new administration. The WSJ’s importance in the fight against the Obama-Pelosi-Reid takeover cannot be overstated. As America’s most circulated business newspaper, its reach and influence is critical on behalf of freedom-loving Americans.
In one of today’s editorials, “The Obama Economy,” the board once again unabashedly takes on the collectivist urges of the Democratic power axis in Washington. For example, referring to the succession of market-killing government initiatives, the paper states,
“After five weeks in office, it’s become clear that Mr. Obama’s policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery. From punishing business to squandering scarce national public resources, Team Obama is creating more uncertainty and less confidence — and thus a longer period of recession or subpar growth…What goes down will come up — unless destructive policies interfere with the sources of potential recovery.”
The editorial continues, “The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise. The document was a declaration of hostility toward capitalists across the economy.”
What a great line, that last one, and it perfectly summarizes the actions of the Obama Administration since January. What the Journal understands, and the Obamaists don’t, is that hostility towards capitalism is hostility towards America as we know it. Hostility towards capitalism is hostility towards force that brought the United States from a sleepy colonial backwater to the world’s lone economic and military superpower. Hostility towards economic freedom eventually becomes, necessarily, hostility towards individual political freedom.