The Way This Economist DESTROYS Socialism Will Bring You Joy

Screen Shot 2016-06-07 at 9.30.22 PMOne of the worlds greatest economists, Thomas Sowell, just released an incredible rant against the insanity of socialism’s popularity. Mr. Sowell acknowledges that socialism sounds great but then exposes the reason he opposes it, facts. That’s right, facts, socialism never works and the facts supporting that reality are overwhelming.

Here is an excerpt from Thomas Sowell’s beautiful and short essay from Townhall.com:

he anti-capitalist policies in Venezuela have worked so well that the number of companies in Venezuela is now a fraction of what it once was. That should certainly reduce capitalist “exploitation,” shouldn’t it?

But people who attribute income inequality to capitalists exploiting workers, as Karl Marx claimed, never seem to get around to testing that belief against facts — such as the fact that none of the Marxist regimes around the world has ever had as high a standard of living for working people as there is in many capitalist countries.

Facts are seldom allowed to contaminate the beautiful vision of the left. What matters to the true believers are the ringing slogans, endlessly repeated.

When Senator Sanders cries, “The system is rigged!” no one asks, “Just what specifically does that mean?” or “What facts do you have to back that up?”

In 2015, the 400 richest people in the world had net losses of $19 billion. If they had rigged the system, surely they could have rigged it better than that.

But the very idea of subjecting their pet notions to the test of hard facts will probably not even occur to those who are cheering for socialism and for other bright ideas of the political left.

How many of the people who are demanding an increase in the minimum wage have ever bothered to check what actually happens when higher minimum wages are imposed? More often they just assume what is assumed by like-minded peers — sometimes known as “everybody,” with their assumptions being what “everybody knows.”

Back in 1948, when inflation had rendered meaningless the minimum wage established a decade earlier, the unemployment rate among 16-17-year-old black males was under 10 percent. But after the minimum wage was raised repeatedly to keep up with inflation, the unemployment rate for black males that age was never under 30 percent for more than 20 consecutive years, from 1971 through 1994. In many of those years, the unemployment rate for black youngsters that age exceeded 40 percent and, for a couple of years, it exceeded 50 percent.

He can go on and on, as avid readers of his essays and books already know. As an economist, Mr. Sowell has spent a lifetime observing socialism fail over and over again. The evidence he has compiled against socialism encompasses numerous books and hundreds of essays. This most recent short essay is worth your time to share with friends.

If Greek and Venezuelan socialist policies are unleashed on America the result will be the same as it always is. Socialism breeds misery.