Take into account the following words of wisdom…
The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.
Source: The Quotations Page
Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
Source: 10 Of The Best Economics Quotes From Milton Friedman, by John Hawkins (townhall.com)
With this in mind, consider the continuum ranging between private property and socialism, where money is allocated in one of four ways:
- (most efficient) You, spending your money on yourself. In this case, both cost and quality matter.
- You, spending your money on someone else. In this case, cost matters but quality doesn’t matter, because the product or service is for someone else.
- Other people, spending other people’s money on themselves. In this case, cost doesn’t matter (it’s not their money) but quality does matters, as they are buying a product or service for themselves.
- (most inefficient) Other people, spending other people’s money on other people. In this case, neither cost nor quality matter. Cost doesn’t matter because it’s not your money, and quality doesn’t matter because you’re buying the product or service for someone else.
Source: Conservatism 301: More Socialism Equals More Misery, by Dan Bongino (conservativereview.com)
Indeed, such sentiments of economic common sense were well encapsulated by the great conservative President Ronald Reagan, when he noted:
Government is not the solution to our problem, government is the problem.
Given that government has overreached its constitutionally-established boundaries, delving into almost every aspect of our lives, our offspring will unfortunately inherent a nation bankrupted by misguided, unaccountable bureaucrats. Spending must be reduced. Government must be limited. Socialism must be defeated. Promote opportunity in defending the American dream by supporting free market capitalism.
Best wishes for a healthy & prosperous new year!