Capitalism works, as opposed to what this president wants

  • Follow Opinion columns

Oops! The presidential pretender went and did it again.

A lot of red ink has passed over the socialist dam since he unthinkingly told Joe the Plumber that he wants to “spread the wealth around.”

Or since he told Charlie Gibson that “It’s a matter of fairness” when Gibson repeatedly asked him to explain why he would want to raise the capital-gains tax when the historical evidence proves that higher capital-gains taxes actually decrease government revenues.

But last week Obama let it all hang out in a speech at a Kansas high school when he said, “[T]here is a certain crowd in Washington who, for the last few decades, have said, ‘Let’s respond to this economic challenge with the same old tune. The market will take care of everything,’ they tell us. If we just cut more regulations and cut more taxes – especially for the wealthy – our economy will grow stronger.”

Moving in for the kill, he went on to say, “And that theory fits well on a bumper sticker. But here’s the problem: It doesn’t work. It has never worked. … I mean, understand, it’s not as if we haven’t tried this theory. We simply cannot return to this brand of you’re-on-your-own economics if we’re serious about rebuilding the middle class in this country.”

THAT’S RIGHT, FOLKS: Capitalism had nothing to do with the United States becoming the most prosperous country in the history of the world. It had nothing to do with millions of ambitious people starting with nothing and becoming millionaires and even billionaires. And it has nothing to do with the fact that “poor people” in the U.S., as defined by the Census Bureau, live better than middle-class people in most other countries.

When Obama says cutting taxes and regulations doesn’t work, who in the world is he talking about? Everything works. The question is, for whom does it work, and how well? Collectivism works exceedingly well for politicians whose chief objective is to stay in office, but it destroys the lives of millions of people on the dole who might otherwise become productive citizens.

True to his favorite tactic of turning the facts upside down, when Obama says “it’s not as if we haven’t tried this theory,” it sounds as though he’s referring to communism rather than capitalism. Communism has been tried throughout the world – from Cuba to Russia, from North Korea to China – and it’s worked wonderful for guys with names like Castro, Stalin, Kim Jong Il and Mao. But for the masses, it has consistently delivered poverty, loss of freedom and death.

CAPITALISM, ON THE other hand, has worked for the masses — whenever and wherever it has been tried. Even in its impure state (i.e., not laissez faire) it has delivered spectacular wealth and a high standard of living to all those who are willing to work.

“You’re on your own economics” is a cute catchphrase — the kind of dismissive ridicule the left loves to employ — but the truth is that being “on your own” is a good thing. When the government leaves people alone, it makes it easier for them to innovate and create wealth. And when wealth is created, it accrues to everyone’s benefit, whether it is reinvested, spent on goods and services, or saved (which adds to capital formation and, in turn, spurs economic growth and job creation).

But what about those who are truly unable to care for themselves? What would happen to them in a truly free society? Fortunately, the Western way of life is based on a code of ethics and morality that motivates Americans, in particular, to be remarkably charitable.

NO CIVILIZED PERSON wants to see those who are seriously health challenged or mentally challenged suffer, so the question is not whether such people should be helped. The question is, who is best equipped to help them – politicians, whose chief aim is to perpetuate their own power, or free individuals, who have a genuine desire to be charitable to those who are incapable of fending for themselves?

If the scam of politicians taking from those who produce and giving the stolen loot to those whom they deem to be “in need” worked, the poverty rate would not be about the same today (14.3 percent) as it was when the Great Society was launched back in 1965. What Lyndon Johnson’s “generosity” proved is that it doesn’t matter how much of other people’s money you give away, it does nothing to lift people up. The hard evidence shows it is government’s redistribution-of-wealth policies that have not worked.

YES, WE DO NEED to be on our own. More regulation is the last thing in the world we need. The greatest regulator is, and always has been, the marketplace. Those of us who have engaged in entrepreneurship know that the marketplace is a brutal, unforgiving regulator. You have to experience the brutality of the marketplace, firsthand, in order to appreciate just how well it works.

Barack Obama would do well to listen to a once starry-eyed collectivist named Bill Clinton, who recently said, in an interview with Newsmax’s Chris Ruddy, “We don’t have a lot of resentment against people who are successful. We kind of like it, Americans do. It’s one of our best characteristics. If we think someone earned their money, we do not resent their success. That’s why there’s been very little class conflict in American history.”

