All that you have

I recently read a joke in my investment newsletter from Mark Skousen about the difference between a Christian and a Socialist:

The Christian says, "All that I have is yours".
The Socialist says, "All that you have is mine".

The first gives of his goods voluntarily and charitably. The second takes by force. Socialism always involves using the power of government to forcibly remove property from someone and distribute it to someone else. It is the result of resentment and greed being cast into economic philosophy and law. It is the mistaken belief that equality of outcome is the mark of an advanced society and not equality of opportunity. Anytime socialism has been tried, it has resulted in even more economic disparity than occurs in free-market capitalist societies.

Capitalism has done far more to raise the standard of living of the common man than Socialism has ever demonstrated. How do you know that the standard of living is rising and the economy is expanding? It is when items that were luxuries 10 years ago are affordable necessities today. It has been demonstrated in history that the most efficient economy is one that allows individual citizens the freedom to choose goods and services that best satisfy their individual interest.

I recommend looking up Milton Friedman's NPR series from the 70's, Free to Choose. This was done during the Carter era of runaway inflation but the principles are enormously relevant today. You will see what a market economist would think about Pres. Trumps policy of imposing punitive tariffs. I know he is trying to get China to stop stealing technology but I think there are more direct ways to attack that problem.

FREE TO CHOOSE - VIDEOs

Speaking of issues of today, the Green New Deal from the Democrats is crazy. They have an economist telling them that printing money to pay for goods is not detrimental to the economy as long as the value of the goods created is equal to the money spent. This is true only if the item actually adds that value to the economy. The "Cash for Clunkers" program instituted by Obama should have taught them that taking perfectly functional items and destroying them to replace them with newer more expensive items that perform the same function is extremely wasteful in both material and labor.