Ladies and gentlemen, the president of the United States.

“It’s a simple theory — one that speaks to our rugged individualism and healthy skepticism of too much government. It fits well on a bumper sticker. Here’s the problem: It doesn’t work,” Obama said of supply-side economics, drawing extended applause. “It’s never worked.”

Individualism and a lack of government interference is what defines capitalism. The alternative — collectivism and big government — constitutes socialism. Obama is saying capitalism doesn’t work.

Notice how he speaks of his dream country:

He repeatedly conjured the image of a country that is becoming more divided by inequality. He linked the Tea Party to the Occupy Wall Street protesters, saying it is little wonder that the “breathtaking greed of a few” who caused the financial crisis has generated a “raging debate over the best way to restore growth and prosperity, balance and fairness.”

Not “hard work leading to success”. Not “the potential to make something of one’s self through equal opportunity”. No, he demands “fairness”. He demonizes those who have worked hard for their money. He wages class warfare.

In fact, he’s scaling down expectations for the American people:

“This isn’t just another political debate. This is the defining issue of our time,” he said. “This is a make or break moment for the middle class, and all those who are fighting to get into the middle class.

“At stake is whether this will be a country where working people can earn enough to raise a family, build a modest savings, own a home, and secure their retirement.”

You’re only going to be able to build “modest” savings because he’ll be taking anything above “modest” for redistribution. For “fairness”. For “balance”. You worked harder than the other guy? Too bad. We need to redistribute your money. Why? “Fairness”. “Balance”.

The man is openly advocating socialism. He’s admitting his dreams of everyone having the same things regardless of hard work or ingenuity. He is calling for restrictions on wealth and success. We’re talking socialism. He’s advocating for it.