We’re less than a year away from finding out who is right in his assessment of the average American — Barack Obama or Bill Clinton.

(The writer is an author, motivational speaker and entrepreneur.)

Comments (36) Add comment
ADVISORY: Users are solely responsible for opinions they post here and for following agreed-upon rules of civility. Posts and comments do not reflect the views of this site. Posts and comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the "Flag as offensive" link below the comment.
Haki
31
Points
Haki 12/17/11 - 02:32 am
0
0
^ your relative was here!

^ your relative was here!

bjphysics
36
Points
bjphysics 12/17/11 - 04:53 am
0
0
bjphysics
36
Points
bjphysics 12/17/11 - 04:58 am
0
0
“What does big money say

“What does big money say about ‘Obama is socialist’ meme?”

“We’ve all heard and read the rhetoric: President Obama has made it impossible to make a profit in this country and as a result the wealthy are going to take their money elsewhere and leave the United States high and dry. It’s usually accompanied by talk of corporate income tax rates and overregulation and in some cases socialism and Marxism and hating America.

There are various indicators to prove that’s so much garbage. There’s the fact that corporate profits have reached an all-time high under Obama, as expressed in this chart from the St. Louis Federal Reserve:”

http://blogs.ajc.com/jay-bookman-blog/2011/12/07/what-does-big-money-say...

Jon Lester
2269
Points
Jon Lester 12/17/11 - 06:42 am
0
0
When you actually call

When you actually call yourself a "motivational speaker," it's time to stop listening, quite frankly. That is not what I call a productive contribution to society, regardless of economic model, no matter what people pay you to hear it. I say so as a retailer; no amount of the rose-tinted, polished crap you're pushing is putting any more money in the pockets of my customer base, and if the middle class is further eradicated, then I won't have a future in this or any other of my for-profit ventures.

Techfan
6461
Points
Techfan 12/17/11 - 06:51 am
0
0
This would be funny, if it

This would be funny, if it wasn't so sad. How low will the AC sink? We've just seen it. A repeat of a column from the nutty, right wing, conspiracy theory, birther website WorldNetDaily? It shows where what passes for an editorial staff comes up with its ideas. WND's founder/editor, Joseph Farah even admitted that they lie in their columns. Great sourcing AC. Maybe next time you can pull a column from infowars or prisonplanet. Anything to keep from using reliable sources.

bjphysics
36
Points
bjphysics 12/17/11 - 07:00 am
0
0
“Fox Executive Pushed

“Fox Executive Pushed ‘Obama’s a Socialist’ Meme Even Though He Knew It Was False”

http://littlegreenfootballs.com/article/38315_Fox_Executive_Pushed_Obama...

RunningMan
346
Points
RunningMan 12/17/11 - 07:55 am
0
0
Wow! Sometimes I have to

Wow! Sometimes I have to wonder how anyone can take the time to write this nonsense.

madgerman
236
Points
madgerman 12/17/11 - 08:04 am
0
0
Very true techfan. But you
Unpublished

Very true techfan. But you forgot that if they didn't rely on Faux contributors, they would have to hire someone to write and of course that would entail all those taxes the writer speaks of. Great Motivatiional speakers include Adolpj Joseph, Chairman M, and apparently Mr Newt. What it takes to become a Motivational Speaker is a dumbed down audience willing to believe anything.

onlysane1left
216
Points
onlysane1left 12/17/11 - 08:24 am
0
0
We had 8 years of less

We had 8 years of less regulation and let capitalism take care of our own and what happened was greed took over with out anyone to stop them and people were just a broke as they are now. Two party politics doesn't work, nor does the fact that everyone in Washington is bought and no one is really looking out for the interest of the people. This article is crap straight from the mouths of party politics who feel that corporate America knows what is best for us, yet, corporations only have one interest in mind, money. It doesn't care about poverty, hunger, or health care. They care about their profit margin. We can't let them rampantly do what they wish, this was why government set up OSHA, EPA, the Labor department and so forth. Capitalism works, but it must work with help from good politicians and good business owners who realize that people play an important role in it and they care for those people.

