Is Capitalism On The Ropes?

by Larry Elder - September 25th, 2008 - Jewish World Review

In 1930, before Franklin Delano Roosevelt's New Deal, taxpayers paid about 12 percent of their income to all three levels of government — state, local and federal. Today we pay approximately 40 percent — even more if you attach a value to unfunded mandates, such as those issued by agencies such as OSHA.

So, yes, our recent financial turmoil does suggest failure — a failure to truly practice capitalism and a failure to accept and believe in the value, appropriateness and morality of a limited government and maximum personal responsibility.

We are slowly creeping towards socialism and it is becoming a major concern whether anyone can stop it. Even a major part of the Republican Party has embraced the socialism of George Bush's "compassionate conservatism". Socialism always evolves into tyranny, and quickly reduces a nation's productive capacity. We are well on our way to both.

The idiocy of our current socialist financial system with its destruction of our housing market is a perfect example.