/In economic terms, liberty translates into the entrepreneurial spirit of hard work, risk taking and self-reliance./

America definitely has a wonderful entrepreneurial spirit of hard work, risk taking and self-reliance.

/And this spirit has made America rich beyond compare./

This is what many American believe but it's not true. There are many richer countries and what the author might find interesting is that they are all "Socialist" countries whose citizens are provided with such benefits as universal healthcare and free access to the university system.

Whenever you find a Bete Noir, look it in the eye. Running away from it will most always end badly. Being afraid of Socialism when wealthier countries use it to great effect is holding the entire country back -- and American are finally waking up to that fact.