JohnRandolphHardisonCain
576
Points
JohnRandolphHardisonCain 12/17/11 - 08:38 am
0
0
If The Chronicle's editorial

If The Chronicle's editorial board actually decided on a balanced editorial policy it would go a long ways toward saving this foundering newspaper. The powers that be at The Chronicle should take heed from the comments above. If they continue to feast on false, fanatical, right wing points of view they are sealing the fate of the south's oldest newspaper.

southernguy08
499
Points
southernguy08 12/17/11 - 08:46 am
0
0
I'm very eager to see Obama
Unpublished

I'm very eager to see Obama and his supporters run on his record in 2012. Let's see, he lowered unemployment. No, wait...um, moving on. Well, he stimulated a sluggish economy and got us out of this recession. No, wait...um, moving on. Well, he's made us respected around the world with leaders like Hugo Chavez. No, wait...um, moving on. Well, he, er...HE GOT ELECTED IN 2008! Yeah, that's it, HE GOT ELECTED IN 2008! There's our strategy. Get ready America, Obammy's gonna save us all!

allhans
23251
Points
allhans 12/17/11 - 10:22 am
0
0
JRHC..Strange, isn't it? I

JRHC..Strange, isn't it? I see many more of those feasting on false, fanatical, left wing points of view on the liberal side, but that's why we all were given the ability to think for ourselves, I hear.

Anyhow, Merry Christmas to you and yours.

howcanweknow
2306
Points
howcanweknow 12/17/11 - 10:24 am
0
0
False, fanatical, right wing

False, fanatical, right wing points? All I saw was verifiable history. Capitalism built the economy of the U.S. into the greatest in world history. Socialism has ruined the economies of nations, many of which we have seen disintegrate in our lifetimes. Now, you say move the U.S. leftward toward a philosophy that history reveals does not work? Whatever happened to lauding personal initiative, hard work, and the right to pursue happiness as you see fit, rather than have the gov't forcibly take your money and give it away?

harley_52
22105
Points
harley_52 12/17/11 - 12:38 pm
0
0
This Editorial is one hundred

This Editorial is one hundred percent correct. Totally and absolutely.

Well, that assumes Clinton's words were sincere and honest. Making an assumption like that about Bill Clinton is very dangerous, but the rest of the piece is undoubtedly true.

dichotomy
30537
Points
dichotomy 12/17/11 - 12:51 pm
0
0
The left wingers can poo poo

The left wingers can poo poo this all they want but we all know capitalism built this country and we all know that communism and European socialism have failed....everywhere. Long time hard core communist countries are now capitalist in reality and European socialist countries are in the middle of their long anticipated reckoning. The left wing throws up tax cuts and some minor deregulation from the Bush administration as their "proof" that those things don't work. What they fail to mention is the mountain of regulations and red tape that still existed from out of control government agencies and the fact that our "lowered" tax rates still include one of the highest corporate tax rates in the world. And they fail to mention that the left wing liberal policies at Fannie Mae, the idiotic left wing anti-energy policies, and out of control social welfare spending were really the three main causes of the economic burp we have been experiencing. Okay, just to be fair I'll throw in the fact that the Republicans failed to pay for the wars. People talk about the disappearing middle class but when I go by the Mall on Saturday I think I found them. And, oh by the way, our "poor" seem to be being subsidized to a level where many of them live better than the "middle class" was living when I grew up. And when I ride around the "poor" sections of town I sure see a lot of, how would the doctors put it, "well nourished" welfare recipients. They've got cars, flat screen TVs, subsidized houses, and are buying high dollar cereal and New York strips with their taxpayer provided EBT cards. Don't even try to tell me capitalism doesn't work because it not only works, it works very well. If capitalism was not working our "poor" would be fashionably thin and living in clapboard shacks. It is not the corporations and the banks that are causing the shrinking of the middle class. It is the phenomenal increase in the number of losers leeching off of the working middle class though our socialist welfare system and a government that keeps taxing the rest of us to pay for them. Of course the liberals and their constituents want to point the gun at capitalism because if they told the truth they would have to turn the gun on themselves and commit suicide. Free market capitalism has worked fine for over 250 years. The only things different nowadays are corporate tax rates that are higher than the rest of the world, out of control government agencies like the NLRB, EPA and OSHA, competitiveness crushing unions, and the huge number of able bodied people being subsidized by middle class taxpayers through the welfare and medicaid systems. It's the socialism and big government that have not worked. Capitalism works just fine and always has. When capitalism occasionally goes awry, it recovers relatively quickly on it's own if the government does not try to help. Yes, you have to stabilize, or "bailout", the banks but you stop there. When socialism goes awry, it takes multiple decades to turn it around and there is nothing anyone can do to help. And the pain will be enormous for all, especially the truly poor. When we kill the last vestiges of free market capitalism and can't borrow any more money, the subsidy people will be the first ones we throw under the bus. If they keep voting to kill capitalism, they need to be looking for their favorite spot under the bridge and whetting their appetite for gruel and surplus cheese.

harley_52
22105
Points
harley_52 12/17/11 - 01:43 pm
0
0
Dichotomy said "When

Dichotomy said "When capitalism occasionally goes awry, it recovers relatively quickly on it's own if the government does not try to help. Yes, you have to stabilize, or "bailout", the banks but you stop there."

