The deterioration of economic literacy has caused big problem in the United States today.
The fact that so many of my peers in the university system think it’s great that we have a “democratic socialist” from Vermont in the senate is a key indicator of this fact.
What I’ve noticed is that when people claim that socialism and/or communism is good they start with the idea that they’re “fair.” I think that’s a reprehensible statement to make.
What makes the theft of other people’s hard earned goods or resources “fair?”
Is it fair just because you want it?
Many also point to the “fact” that socialist and communist countries have lower income inequality. This may be to a narrow extent true, but for reasons that may not be convenient.
Take a basic socialist country, Venezuela.
Venezuela has one of the lowest levels of income inequality in the entire region, according to Worldbank. Yet, poverty is so awful there that Venezuelans are starving and there are clear signs of a malnutrition crisis, according to UNICEF.
As Ben Shapiro has pointed out based on Worldbank statistics, 9 out of 10 Americans live above the WORLD’s median income. Do I think that a little less income inequality in the U.S. would be beneficial? Perhaps, but that definitely isn’t a big issue here.
Finally, let us consider how odd it is that income inequality has become a giant issue over the last several years. On the face of it, it shouldn’t be nearly as big of a deal as relative poverty.
According to Newsweek, Bernie Sanders’ June 2017 financials place him “firmly in the top 1% nationally,” and yet he has tremendous amounts of income inequality with someone like Bill Gates. Should we redistribute Bill Gates’ income to Bernie Sanders, who’s easily a millionaire?
Of course not.
Economics is much more complex than meets the eye.
Therefore, before you decide to rant about income inequality in the United States, take the time to consider other economic facts. It would make you more persuasive and grant you increased credibility.