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Posts Tagged ‘Socialism’

The Babylon Bee is America’s best site for political satire, with several appearances in my collection of libertarian humor.

The site is great even when libertarians get mocked.

Check out the following three stories.

We’ll start with one about a vapid millennial (who presumably took part in this poll).

Local socialist millennial man Matthew Hatter lamented Monday that there are no concrete examples of socialism he can point to in order to have some kind of idea how it would turn out. “If only there were other countries that have tried socialism before,” Hatter said to a friend at an ethical coffee shop… “Like, say some countries in South America tried socialism before and everybody starved to death,” he said. “Or if there were major superpowers who implemented socialism and then, like, 100 million people died—that would be really bad. We could look to these ‘books of history’ and decide that wouldn’t be the route for us.” …Hatter said he’s just glad that if socialism turns out to be terrible, no other country would be dumb enough to follow in our footsteps.

Some people are familiar with socialism, of course.

And this next bit of satire from Babylon Bee indicates that they’re planning ahead.

The nation’s Democratic leaders announced Tuesday they are reversing course on Trump’s proposed border wall, since “it will keep people in once we switch to socialism.” “We thought the border wall was a bad, racist idea,” said Alexandria Ocasio-Cortez. …But that got me thinking…when we switch to socialism, everyone’s gonna try to run away. But what if there’s a big, solid object along the border? Then they can’t run away. I mean, they could try to climb, but we could shoot them.” Senator Bernie Sanders said in his experience, walls are “absolutely necessary” to keep a socialist country’s citizens from fleeing. “The Soviets had it right: big wall in Berlin, the symbolic Iron Curtain, shooting people who try to flee. It’s all necessary to a healthy socialist state.”

Sounds like they read the advice that Walter Williams gave – tongue in cheek – to California’s politicians.

Our third and final example from Babylon Bee involves the Democrats’ electoral plan.

Laying their cards on the table with the midterms approaching, the nation’s Democrats have united to send a clear message: socialism is America’s only hope of ending the current nightmare of economic prosperity. “We’re living in a hellscape—but there is an escape,” 2020 presidential hopeful Joe Biden said… “democratic socialism is what’s going to free us from our horrific, flourishing, present conditions. You do the math.” …“Kill anyone who disagrees!” Maxine Waters bellowed from the background.

The Foundation for Economic Education just published a column with 10 of the jokes that East Germans told about their dictatorial government.

Here are my three favorites.

  • Why do Stasi officers make such good taxi drivers? — You get in the car and they already know your name and where you live.
  • What’s the best feature of a Trabant? — There’s a heater at the back to keep your hands warm when you’re pushing it.
  • What would happen if the desert became a socialist country? — Nothing for a while… then the sand becomes scarce.

Speaking of satire, Hasbro apparently has produced a socialist version of their famous Monopoly board game.

Sounds fake, but you can find it on Amazon.

John Ellis of PJ Media is quite amused.

Hasbro’s new “Monopoly: Socialism,” though, sounds like a hoot and a great way to continue to teach my kids why socialism is for the math-, economics-, and history-challenged among us. …the game sounds awesome! …the only game played in my house on game night henceforth will be Hasbro’s Monopoly: Socialism. …I get to incorporate both fun and education into family game night.

We’ll close out with another appearance by Libertarian Jesus.

Very appropriate given what I wrote about two weeks ago.

If you’re interested, other examples of Libertarian Jesus can be found here, here, and here.

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Lord Acton famously noted that “power corrupts and absolute power corrupts absolutely.”

I need to develop something similar about socialism. Based on the statism spectrum, it could be something like “socialism deprives and absolute socialism deprives absolutely.”

In other words, the bigger the government, the worse the results.

And when the government controls everything, the consequences can be catastrophic. Horrifyingly catastrophic, as Marian Tupy explains.

America’s college-educated youth…are too young to remember the Cold War and few study history. It is, therefore, timely to remind the millennials of what socialism wrought – especially in some of the world’s poorest countries. Those of us who remember the early 1980s will always remember the images of starving Ethiopian children. …these were the innocent victims of the Derg – a group of Marxist militants who took over the Ethiopian government… Between 1983 and 1985, some 400,000 people starved to death. …in 1999, Robert Mugabe, the 92-year-old Marxist dictator who came to power in 1980, embarked on a catastrophic “land reform” program. The program saw the nationalization of privately-held farmland and the expulsion of non-African farmers and businessmen. The result was a collapse of agricultural output, the second highest hyperinflation in recorded history that peaked at 89.7 sextillion or 89,700,000,000,000,000,000,000 percent per year and an unemployment rate of 94 percent. Thousands of Zimbabweans died of hunger and disease despite massive international help.

It turns out that governments have played big roles in some of the worst famines in recent memory.