The bank bailouts were not necessary because of a Capitalism failure, but rather because of governments meddling with the marketplace in a failed and illegal attempt to socialize the housing industry in America. Congress, in cooperation with the Treasury Department, the Federal Reserve, and both Fannie and Freddie conspired to force banks to make bad loans in order to offer home ownership to people who couldn't afford it. Were it not for that meddling, neither the banking crisis, the housing crisis, the TARP, the bailout, nor the stimulus would have been necessary. Some people saw it all coming and tried to stop it, but Barney Frank, Chris Dodd, and a democrat controlled Congress killed the regulation proposed by those who did long enough for the crisis to fester and burst. It was done on purpose in a coordinated effort to destroy our economy and democrat efforts remain full steam ahead still with that purpose in the forefront.

Elect democrats and Obama in the next election and this Country is toast. It may be too late anyway, but that will make it certain.

Carleton Duvall
6305
Points
Carleton Duvall 12/17/11 - 01:44 pm
0
0
HAKI,BJPHYSICS,JON

HAKI,BJPHYSICS,JON LESTER,TECHFAN,RUNNINGMAN,JRHC. It is obvious to me that none of you believe in the Capitalistic system that we have in this country. Now , tell me, what would each of you suggest as a replacement. No blogs please. I am not interested in someone else's words . i want to hear yours. Thanks.
BJ, I have included you in this group but I don't really know what you think since I don't read your blogs. Sorry.

harley_52
22105
Points
harley_52 12/17/11 - 01:52 pm
0
0
The middle class is shrinking

The middle class is shrinking for three reasons. The first reason is labor unions. Their demands for pay and benefits escalate the price of our goods significantly.

The second reason is our Corporate income tax. It's the highest, or second highest, in the world.

The third reason is government regulation. The Federal government cranks out new regulations faster than industry can comply. New factories are obsolete before they can be constructed as all the Federal agencies and czars throw more and more restrictions and costs at American manufacturers.

The middle class was largely the manufactuing class. The factory workers. Manufacturing has moved overseas because the government wanted it to move overseas. Some knew what they were doing, others allowed themselves to be duped into doing it for high and lofty sounding reasons that were never the real reasons.

Carleton Duvall
6305
Points
Carleton Duvall 12/17/11 - 02:09 pm
0
0
Harley, I agree with your

Harley, I agree with your 12;52,12:43 and 11:38 comments. Dichotomy. I agree with yours. I am waiting for the others to respond.

allhans
23251
Points
allhans 12/17/11 - 02:51 pm
0
0
An acquaintance asked this

An acquaintance asked this morning over coffee what the liberals think will happen if we continue on and China decides to build plants in this country, of course there would be no regulations placed on them, after all, they own us, they can do as they please. The EPA would go out of business.....Or simply go crazy.
This might be an unlikely occurrence, but it COULD happen.

faithson
4784
Points
faithson 12/17/11 - 03:19 pm
0
0
it's called bridled

it's called bridled capitalism... A capitalism that has 'the people's' interest as part of the 'profit motive'. Unbridled capitalism or Darwinian economics will only enrage the working class to the point of economic breakdown. Just as women finally overcame the myth of their chattel position in our society, workers will overcome the myth that they too can be rich and famous. A study showed over 50% polled thought they would be rich or famous in the next 10 years... actual chances of being rich or famous; about the same as winning 'American idol'.

raul
4133
Points
raul 12/17/11 - 03:35 pm
0
0
@CartonDuvall. I had the same

@CartonDuvall. I had the same question this morning when I read the article. If capitalism isn't the best, what is? I heard a lot of naysayers, but no response to Carlton"s question. Still waiting.

harley_52
22105
Points
harley_52 12/17/11 - 03:40 pm
0
0
Faithson, define "rich" and

Faithson, define "rich" and "famous" without blurring the distinctions between "successful" and "happy." Your attempts to infuse the discussion with marxist/obamaist class envy terms is not helpful.

