The contemporary American stands on the shoulders of giants. One of those giants is the economic prosperity that has been yielded from capitalism. Unfortunately, the contemporary American does not realize that he is standing on the shoulder of the giant, and he is trying to leap off, onto the shoulders of socialism. But, argues Thor Halvorssen in this video, that giant simply cannot hold the weight of the contemporary man. That giant has a long history of collapsing under the slightest pressure or weight. That is what we can expect if socialist policies were to become more prominent in the United States. He leveled a few pretty heavy critiques of socialism in the linked interview.
Too Many Taxes
Bernie Sanders has essentially argued that if we want to help the poor, then we need to take money away from the rich and distribute it among the poor. Thor Halvorrsen does not think that is an acceptable approach. After all, even the most wealthy people do not have an unlimited amount of money. While you could tax the rich and distribute their funds for a few years, eventually, you will get to a point wherein you have taken all of their money and they are no longer rich. This means that you will have tax more people. Eventually, everybody will be heavily taxed.
When companies receive a federally imposed $15 minimum wage, many of them are not going to comply. That is not to say that they will break the law. Rather, it is to say that they are going to acknowledge that they cannot afford to pay their employees $15 an hour. This will result in closing domestic stores and opening them overseas. This will harm the economy and create far fewer job opportunities. An increase to a $15 per hour minimum wage is not worth too much if you cannot find a job.
For these reasons and many others, Thor Halvorssen believes that socialism is doomed to failure and financial ruin. He suggested that a prosperous nation needs to work in a free market economy.
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