One of the main premises of socialism is the redistribution of wealth from those who have it to those who do not. People who are rich should help out the people who are poor by giving away increasing amounts of their wealth to those who have none, through taxes or other means determined by the government. Although it may seem like a great option in theory–noble even!– a system that promotes equal wealth has major problems.
One of the obvious arguments against Socialism is that no one wants to be punished for working harder, or work harder only to make less. If making more money means that you will give more of it away to other people, how motivated are you to earn more?
The second problem is that socialism is a disincentive to philanthropy. According to Giving USA 2018, charitable giving increased during 2018,. When people have the freedom to earn they also have the freedom to contribute. The difference between what is donated now and what would be taken in a socialistic setting is the choice. Not only the ability to give because you choose to, but to choose where it goes.
Third, socialism promotes equality of wealth over the merits of wealth. We are not all equal when it comes to our contributions to the economy and in the service of others. Is a painting done by Picasso or Michelangelo worth the same as your three-year-old’s crayon drawing? What if half of a graduating class decides to become artists? Should they be paid the same as a neurosurgeon? If the value to society is the same, who would take the extra time, effort, and stress to take the harder route?
Fourth, a popular idea tossed into the pro-socialism mix is guaranteed income. An economy thrives when people have incentives to work, create, contribute and thrive. Those incentives largely disappear in socialism and guaranteed income gives many the option not to contribute at all. Would you be enthusiastic to work knowing that much of what you earned would go back to those who chose not to work at all?
For a socialist system to make enough to support itself, it will quickly burn through the resources of true wealth creators and then stifle future innovation and earnings.
In a nation of people who only do the minimum, how can we ever expect to accomplish truly great things?
Everyone is entitled to their own opinion, but for a responsible person, that opinion needs to be accurately informed. I encourage you to study the differences between capitalism and socialism, both historically and as they are played out in different countries today. Capitalism has helped make America great, and I believe its loss and replacement with socialism would be America’s demise.
Mark Sanborn is a bestselling author and acclaimed leadership keynote speaker. For more information about his services, visit www.marksanborn.com.