Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
FYI: SOCIALISM. It’s a word that can make people on the far left swoon, as they imagine an egalitarian utopia, even while inciting those on the far right to mumble protective oaths like a medieval citizen seeing a sign of the devil. It’s also a word that Google Trends reports has had a surge in search-related interest since last December. Regards, Ted https://humbledollar.com/2019/04/the-s-word/
"We can debate what the best balance is between the three. But it’s counterproductive to engage in demonizing and name-calling." OK, but the explanations and definitions provided are antiseptic. Our economy doesn't work for the Average Working Stiff. Unless he inherits a buncha money. Then he needs not to screw up and spend it down. Then the blame's on him. And the Estate Tax doesn't kick-in unless there's already an obscene amount of wealth involved. And the 30-ish percent tax rate as the highest limit dooms public enterprises like public schools and libraries and such, to 2nd or 3rd-rate. In my own city, the libraries have had to go on a rotating system in which they're all open only part-time. We deserve better. All of us. Not to mention that the schools are preparing students for JAIL, basically. (To say nothing about the fact that too many students show up to class like feral, unsocialized animals. And teachers deserve combat-pay.)
Some progressive U.S. politicians now describe themselves as socialists, and a significant number of voters, including a majority of voters under 30, say they approve of socialism. But neither the politicians nor the voters are clamoring for government seizure of the means of production. Instead, they’ve taken on board conservative rhetoric that describes anything that tempers the excesses of a market economy as socialism, and in effect said, “Well, in that case I’m a socialist.”
What Americans who support “socialism” actually want is what the rest of the world calls social democracy: A market economy, but with extreme hardship limited by a strong social safety net and extreme inequality limited by progressive taxation. They want us to look like Denmark or Norway, not Venezuela.
And in case you haven’t been there, the Nordic countries are not, in fact, hellholes. They have somewhat lower GDP per capita than we do, but that’s largely because they take more vacations. Compared with America, they have higher life expectancy, much less poverty and significantly higher overall life satisfaction. Oh, and they have high levels of entrepreneurship — because people are more willing to take the risk of starting a business when they know that they won’t lose their healthcare or plunge into abject poverty if they fail.
Comments
OK, but the explanations and definitions provided are antiseptic. Our economy doesn't work for the Average Working Stiff. Unless he inherits a buncha money. Then he needs not to screw up and spend it down. Then the blame's on him. And the Estate Tax doesn't kick-in unless there's already an obscene amount of wealth involved. And the 30-ish percent tax rate as the highest limit dooms public enterprises like public schools and libraries and such, to 2nd or 3rd-rate. In my own city, the libraries have had to go on a rotating system in which they're all open only part-time. We deserve better. All of us. Not to mention that the schools are preparing students for JAIL, basically. (To say nothing about the fact that too many students show up to class like feral, unsocialized animals. And teachers deserve combat-pay.)
Some progressive U.S. politicians now describe themselves as socialists, and a significant number of voters, including a majority of voters under 30, say they approve of socialism. But neither the politicians nor the voters are clamoring for government seizure of the means of production. Instead, they’ve taken on board conservative rhetoric that describes anything that tempers the excesses of a market economy as socialism, and in effect said, “Well, in that case I’m a socialist.”
What Americans who support “socialism” actually want is what the rest of the world calls social democracy: A market economy, but with extreme hardship limited by a strong social safety net and extreme inequality limited by progressive taxation. They want us to look like Denmark or Norway, not Venezuela.
And in case you haven’t been there, the Nordic countries are not, in fact, hellholes. They have somewhat lower GDP per capita than we do, but that’s largely because they take more vacations. Compared with America, they have higher life expectancy, much less poverty and significantly higher overall life satisfaction. Oh, and they have high levels of entrepreneurship — because people are more willing to take the risk of starting a business when they know that they won’t lose their healthcare or plunge into abject poverty if they fail.