Socialism: Around the world, nations that have been foolish enough to adopt socialist policies either collapsed or are well on their way to doing so. Why, then, are so many in the U.S. enthralled with the idea?
A quick look at the world’s countries in direst economic shape reveals that many, if not most, have one thing in common: They rely on top-down socialist control, rather than free markets, to run their economies. The former, history amply shows, are doomed to fail. There are no long-term socialist success stories. None.
France, for instance, elected a socialist, Francois Hollande, as president in 2012. Today, France suffers a 10.3% jobless rate and 25% youth unemployment. Growth is less than 1%. To France’s credit, it’s recently recognized that the job market must be reformed to give businesses more incentives to hire and train new workers.
Brazil, meanwhile, impeached Socialist President Dilma Rousseff for corruption, but her damage to the economy will last. As recently as 2010, Brazil was considered a bright star. It was awarded both an Olympics and a World Cup because of it. Last year, as Rousseff’s massive borrowing and spending choked the economy, GDP shrank 3.8% and joblessness soared. Interim President Michel Temer has vowed to roll back Rousseff’s socialism.Read the rest of this IBD editorial HERE.
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