The White House • October 23, 2018
Socialism belongs in the dustbin of history
With the 200th anniversary of Karl Marx’s birth, socialism is making a comeback in America. Democrats used to accuse Republicans of fear-mongering when they called out certain far-left policy ideas as “socialist.” Now, a growing number of Democrats are wearing the label as a badge of honor.
American socialists may imagine their proposals mirror those in Northern European countries such as Sweden and Norway. In reality, ideas along the lines of “Medicare for All” have more in common with economists’ traditional definition of socialism. The record of countries who have experimented with those types of command-and-control systems is devastating: Maoist China, the Soviet Union, and Venezuela among them.
The sky-high taxes needed to fund “Medicare for All” alone, for example, would lead to a staggering $17,000 drop in household incomes after taxes and healthcare expenditures—a 19 percent decline. Without taxing American workers, funding this radical plan would require cuts to half of the Federal budget, wrecking Medicaid, Social Security, and traditional Medicare in the process.
Socialist policies have failed across the world wherever they are tested. They have no place in the United States of America.
Full report: The true costs of socialism
Thomas Paine had more Common Sense than Karl Marx.