Millennials need to be taught about capitalism

Editor, The News:

Capitalism vs socialism.

Which economic system of governing is America headed towards?

It largely depends on the background of the individual you ask; especially when age and status in life are considered. Overall, 57 percent of Americans favor capitalism or have no opinion on the subject.

When age is considered, millennials are the largest demographic group to favor socialism. Studies have shown that up to 60 percent of millennials favor the basic concepts of socialism. Contrary to popular belief, “liberty” is not the predominant wish of millennials; it is the feeling of “being taken care of,” according to author Dennis Prager, This is also the basic concept of “communism,” which has never worked where it has been implemented due to basic human nature

As you examine history, it is clear that poverty is always part of the societies created by humans for centuries. No society that has implemented socialism/communism has ever created wealth; that has only happened under the economic system of capitalism. Socialism always ends up in Big Government and power in the hands of a few. British Prime Minister Margaret Thatcher said it best concerning the financing of the system; in essence: “Everything is free until you run out of other peoples’ money!” Russian Socialist leader Stalin is the classic example when power ends up in the hands of a limited few. His “socialism” ended up killing over 50 million people.

Capitalism is the only economic system that produced wealth. The problem today is that millennials are not being taught this economic reality; it is feelings that play a major role in the millennials’ thought process. It is time to demand that educators start doing a better job in educating our youth about why America is the most successful nation in the history of the world. It is called “capitalism.”

Russ Hall

New Castle

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