Let's take me. I am neither "rich" nor "famous," nor do I aspire to be. I consider myself a common man with common goals. I have no chance of winning American Idol because I lack the desire to compete, let alone the talent to win. I am happy with my middle class life, my middle class house, and my middle class family.

Your suggestion that people who aren't "rich" or "famous" are therefore "chattel" is just as ridiculous as the rest of your post.

Carleton Duvall
6305
Points
Carleton Duvall 12/17/11 - 03:56 pm
0
0
Yeah! raul. I am waiting but

Yeah! raul. I am waiting but not holding my breath . I tell you what has them stumped. I ask them for their thoughts on the matter.That got them as they have no thoughts, just words of some socialist who makes capitalism sound like a bad word to them.

howcanweknow
2306
Points
howcanweknow 12/17/11 - 04:54 pm
0
0
Yes, please remember that one

Yes, please remember that one of our inalienable rights is the PURSUIT of happiness. Please note: You do not have the RIGHT to be happy, least of all at someone else's expense. In a free capitalistic society you have the right to work in any way you deem appropriate (within legal bounds, of course) to achieve your dream -- whatever that dream may be.

No one has the RIGHT to wealth, prosperity, housing, food, etc. You have the right to pursue these things by the personal choices you make and by your own labor. You earn a living. A living is not given to you, and neither is it your right to derive that living by taking it from someone else. When you take what someone else has worked for and earned, that is stealing. Alas, when the government does that very thing, it is called entitlement and "fairness".

raul
4133
Points
raul 12/17/11 - 04:57 pm
0
0
@howcanweknow. Good one.

@howcanweknow. Good one.

howcanweknow
2306
Points
howcanweknow 12/17/11 - 05:03 pm
0
0
Thanks, Raul. Please

Thanks, Raul. Please understand that I'm not talking about people than cannot earn a living-- like the physically or mentally disabled, or widows / orphans. I'm referring to otherwise able-bodied people that believe they "deserve" what others must work for, and expect their gov't to give it to them.

Carleton Duvall
6305
Points
Carleton Duvall 12/17/11 - 05:31 pm
0
0
It has been almost four

It has been almost four hours(12:44PM) since I asked any and all of you that hate capitalism to describe what you think would be a good alternative. I have heard nothing from any of you. I will wait thirty minutes longer After that I will assume you have no answer. I have copied my original request below.

Now , tell me, what would each of you suggest as a replacement. No blogs please. I am not interested in someone else's words . i want to hear yours. Thanks.
BJ, I have included you in this group but I don't really know what you think since I don't read your blogs. Sorry.

CorporalGripweed
0
Points
CorporalGripweed 12/17/11 - 06:08 pm
0
0
Bottom line. Capitalism

Bottom line. Capitalism works, nothing else has. All other forms of enterprise have failed. When people have the selfish (yes I said it. selfish) desire to better their lives and the lives of their family they work harder produce more and generally increase the lives of those around them. Capitalism produced the light bulb, the automobile, penicillin, indoor plumbing just to name a few. Communism and it's red-headed step child socialism produced millions dead of disease and Stalinist purges not to mention bread lines and Chernobyl. Surely capitalism is NOT perfect, but it's a damn sight better than any other system yet devised. To those who are angry because they believe Wall Street has hijacked capitalism in this country, I say you are not entirely wrong. But to tout the so-called "virtues" of the alternative is sheer lunacy. Deny it if you wish but capitalism has lifted more people from poverty in human history than ANY other system yet devised.

JohnRandolphHardisonCain
576
Points
JohnRandolphHardisonCain 12/17/11 - 07:18 pm
0
0
Crony capitalism doesn't work

Crony capitalism doesn't work nor does unregulated cutthroat capitalism or unregulated corporate capitalism. The Occupy Wall Street movement is largely about corruption. No longer a problem for banana republics "over there", corruption has became a major problem inside United States in the financial and business sectors as well as in our political system. Enforcing current laws and providing necessary legal oversight is the place to start. Beyond that, rewriting and reforming corporate tax law to eliminate loopholes and off shore tax shelters is vital as is campaign finance reform.

Back to Top

Top headlines

Grovetown escapees captured

Two inmates who escaped the Grovetown Department of Public Safety Detention Center late Friday are back in police custody, officials said.
Search Augusta jobs