Tuesday, August 18, 2015

Bernie Sanders - Staunch Advocate Of Capitalism

The blogger at Bookworm.com posts...

"My Progressive friends are flooding my Facebook feed with posters dedicated to what they perceive as the “wit and wisdom” of avowed socialist and Democrat Party candidate Bernie Sanders."

Sanders' banalities are easily refuted by basic economics and the indefatigable Bookworm patiently educates her ignorant friends. However, she doesn't directly respond to the following Sanders statement -

"America is not supposed to be a country where 99% of all new income goes to the top 1%."

Instead, Bookworm first questions the validity of the statistic and then she goes off on a broadside about crony capitalism. It's true that Sanders, in the tradition of the far left, may have pulled the stat out of his rear end, but that's beside the point. What Sanders calls "new income" is actually "new wealth". What makes it new is that is was recently created. And the creators are entrepreneurs and innovators.

Being a doctrinaire socialist, Sanders thinks in terms of income - in his mind, income is money that magically accrues to an undeserving few. And "new income", according to Bernie, "goes" to the top 1% when it actually "is earned" by the top 1% -  entrepreneurs and innovators creating wealth and improving our standard of living.

Because of his misunderstanding of how the real economy works, Sanders makes a point quite different from the one he thinks he's making. By citing his stat, Sanders is admitting that the one-percent is responsible for 99% of the new wealth created in this country. Just as any true capitalist would.

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