Watching President Obama’s inaugural, it looked like a new king was being crowned. Thousands cheered, like subjects worshipping nobility. At a time when America faces unsustainable debt and terrible economic troubles, why such pomp?

Maybe, writes John Stossel, it’s because so many people tell themselves presidents can solve any problem, like fairy-tale kings—or gods. The trouble with treating Obama like royalty, Stossel explains, is that kings don’t want to be constrained.