“The rights of man come not from the generosity of the state but from the hand of God.” – JFK
Capitalism and free markets are the primary drivers of wealth creation while also protecting personal freedoms. Socialism and government intervention tend to erode personal freedoms and produce only temporary prosperity, addressing specific issues for certain groups while impoverishing others and overlooking the underlying causes of problems.
Biden’s American Rescue Plan was a good example of how ineffective socialism is at solving economic problems. By sending a $1,500 check to every poor person, he claimed, incorrectly, to have done more to reduce poverty than any other president.
Firstly, the American Rescue Plan drove up the US debt and pushed inflation to levels not seen in decades. Additionally, the $1,500 did not reduce poverty. The poverty threshold for a family of 3 is $25,820 per year. So, unless these families fell short by exactly $1,500, he did not bring them above the threshold that year. And unless he planned to send checks to all 37.9 million Americans living below the poverty line every year, forever, he has not eliminated poverty.
The only way for these people to rise out of poverty is to get a better job with a higher salary. So, the solution is free markets, not socialism.
The US ranks among the most capitalist countries in the world. In a capitalist society, the means of production are controlled by private businesses and private citizens, not the government. The economy runs according to the market, not central planning. Prices, wages, quantities, and types of production are determined by the market, with information transmitted from buyers to sellers millions of times per day.