Benjamin Zycher’s table of the greatest famines of the 20th century. …six out of the 10 worst famines happened in socialist countries. Other famines, including those in Nigeria, Somalia and Bangladesh, were partly a result of war and partly a result of a government’s economic mismanagement.

Here’s a table with some of the grim totals. Unsurprisingly, Pol Pot’s Cambodia is at the top of the list.

In some cases, such as Cambodia and Ukraine, starvation was a policy choice by evil communist governments (are there any other kinds?).

In other cases, the total state control of economic life produced famine as a byproduct.

In either case, Marian has a suggestion for some of today’s vapid millennials.

Wherever it has been tried, from the Soviet Union in 1917 to Venezuela in 2015, socialism has failed. Socialists have promised a utopia marked by equality and abundance. Instead, they have delivered tyranny and starvation. Young Americans should keep that in mind.

And if they forget, here’s an excellent cartoon from Pat Cross that may be easier to remember (h/t: Mark Perry).

P.S. The table looks at starvation in the 20th century. Let’s not forget that people currently are dying of malnutrition in the socialist hellhole of Venezuela (the lucky ones raid zoos and eat household pets for food).

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John Papola has done it again. His video showing a Keynes v. Hayek rap contest was superb, and was followed by an equally enjoyable sequel featuring a boxing match between Keynes and Hayek.

Now he has a rap contest about capitalism and socialism featuring Ludwig von Mises and Karl Marx.

The video touches on three economic topics.

The obvious focus is the track record of capitalism vs. socialism. Given the wealth of evidence, that’s a slam-dunk victory for free markets.

But there are also two wonky issues referenced in the video.

  • The socialist calculation debate – As I’ve repeatedly noted, genuine socialism involves government ownershipcentral planning, and price controls. Economists from the Austrian school, such as Mises, were the ones who explained that governments were incapable of having either the information or knowledge to make such a system work.
  • The labor theory of value – Marxism is based on the strange notion that the value of a product is a function of the hours it took to produce. This overlooks the role of capital and entrepreneurship. Moreover, as explained in the video, value is subjective, determined by the preferences of consumers.

Let’s close with a nice compare-and-contrast image a reader sent to me.

P.S. John Papola also did a great satirical commercial for left-wing toys.

P.P.S. Even though it’s not the right time of year, here’s his satirical commercial for Keynesian Christmas carols.

P.P.P.S. If you want to learn about the Austrian macroeconomics, click here and here.

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I’ve opined that statist policies harm young people.

I also shared this video explaining why big government is bad for millennials and the Gen-Z crowd.

This should be a slam-dunk issue. After all, don’t they know how the communist world collapsed?

Aren’t they aware of the problems in places such as Greece and Venezuela?

Or, to make it personal, don’t they have any inkling of the fact that they are going to get screwed by entitlement programs?

And what about the fact that they lose out because of Obamacare?

Sadly, it appears many of them haven’t learned the right lesson.

Support for socialism is disturbingly high among the young.

I’ve wondered, only half-jokingly, whether they’re too clueless to vote.

David Grasso opines on this topic for the New York Post.

It’s important to look at the typical millennial trajectory, and why unprecedented government intervention into our daily lives is now widely seen as the only solution to the problems that bedevil us as a generation. …the only choice was to go to a college or university. We took this journey on the faith that a college education would give us the necessary skills to kick-start our careers. After graduation, we quickly found out that our alma maters did little to prepare us to be job-ready. …Just as we get our first student-loan bill, we find ourselves navigating unpaid and low-paid internships… The next predictable step is working a service-industry job that doesn’t require a degree while trying to get set up in a city with job openings in our fields. Yet a booming job market often also means a housing horror show. Misguided housing policies in places like New York, Los Angeles, Washington and San Francisco have created such a tight market that it is often financially impossible for a young person to move there. …We pay through the nose for health insurance, have zero job security and pray we advance as soon as possible. …Many of us are eternally disappointed with the unjust system that blocked us from doing things past generations did, like get married, have kids and have a lovely oak-shaded, picket-fence life.

Grasso notes that government is the underlying problem.

Then we turn on our streaming services and find politicians who seem to understand us, who are tapping into the spirit of a generation that’s reacting to the post-Great Recession era. …Given such a journey, it is easy to see why socialism seduces young Americans. We desperately need change if we are ever going to progress as a generation. The problem is, what the socialists are proposing — more government — is exactly the opposite of what we need. In fact, many of the most prominent obstacles we have faced are the result, at least in part, of heavy-handed government interference. …Truth is, young people need exactly the opposite of socialism — pro-growth policies and restrained, common-sense regulation. This will create more economic opportunities and more avenues into the middle class. Socialist policies will only choke economic opportunity and make our tough existence far worse.

More young people need to reach this conclusion.

