Sorry that I am a bit late with my comment, but I do not have much time during the day. So, richstadiumowner, you (or the blogger you quote, with or without out any further inquiry on your side) chose Chile as example of a well-working economy. Interestingly, the Chilean system looks much more European than US-American. After the Pinochet regime turned over the power to a democratically-elected government somewhere around 1990, the first two presidents were from the Christian Democratic Party, which is ideologically close to Merkel's CDU in Germany. Their goal was to establish a "social market economy", similar to the one in Germany. The Chilean presidents from 2000 to 2010 were socialists, and when you look at the colorful graphs in the blog, the economy still improved.
One item the blog emphasizes is the improvement in health care. The Chilean system mandates health insurance; about 80% of the population is enrolled in the government plan; 20% have opted out and selected private insurance. I could also go on about the investments the Government did to the education system.
Now, I would ask richstadiumowner to tell me again why Chile is a good example how to run the US economy.