• Nick Sorrentino

Crony capitalism responsible for socialism's new popularity

When the bailouts happened we warned that they would undermine "capitalism" (really only the vestiges of capitalism at that point.) And that in the long wrong this would be the most damaging part of the bailouts. This seems to be the case.

It is painful to watch people cheering such stupidity, but history is full of these instances. The "socialists" are advocating for even MORE cronyism. (Though they don't understand this for the most part.) Because that is what socialism is about. It's rule by a government class for the benefit of a government class. The middle industrious and PRIVATE class is raped of its wealth and the poor are thrown just enough crumbs by the cronies in government to shut them up. That's socialism. Socialism is basically state feudalism.

Fundamentally cronyism/socialism is about exploiting the middle and merchant classes and denying independence for the average person. But ...justice right?

(From The Detroit News)
Still, it is remarkable that “socialism” continues to have cachet some 27 years after Berliners—presumably well acquainted with its miserable results — danced atop a crumbling wall. Indeed, last summer Gallup found that for the first time in its measurement, more Democrats have a positive view of socialism than of capitalism. Meanwhile, President Donald Trump has earned plaudits among some Republicans for his use of state power — taxpayer-funded subsidies and threats to impose selective taxation — to pressure private companies like General Motors, Carrier, and Harley Davidson to do his bidding...

This is the most worrisome bit with Trump by the way.

...The Fraser Institute’s annual Economic Freedom of the World index, for example, employs publicly available data to assign economic freedom scores to 144 countries. Countries with lower taxes and modest public spending, fewer regulations, open trade, sound money, and greater protection of persons and property are scored as being more economically free.
The index has now been used in about 200 peer-reviewed academic studies, and the overwhelming majority find that countries with greater levels of economic freedom enjoy better outcomes: higher incomes, faster growth, longer life expectancies, greater gender equality, and even higher levels of happiness. It turns out that the poor are especially likely to benefit from economic freedom: the poorest 10 percent of earners in the most-free quartile of countries earn nearly eight times as much as the poorest 10 percent of earners in the least-free quartile.

Click here for the article.