In small towns across America's Middle West and West, villages would not survive without at least a few successful first-generation founders of businesses. Down the corridors of America's schools, one is less likely to see a portrait of a military officer or an aristocratic pillar than in much of Europe, and far more likely to find portraits of local business leaders. 

In America, business is a creative force close to the bottom of society, classless and highly receptive to new talent regardless of social background. American business leaders cherish a reputation for daring, invention and discovery, taking significant risks today for larger gains tomorrow. Tocqueville points out how American sea captains left port before the weather was wholly clear, in order to gain a day on their European competition in getting to China's tea, and bring it back faster and a few pence cheaper.

Finally, the founders of America's small businesses (the source of nearly 90 per cent of all new jobs in America) have willingly sacrificed the higher salaries and greater security of working at larger firms, in order to gain personal independence and to prove just how creative they can be. In America, such animal spirits are still alive and vigorous, as Reagan conclusively proved during his two terms. And Clinton followed suit, "stealing" as it was said "the Republicans' clothes".

It is against this backdrop that Obama seems so petty, so obsolete a throwback, so oddly imperceptive, even impervious to obvious realities. There is no reason, a great many judge, why Obama should have been systematically discouraging and depressing job creation for three years, instead of helping it to blossom. His desire to punish business seems to have got the better of shrewd political judgment.