Venezuela has recently become the poster boy for socialism. It never works, and it never will work. Socialism actually sounds very enticing until reality sets in. Thomas Sowell’s article on conditions in Venezuela should make everyone in the free world cringe. How could any one let this happen?
Venezuela and it’s anti-capitalist policies have forced most successful companies to leave the country and the results have been horrific. The low standard of living there is in direct contradiction to the standard of living you will find in capital economy nations. Do any of these people shouting for socialism ever look at the facts?
Will history repeat itself on the minimum wage controversy? In 1948 the rate of unemployment for black males was 10%. After forcing through minimum wage increases years later, that same unemployment rate for young black men climbed to over 30%. At times it went up to over 50%. It is ignorant to think that business owners will just accept this. They will either increase prices to consumers (which no one wants to do) or they will eliminate some jobs.
Socialism lives by the theory that you can have something for nothing. How long can that last?