Bono, the front man for the rock group U2, stopped by Georgetown University and gave the students a lesson they’re not likely to get from their Progressive faculty. The message was simple and the message was true. Capitalism frees people from poverty and government aid traps them in poverty.
Bono spoke at Georgetown just before Thanksgiving in 2012. We doubt Georgetown students, and certainly not Georgetown faculty or the major media, gave thanks for what he had to say. Progressives, especially progressives of the “university” variety, are quite resistant to the truth.
The default standard of living for virtually everyone born anywhere in the world is poverty. Throughout virtually all of human history nearly everyone was poor. It wasn’t until the Industrial Revolution in the nineteenth century that the masses began to enjoy real and growing prosperity.
Capitalism, gave birth to the Industrial Revolution, which caused an increase in national wealth, and poverty began to fall. Every country that practiced capitalism saw a dramatic increase in their standard of living while countries that rejected capitalism saw poverty increase.
In just the last twenty years capitalism has lifted more than 1 billion people out of poverty and the share of people living on a dollar and a quarter a day around the world has been cut in half. The extreme poverty rate in China has gone from 84% in 1980 to less than 10% today.
In Africa, inflation-adjusted per-capita income rose by an astonishing 97% between 1999 and 2010. Even those results are skewed because many countries in Africa are still either Socialist or non-capitalistic dictatorships.
In India hunger has shrunk by 90% after the country replaced forty years worth of Socialist stagnation with capitalist reforms beginning in 1991.
Economist Milton Friedman said “the only cases in which the masses have escaped from… grinding poverty… in recorded history are where they have had capitalism and largely free trade. If you want to know where the masses are worst off, it’s exactly in the kind of societies that depart from that.”
Keep these facts in mind as you listen to Barack Obama and his Democratic Party. They are enemies of capitalism and enemies of free trade. In fairness so is the Republican Establishment.
One certainty for the 2016 election, is that the Democrats will nominate a socialist. It remains to be seen what the Republicans will do.
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