A growing number of millennials in the United States are rejecting capitalism in favor of socialism, says a new study by Victims of Communism Memorial Foundation (VOC) in partnership with research and data firm YouGov.
According to the study, 53 percent of American millennials – those born between 1980 and 2000 – have turned against capitalism. Only 42 percent of millennials maintained a favorable view of capitalism. The poll further showed that millennials and Generation Z were a lot more sympathetic to the likes of socialist Senator and 2016 Democratic presidential candidate Bernie Sanders than legendary free market economist Milton Friedman.
Overall, 40 percent of millennials want a “complete change” of the U.S. economic system so that the highest earners pay their supposed fair share. (This idea suggests two things: they are unaware that the top 20 percent rich pay a majority of the taxes and the bottom 45 percent of Americans pay no taxes at all; and they don’t know the difference between capitalism and cronyism.)
What makes the poll concerning is the fact that millennials are leaning more towards socialism and communism. Take a gander at these statistics:
- About half (55 percent) of millennials think communism was and is still a problem, compared to 80 percent of Baby Boomers.
- Just 37 percent of millennials hold a “very unfavorable” view of communism.
- Nearly half (42 percent) of Generation Z would vote for a socialist; 21 percent would cast a ballot for a communist.
- Close to two-thirds (64 percent) of millennials agree with the Marxist statement: “from each according to his abilities, to each according to his needs.”
These are terrifying results, but it isn’t surprising whatsoever. It suggests that the government education system is doing a horrible teaching students about the atrocities committed by communists and socialists. It also shows that young people want the free stuff and being taken care of from cradle to grave that Sanders and his ilk promote so often.
Marion Smith, executive director of the organization, echoes these worries:
“One of the concerns the Victims of Communism Memorial Foundation has had since its establishment is that an emerging generation of Americans have little understanding of the collectivist system and its dark history. Unfortunately, this Report, which we intend to release on an annual basis, confirms this worrisome impression.
“This report clearly reveals a need for educating our youth on the dangerous implications of socialist ideals. We will continue to work with educators to build curriculum to address this important need.”
We need more of Friedman, Friedrich Hayek, Ludwig von Mises and Murray Rothbard than we do of Sanders, Marx, Elizabeth Warren and Thomas Pikkedy in today’s world.
How can millennials celebrate one system (socialism) that killed and impoverished millions of people all over the world and then vilify another system (capitalism) that has lifted billions of people out of poverty in the last century alone?
Perhaps these millennials are too entrenched in their iPhones, Pokemon Go and Starbucks (all of which are products of capitalism) to study history and economics.
Most workers don’t get to deduct their car, cell phone and lunches as a business expense. Many come families in the poorer half of the population that lost 70% of their net wealth share over the last 20 years. They pay 15.7% in payroll taxes (half directly and the other half through reduced salary). Very wealthy people have enormous economic income and little taxable income. Millennials know the tax code is a scam but they lack intelligent alternatives because there is no discussion about a fair tax blend. Tax savvy people know that technology has enabled powerful alternatives to communism and socialism that would have been impractical before internet databases and computing.
The inverse taxation of wealth and income is the newest tax reform technology. Consider the effect of a taxpayer choice of any income tax rate between 8% and 28% paired with a wealth tax rate of 2% decreasing to zero. Each taxpayer would also be able to save up to $500,000 wealth tax free for retirement, health care and education. The job killing payroll taxes (now fixed at 15.7%) would be eliminated. Social Security would be funded by a 4% VAT and 8% C corporation tax with no tax expenditures. Cumulative wealth taxes could be used to offset estate and gift taxes (set at 28%) – finally making the Estate Tax fair to all.
Capitalism can be more fair and productive if wealthy owners pay a bit more and both business and workers pay a bit less.