Given all of the momentum behind Bernie Sanders, fueled by what I heard one pundit call, “the children’s brigade of people supporting Sanders that have never had to watch thousands of dollars go out of their paychecks for taxes,” I created this post, in which I essentially copy and paste from one of my hidden away comments from within the About Me section.
My guiding principles on the appropriate order of society is that man should be free to do as much as they possibly can on their own without coercion of their fellow man. Freedom from coercion will inherently mean a small and limited government, which is the antithesis of what an avowed socialist such as Sanders advocates. It is not that I don’t like the idealism of a utopian state of all of us cooperating to build a just society, it is that I believe that empirical evidence of countries that have tried socialism have failed to deliver the utopia and have instead descended into quite the dystopia. The problem is that to have such a system, the ruling elites of a society change from one in which the invisible hand of the pricing system and the free market determine who is elite based upon individual skills and effort to one in which favors and status are doled out arbitrarily by a government elite. We can’t pretend that those entrenched with government power will suddenly become benevolent and all-wise benefactors. As William McGurn indicated in an op-ed in the Wall Street Journal, the unfortunate reality is that the end result of a socialist society is not idealistic cooperation, it is in fact collusion of a small governing elite and their attachments and hangers on. It is no accident that the richest woman in Venezuela is Hugo Chavez’s daughter. It is no accident that Brazil is dealing with corruption charges at all levels of government due to government officials abusing their power to milk bribes and embezzle money from the state-owned oil and gas company Petrobas.
It seems unquestionable at this point that in the last 8 years, the Democratic party has made a tremendous shift to the left, which is pulling Hillary Clinton leftward as well. Granted, much of Bernie’s recent success is in converse relation to Clinton’s inherent weaknesses in campaigning, trustworthiness, and likability, but it is still clear that voters are driving the party in a leftward lurch. This is perhaps a natural outcome of 8 years of anemic economic growth and a drumbeat of income inequality. I would submit that the income inequality seems to have been greatly aided and driven by conscious decisions by the federal reserve (by extension, government) to fuel asset prices through quantitative easing that props up asset prices owned mostly by the ultra wealthy and pins down meager saving rates largely owned by the middle class on down. We have thus ignored and swept away the hard fiscal and government reform that would actually unshackle the economy and tried to take the easy but much less effective path of monetary policy manipulation that also is much more prone to fueling asset price increases to the benefit of the rich and inflates the probabilities of a bust cycle requiring more bailouts that benefit the wealthy in the future. The clarion call warning is that if you haven’t been able to trust the angels that run government before to structure your life and make it all better before, why would you hand them the keys to even more power and control over your lives? Take some time to view the outcomes of socialist governments in the past and whether they delivered the utopia that is being proclaimed today. You will find that 100% of the time, they failed to live up to their ideals and instead descended into a different and less accountable elite-controlled society with sclerotic growth and a much more income stratified society that becomes much less fluid and changeable.