What economic system has lifted so many people out of poverty in so little time? Capitalism.
As hipster millennials, Bernie Sanders and union members vilify the capitalist system, one just has to look at the data to show how effective capitalism has been to the entire planet. For centuries, the people suffered, the people starved, the people were impoverished. Well, a growing number of people have been carried out of poverty and are now enjoying the fruits of capitalism and free markets.
This chart (courtesy of the American Enterprise Institute) shows how the world poverty rate has crumbled 80 percent between the years 1970 and 2006:
Here is what D.W. Mackenzie writes about free markets reducing world poverty:
“A superficial examination of the world today reveals that there is poverty, that this poverty has real consequences for living-standards and life-expectancies, and that we do have global markets and capitalism in most of the world. Careful analysis shows that capitalism has truly lessened the severity of poverty over time, and that the main problem with capitalism in most nations is that it has too many elements of government regulation and cronyism. Pope Francis and Cardinal Maradiaga have good intentions, but their anti-capitalistic beliefs are unfounded. Their campaign against global capitalism endangers the poorest people of the world.”
Today’s unprecedented amount of wealth is astonishing. Even today’s poor are better off than the kings and queens, billionaires and industrialists of the past. This has been achieved all because of capitalism. But for whatever reason, there are many people who still want to resort to a failed system. Most of these supporters of socialism were too young to remember how much suffering populations had to endure because of socialism, and it’s sad that educators aren’t teaching the youth of today about this deplorable, unfair system.
If anyone wants to see a modern day, real-world example of socialism then all you have to do is look to Venezuela.
Despite the various problems the planet faces (primarily because of government), we’re experiencing sunny days.
I know capitalism works because my 4 children are much better off financially in their 20’s and 30’s today, than I was 30 to 40 years ago. Even in retirement I am living better today, than i did 40 years ago. Bernie, has the right initials, B. S. because that is what he is peddling.
I’m not as concerned with world poverty as I am with American poverty, American workers, American citizens. Let us take care of our people, let the world take care of their own.
You know good old Bernie and Hillary Rotten Clinton will not be happy until the average American is paying over 50% or more in taxes and living in a 500 sq ft government owned apartment. Welcome to the USSA.