Bernie Sanders’ supporters may not even know what democratic socialism is, but that doesn’t mean they won’t vote for him. What’s even more disappointing is that some of these uneducated individuals will become republicans someday once they learn the cost of this system.
Socialism has proven time and time again that it is not effective. As the philosopher, George Santayana, once said, “those who do not remember the past are condemned to repeat it.” Some of the failures attributed to socialism, include the collapse of the Soviet Union in 1989 and Venezuela’s state of chaos since embracing it in 1999.
Sanders continues to refer to himself as a “democratic socialist,” which he defined during a recent speech at Georgetown University. “I don’t believe government should take over the grocery store down the street or own the means of production,” said Sanders. “But I do believe that the middle class and the working families who produce the wealth of America deserve a decent standard of living and that their incomes should go up, not down. I do believe in private companies that thrive and invest and grow in America, companies that create jobs here, rather than companies that are shutting down in America and increasing their profits by exploiting low-wage labor abroad.”
His supporters ate this up because they are tragically ignorant of the real cost. Under socialism, there are no property rights. The people then start to believe they have the right to goods and services produced by others. This diminishes the society’s motivation and incentive to contribute and leads to a reduce in economic growth. While capitalism, a system with a free-market, lacking government control, continues to show prosperity in the past and present.
Not to mention, Sander’s supporters are not comprehending that his proposed tax plans are going to cost them a lot of money. In their defense, as demonstrated in the quote above, he stated the working and middle class “incomes should go up, not down.” However, The Tax Foundation analyzed Sander’s plan and determined that the after-tax income of taxpayers would decrease by a whopping 10.56%. This 10.56% would almost double for those in the top 1%. Not to mention, it would also lead to a 9.5% lower GDP over the term.
If by some chance Sanders does win, his enthusiasts will learn the hard way that democratic socialism means a significant reduction in paychecks.