At least if this horrifying poll is even close to accurate.

In other words, it seems like Americans are morphing into Europeans.

This is such a depressing thought that I’ll end today’s column with a bit of humor.

Here’s some gallows humor from Remy.

P.S. You can enjoy more of his videos by clicking here, here, here, and here.

P.S.S. For what it’s worth, there is some polling data indicating young people aren’t totally hopeless.

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Three years ago, I shared a cartoon that succinctly summarized the problem with socialism and the welfare state.

It’s the same lesson that we also get from Thomas Sowell, which is that redistribution over time creates an ever-larger number of dependents financed by ever-higher taxes on workers.

Or, as this Wizard-of-Id parody and this Little-Red-Hen parody make clear, why work hard if you can get things for free?

Now I have a different way of illustrating the problem with socialism. Here’s a very clever tweet from Young Americans Against Socialism.

Very clever and amusing.

I will add this short video to my collection of socialism humor, but it actually makes a very serious point.

Socialists and other redistributionists want equality of outcomes, but they don’t think about the unintended consequences of such an approach.

Some people will be lured into sloth and dependency, for instance, while others – particularly those with greater ability and/or greater work ethic – will choose to be less productive (especially because they also get hit with higher tax burdens to finance all the handouts).

Bastiat wrote that the failure to consider the “unseen” was the defining quality of a bad economist.

And since we’re on that topic, here’s an example of Crazy Bernie failing to appreciate that actions have unintended consequences.

A perfect metaphor for what would happen to the economy if some of his policies were imposed on the economy.

Except Bernie would still have his comfortable life. It’s the rest of us who would suffer.

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I’m getting worried that Senator Bernie Sanders is fading in the polls.

That doesn’t make me happy. I want Crazy Bernie to stay relevant.

Why? Because he’s an endless source of clever satire.

Previous editions of Bernie humor can be found here and here.

For today’s edition, let’s start with the fact that Bernie has used political office to become a millionaire, yet he doesn’t put his money where his mouth is (the federal government actually has a website for people who are foolish enough to pay extra tax).

Bernie also has an opinion on the protests in Hong Kong. At least according to the satirists at the Babylon Bee.

As soon as Bernie Sanders heard about the democratic protesters in Hong Kong, he knew something had to be done. The U.S. senator quickly chartered a flight to Hong Kong… Sanders bravely stood in the middle of the conflict between police and protesters, shouting at the “ungrateful little dissenters”… “Remember, you could have it a lot worse—you could be in America!” Sanders bellowed as police officers for the totalitarian regime beat protesters in the background. …Sanders continued his long-winded rant about the need for the government to own the means of production, how great breadlines are, and how bad things are in capitalist America as protesters got dragged away by police to be disappeared. “Just think—in America, we have to pick between 14 different types of deodorant!” he said, his fingers flopping around like limp sausages.

While this story is amusing, the folks at Babylon Bee screwed up. The people of Hong Kong aren’t protesting because they live in a communist system.

They’re protesting because they’re worried that China will sooner or later absorb them into a communist system.

But since so much real media is “fake but accurate” (or is it “accurate but fake”?), I’m not going to worry about details.

Let’s now shift to another example of Babylon Bee satire.

Showing himself to be a compassionate man of the people who cares deeply about the plight of the downtrodden, Senator Bernie Sanders selflessly offered a stack of bills to a homeless man on the street Monday after fishing the money out of a purse sitting next to a woman on a park bench. Sanders had been…on the prowl for people who looked like they had too much money when he leaped out to steal the wallet from the purse… The Vermont senator..saw a homeless man sitting nearby, begging for money. Moved by the pathetic sight of the man’s disheveled appearance, Sanders found it in his heart to commit a random act of kindness, digging through the wallet until he was able to find several $20 bills and slipping them into the man’s hand. “It’s not theft—it’s redistribution,” he told reporters later. “I was simply…doing what any old citizen couldn’t do without committing a crime. But it’s different because I’m the government, see?” At publishing time, the Senator was seen pocketing the rest of the money.

How very generous he is with other people’s money!

Last but not least, here’s a game from Imgur that allows anyone to prepare a Bernie speech. For some reason, it reminds me of State-of-the-Union bingo during the Obama years.

For other examples of Bernie humor, you can click hereherehereherehereherehere, and here.

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It’s difficult to be optimistic about some parts of the world.

When I look at Greece and Italy, for instance, I can’t help but think that economic renaissance is very unlikely, in part because of demographics, but even more so because voters have been conditioned to think that they have a right to live off the government.

This dependency mindset shows that societal capital has eroded, and it’s why I fear those nations have passed a tipping point.

Another example is Argentina. The Wall Street Journal‘s editorial page is very discouraged that the Peronists may return to power in that country.

