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A Fantastic, Fact-Based Defense of Capitalism

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Posted on April 22 2010 12:54 pm
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Reality Check on the Record of Big, Bad Capitalism

By David R. Nathaniel

President Obama’s core economic tenet is fairness; the unfairness of our economic system needs remedy in his view. Equality of outcome rather than equality of opportunity is the root principle. A forced redistribution of wealth will act as an equalizer for the past sins of capitalism.

The administration, the congressional majority, and an agreeable media are systematically dismantling free-market mechanisms and installing a centrally regulated command economy, all for the sake of fairness. Evidence over the last fifteen months is overwhelming:  government takeovers of major industries and individual companies; massive ramp-up of government regulations on industry; tax changes to force re-distribution of wealth; and lectures on behavior by our Grand Arbiter of Fairness, the president. The consequences for all 330 million Americans are enormous.
But where is the clear, unemotional evidence of either how bad it’s been under capitalism or how many more people will benefit under the new system? What is the alternative system? Where is it working today? All we have seen are a string of anecdotes and a parade of victims. Wall street bonuses are bad; out-of-work people are victim; millionaires don’t deserve their wealth; change will make it better.
Facts are rarely useful in debates with ideologues and religious zealots. Yet we cannot allow partisans to make unchallenged, generalized claims about the free-market system with such consequential implications. Using comparative data over the long term, we can find objective conclusions on the comparison of free-market capitalism to more regulated economies. The last twenty-five years, virtually a generational view on economies, gives us a broad perspective of market performance during a relatively stable period.
Read the rest at American Thinker
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