Sunday, April 19, 2009

Capitalist prosperity

In Economic Facts and Fallacies, economist Thomas Sowell writes,
...by 2001 most people defined as poor had possessions once considered part of a middle class lifestyle. Three-quarters of them had air conditioning, which only a third of all Americans had in 1971. Ninety-seven percent had color television, which less than half of all American had in 1971. Seventy-three percent owned a microwave, which less than one percent of Americans owned in 1971, and 98 percent of "the poor" had either a videocasette recorder or a DVD player, which no on had in 1971. In addition, 72 percent of "the poor" owned a car or truck. Yet the rhetoric of the "haves" and the "have nots" continues, even in a society where it might be more accurate to refer to the "haves" and the "have lots" (129)
Yet for some reason (Leftist media and college professors?) more and more Americans seem convinced that capitalism has failed (see here on the economic crisis) and, therefore, apparently want to scrap our country's prosperity for European socialism.

Every American--especially everyone in government--should be required to read Basic Economics and Economic Facts and Fallacies by Thomas Sowell. Very eye-opening!

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