Does Argentina have a death wish? That’s the question going around after Peronist Alberto Fernández and his running mate, former President Cristina Kirchner, took first place in Sunday’s presidential “primaries” with 48% of the vote. President Mauricio Macri finished 16 points behind… Clearly investors don’t want to hang around if Mr. Fernández and Mrs. Kirchner—whose eight years as president (2007-2015) were marked by leftwing populism and corruption—get to power. Mr. Macri’s unexpectedly poor showing sent the peso and equities down and default risk for Argentine bonds up.

So why would Argentinians vote for statism and economic collapse, especially since there’s so much evidence that Peronists have done immense damage to the country’s economy?

In part, because they were choosing between Tweedledee and Tweedledum. The supposed center-right incumbent, Mauricio Macri, governed as a statist.

And he’s been doubling down on bad policy in hopes of staying in office.

…he fought back by promising to raise the minimum wage for the second time this year, freeze the price of gasoline for 90 days, increase welfare payments in September and October and give a bonus to federal bureaucrats, police and the military. Perhaps this half-baked populism will move voters, but it augurs poorly for the Argentine future. …Mr. Macri…sought to avoid confrontation. He ought to have set about shrinking the state and its subsidies. Instead he maintained lavish government spending. The kinder, gentler president has been unwilling to tell Argentines in stark terms what they are up against. …Argentine debt has shot up on Mr. Macri’s watch and as a percentage of GDP it is forecast to reach 100% this year. Deficit spending has put pressure on the central bank to print money, and there has been no effort to contain inflation expectations.

Ugh, Macri seems even worse than some of America’s big-government Republicans.

But there is a sliver of good news. If nothing else, Argentina serves as an example of why so-called “democratic socialism” is so misguided.

In some analysis for investors, Michael Cembalest of J.P. Morgan looked around the world for insights and evidence about the ideology championed by Bernie Sanders and Alexandria Ocasio-Cortez (h/t: James Pethokoukis).

He starts off by identifying the key criteria of democratic socialism.

This sounds like Elizabeth Warren’s platform, or perhaps the Green New Deal, so I think this is an accurate list.

Mr. Cembalest points out, though, that the Nordic nations don’t qualify as being socialist of any kind.

Some point to Nordic countries as democratic socialism in action, but…while Nordic countries have higher taxes and greater redistribution of wealth, Nordics are just as business-friendly as the US if not more so. Examples include greater business freedoms, freer trade, …and less of an impact on competition from state control over the economy. …while Nordics raise more taxes than the US, the gap usually results from regressive VAT/consumption taxes and Social Security taxes rather than from progressive income taxes. The bottom line: copy the Nordic model if you like, but understand that it entails a lot of capitalism and pro-business policies, a lot of taxation on middle class spending and wages, minimal reliance on corporate taxation and plenty of co-pays and deductibles in its healthcare system.

He’s right. The Nordic nations get relatively high marks for economic liberty in all areas other than fiscal policy. They’re no more socialist than the United States.

He did find a country, however, that is a very close match for democratic socialism.

I couldn’t find any country that ticked all…democratic socialist boxes, but I did find one that came close: Argentina.

Seems to me that Argentina does tick all the boxes. But since he doesn’t delve into methodology, I’m not sure of his definitions.

In any event, he looks at Argentina’s relative performance over a long period of time, which is the right approach to see if a country is converging or diverging.

There are two ways to look at Argentina’s decline relative to the rest of the world since the early 1900’s. The first shows the ratio of real per capita GDP in 2018 vs the same measure in 1913. Argentina’s ratio barely rose, and is the lowest ratio of all countries for which data is available for both years.

Here’s the relevant chart, and you can see that Argentina has the worst performance over the past 100 years.

He also slices the data using another approach.

The next method illustrates how Argentina used to be among the richest nations in the world, and how far it has fallen. The x axis shows percentile of per capita GDP in 1913, while the y axis shows the same measure in 2018. All countries below the diagonal line have seen their rankings fall, while those above the line have seen their rankings improve. The farther the distance from the diagonal line, the more things have changed; Argentina’s decline from the 83rd percentile in 1913 to the 40th in 2018 is the largest decline on the chart.

And here’s the accompanying chart.

Fast growing nations are above the line, so it’s hardly a surprise to see that the Asian Tigers of Taiwan, South Korea, Hong Kong, and Singapore have done well.

And I’m also not surprised to see that South Africa is almost as bad as Argentina.

At some point, I’ll have to re-crunch the numbers showing the post-WWII era. I imagine that data also will show a very strong relationship between national prosperity and economic liberty.

P.S. One external reason for Argentina’s awful performance is that it keeps getting rewarded for bad policy with IMF bailouts.

P.P.S. Greece is another country that should be a warning sign about what happens with democratic socialism.

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