Why is it that statists hate capitalism even though they use it to make themselves wealthy? There are so many in the left-wing elite that have decided that they have "gotten theirs" so now we need to bring down the system. There are others who benefit greatly from the incredible increase in the standard of living for all of the citizens in this great nation due to capitalism and yet they decry it as evil.
They fail to realize that free market capitalism is the most just economic system ever created. Capitalism has created the most wealth for more people in history. In no other system is the standard of living higher for the majority of their citizens than under capitalism. The US is also the most charitable nation in the world.
The greatest thing about capitalism in a free society, as it was for the first 150 years of our nation and is in most part today, has to be the fact that it is truly classless. It's not as it is in socialism where there is the ruling class and the working class and it is nearly impossible to move into the latter. In fact most people who are successful in the US have come from virtually nothing. J.C. Penny came from poverty and then went on to start one of the worlds largest retail chains. J.C. Penny also serves as another great example of capitalism, they didn't stay at the top. Someone else eventually came along, whether it was K-Mart and then Wal-Mart, who was more passionate and innovative.
Even people who don't go on to start their own businesses move in and out of income ranges. More than half of all people making minimum wage are between 16 and 24 years old, meaning as they get older and gain more experience their labor becomes more valuable. Also, 95% of individuals that start their life in the bottom 20% of income earners will not end up there. In fact more than 30% will end up in the top 40% of wage earners.
The statistics in this post where gathered from "Basic Economics" by Thomas Sowell
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