Legendary Economist Fears For America’s Survival With Socialist Surge

A generation of American conservatives were raised with the sure knowledge, as voiced by British Prime Minister Margaret Thatcher, that the problem with socialism is that sooner or later you run out of other people’s money.

That is a truism based on the evidence of what socialism does to an economy that ranks right up there with centralized control of a food supply results in the people starving, a condition of hard core socialism currently playing out in Venezuela.

The problem with that inconvenient evidence when it comes to socialism is that it is pitted against pleasant, and seductive rhetoric of “From each according to ability, to each according to need!”

With humans involved, it never quite works out that way.

In the United States, a country that has resisted socialism for its entire existence, a new generation is coming of age without the experience of the warnings of the past. One legend in the field of economics, Dr. Thomas Sowell, sees this, and the resurgence of socialism’s ideological popularity, and now warns the nation that we may not survive if this fantasy ideology is not quashed.

The author of “Basic Economics,” “The Vision of the Anointed,” “The Quest for Cosmic Justice” and numerous other books said the U.S. may very well go down a path of financial ruin due to “wonderful-sounding” rhetoric.

Mr. Sowell, a Marxist in his youth, made the remarks Tuesday while appearing with Fox Business Network’s David Asman.

“I do have a great fear that, in the long run, we may not make it,” Mr. Sowell said. “I hate to say that. The one thing that keeps me from being despairing is that we don’t know. There are so many things that we can’t possibly know. And so, we may make it, but I wouldn’t bet on it.”

The author said that time and time again, people adopt willful ignorance regarding socialism’s track record around the world.

“So many people today, including in the leading universities, don’t pay much attention to evidence,” he said. “When you see people starving in Venezuela and fleeing into neighboring countries and realize that this is a country that once had the world’s largest oil reserves, you realize that they’ve ruined a very good prospect with ideas that sounded good but didn’t turn out well.

These so-called exceptions [to socialism failing] are almost universal on every continent among people of every race, color, creed and whatever,” he continued.

And that is why socialism should always be avoided in a non-voluntary situation.




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