- - Sunday, May 22, 2016


While “Why millennials are warming to socialism” (Web, May 17) is an excellent treatise on how we reached our current predicament, I take exception to part of the solution author Jay Richards offers. Elimination of the word “capitalism” throws out the whole point of the necessity to accumulate capital as a fundamental part of free enterprise. The ability to own and accumulate wealth beyond immediate personal need allows the use of that wealth to fund new enterprises which, in turn, create more wealth.

Socialism is clearly based on the premise, once openly stated, that all “wealth” existing within a nation somehow belongs to the “collective.” This is used to rationalize the morality of the state taking it from anyone deemed to hold more than those currently in power consider fair. A socialist state openly claims such ownership and establishes total economic control as it sees fit. Parasitic socialists advocate simply taking more and more of the wealth in taxes to “redistribute,” presuming that the host economy on which it is feeding will continue to survive or will somehow magically benefit from the loss of capital. This is democratic only in that those in control were voted in. More wolves than sheep and the dinner menu is ordained.

Parasitic socialists such as Bernie Sanders suggest that there is far more “extra” wealth available to be harvested from our capitalist, free-enterprise system (despite the fact that the current approach has already run up more than $19 trillion in red ink). Clear examples of problems with such greedy feeding are available in Greece, Puerto Rico and a number of large U.S. cities. Forgotten is the fact that most of the coveted wealth of the targeted “1 percent” is actually invested in the host capitalist enterprises from which current socialistic programs are feeding.

The economic fundamental being skipped in training young parasitic socialists is that money was created as a token for use in trade of actual wealth in the form of goods and services. Since the government produces neither, any tokens it distributes were taken from people who expended actual work to create the goods and services represented. Giving those tokens to individuals who created no wealth is a corresponding instant net loss to the pool of wealth in our nation. Borrowing for that handout, as with our $19 trillion federal debt, is taking from wealth our children must create in the future.



Copyright © 2018 The Washington Times, LLC. Click here for reprint permission.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide