My left-wing blogger pal, The Reverend, went on one of his anti-capitalism rants the other day in a post titled, "The Failure Of U.S. Capitalism". Upon reading that familiar left-wing tirade against capitalism, my first thought was...if capitalism is a "failure", then what in the world has succeeded ? Nothing that I can see.
Let's look at some facts to test the Reverend's odd hypothesis.
The median per capita income worldwide is $2,920 per year. The median per capita income in the United States is $15,480.
The median household income worldwide is $9,733 per year. The median household income in the United States is $43,585.
All I can tell the Reverend is, if we are a "failure", then most of the rest of the world is a cataclysmic, abysmal failure.
If you look at the top ten list of countries leading the median income race, ALL of them are capitalist democracies. Every one. You won't find any Marxist-Leninist countries on that list. You won't find Cuba, Vietnam, Laos, or China on the list of highest median incomes. China is making big gains now, but that is because it finally embraced the capitalist free market after decades of isolation. China learned the lesson our Reverend has yet to learn. You also won't see any totalitarian countries leading the median income list. Such countries are nearly all economic basket cases. Their people live in abject poverty with few civil rights. Freedom is the way to go, without question. Freedom and capitalism succeeds at lifting a people out of poverty better than anything else, yet those such as the Reverend fail to see it, even though he lives smack dab in the middle of the richest large country the world has ever known. Go figure. I guess you just can't teach some people.
The United States has the largest economy in the world. We have the highest GPD in the world. The second largest GPD is China, which has over a billion more people than we do. China's per capita income is a fraction of ours. We are the world's leading superpower. Does this indicate American "failure", as the Reverend suggests ? Hardly. It indicates just the opposite.
These are some of the reasons I am always mystified when I hear left-wingers telling us how much America stinks, how victimized it's people are, and how much our free market economy has failed us. They must be living in some alternate universe where brain cells go to die. They continuously focus on the negative without seeing the bigger picture, without seeing how damn lucky they are to be living in the United States Of America. I'd like to airdrop them into sub-Saharan Africa for a dose of reality. That would change their tune virtually overnight.
Instead of recognizing how lucky they are, these spoiled brat lefties paint Americans as victims, and are seemingly always telling us how rotten is this country. They want everything handed to them without having to work for it. They want their every need met by the government, at the expense of someone else who DID work for it. When someone succeeds in America, the emotion felt by these lefties is jealousy and anger. They immediately want to take someone else's success away from them. They complain that the top income tax rate is ONLY 39.6%, as if that isn't a prohibitively high level of federal income taxation already. Lefties look back fondly on the days of 90% taxation. They feel absolutely no qualms about stealing the fruits of another man's labor, in order to institute their socialist utopia that has basically never appeared on this planet throughout history, while the list of socialist hellholes is long indeed. They are undaunted by anything so trivial as the facts. These lefties actually believe becoming successful in America is some kind of sin which must be punished. I hear them say it over and over and over again in a thousand different ways. All I can say to that is, if they want to come and take away the money I've earned, they better bring an army with them, because at that point, Second Amendment remedies will be on the table (I'll probably get on a government list of right-wing extremists for making that statement, but so be it. If believing the government shouldn't take half-to-90% of my earnings away for redistribution makes me an extremist in the upside-down world of the left, I'll wear that badge proudly).
While free market capitalism is the best system yet devised, that isn't to say it's perfect. If I had to point out it's major flaw, I'd say it's that monopolies can develop. When one or a few companies take over an entire economic sector, that eliminates the competitive aspect of capitalism that keeps it honest and effective. For example, if Walmart became the only retail department store by eliminating all it's competition, that would be very bad for everyone. Walmart could then charge whatever prices it desired, because there would be no alternative, no competitive mechanism to keep it from price gouging. This is where our government should come into play to keep the playing field level and prevent monopolistic entities from developing. Sadly, our government usually does NOT play it's role in this area. Instead, it caters to the rich, powerful, and connected, which harms our market economy. More on this later.
But freedom and capitalism in general - that's a big thumbs up.
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