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How the Democrats Can Embrace Capitalism and Crush Donald Trump

 

Loved the article.  May I shorten the crux of the matter somewhat?  Capitalism promotes prosperity, but engenders inequality.  Socialism promotes equality, but engenders poverty.  "Find the balance, grasshopper."

Cullen suggests that the Democrats can have their cake and eat it too, but unfortunately, a couple of the leading candidates (Warren and Sanders), as well as the very popular AOC, have been relentless in their negativity about wealth creation.  Warren seems to want us to think the ultra wealthy and big corporations can supply all funding her various "plans" require, while Sanders and AOC don't believe billionaires should be allowed to exist.

AOC, Warren and Sanders all have some extreme views that demean wealth in an unnecessarily hostile manner. I personally think they have all fundamentally erroneous understandings of the economy and how things work. Sanders and AOC seem to be particularly naive about this.

I despise Trump. I think he’s a bad person. I don’t hate his policies as much as some Dems, but I think he’s a really bad person. But then you have people like Bernie Sanders saying billionaires should be banned and all this other nonsense and it makes me think that as the R’s have lost their minds voting for someone like Trump so too have the D’s.

"Pragmatic Capitalism is the best website on the Internet. Just trust me. Please?" - Cullen Roche

Read today's (12-27) WSJ editorial ("Review & Outlook) - the entire piece is a review of all (or at least most) of Elizabeth Warren's "plans".  I had read about many of them before - but separately.  After reviewing them all together, I find myself terrified of the prospect of a Warren presidency.

I think overall there is very little understanding of economics among the voting public and so it is possible for candidates to spew crazy ideas without significant fact based pushback.   Take health care as an example.  Health care in the US is expensive because we employ a large segment of the population in generally good paying jobs in health care.  Drugs are only 10% of spending but if you listen to Warren and Sanders and AOC it's a rigged system where people are making absurd profits.   Health care stocks are a major part of retirement portfolios (larger than their market share) because they tend to have steady, reasonable, profits.

The populism of Trump and the populism of Sanders and Warren appeal to very different segments of society but it's clear there is a commonality in the sense that in these groups that "elites" have rigged the system.   But Trump's primary appeal to his base is racism.   There is no evil greater than racism.

In my view Trump is evil, not just limited to his racism.   Trump is often described by psychologists as having "malignant narcissism".  It is amazing to compare a creature like Trump to say John Adams.  I think an intelligent alien from outer space would not consider these two part of the same species.

Capitalism works extremely well when there are market conditions that support capitalism with a low level of "rent seeking".   Recent administrations (both sides) have not placed much emphasis on anti-trust enforcement to reduce rent seeking.    I think this is a serious part of the problem perceived by many voters in the US.   What people hate about drug prices is really the extreme rent seeking some firms are able to invoke (which makes headlines) not the overall level of spending on drugs (10% of health care as noted above).

Two of the best things to support capitalism in the US would be improved anti-trust activity and for more people to have shares in the market.