As of now, there are 18 Democrats running for the primaries in the 2020 election. Furthermore, Bill Weld has announced that he will challenge Trump in 2020. Although it’s early, it appears that the big candidates for the election are Donald Trump for the Republicans and Bernie Sanders for the Democrats. Both Trump and Sanders have been labeled as “radical” and “anti-establishment” by many in the “establishment”. The establishment, which, is dying. The old politics of neoliberalism and neoconservatism are being replaced by a new generation. This generation is embracing a new ideology-populism. This is happening on both the left and right sides of the political spectrum.
U.S. Senator and popular 2020 Democratic Nominee for President Bernie Sanders reopened the previously sealed can of worms: Medicare for all. On Wednesday, Sanders disclosed his plans to present Congress with a new and improved version of a highly controversial bill.
Bernie Sanders, one of the nearly two dozen Democrats currently seeking nomination for the 2020 presidential race, and who also narrowly and controversially lost the Democratic nomination to Hillary Clinton in 2016, is an early favorite to win the progressive party’s ticket next summer. He has already received millions of volunteers for his campaign and has amounted millions of dollars in donations thus far. But just how progressive is his campaign actually? If you asked that question in 2016, most people on both sides of the aisle would have criticized his policies for being far too radical. However, just three short years later, many of the ideas headlined by the self-proclaimed Democratic-Socialist have become nearly mainstream.
Last year’s election was rife was polarization. With bitter fights in states such as Texas, where incumbent Ted Cruz narrowly defeated challenger Beto O’Rourke, the country’s politicians seemed more divided than ever. Many Democrats ran on an anti-Trump line, whereas many Republicans did the opposite. But one thing about the election season was eerily unified: most of the Senate took money from Lockheed Martin and other military industrial complex companies. Continue reading “Have Your Senators Taken Money from Lockheed Martin?”
Jack Parkos | United States
It is no secret that more of today’s American youth prefer socialism than older citizens. After all, Bernie Sanders gathered up a large majority of his supporters from millennials and the underage. According to University of Chicago study, 62% of Americans between the age of 18-34 believe that “we need a strong government to handle today’s complex economic problems”. Another study from the Victims of Communism foundation found that 44% of millennials would prefer to live in a country with socialist policies.
The question soon arises of why the youth seem to show affection towards a system that has historically failed. The answer, though, is not so simple.
Socialist Policies and Time Preference
Time preference theory states that with all things being equal, a person prefers current wealth over future wealth. Different factors can influence one’s time preference (such as if the wealth will increase or decrease over time). Younger people tend to have a higher time preference (meaning they prefer current wealth over future wealth). Thus, many millennials will fall under this category.
This same trait is evident, generally speaking, in their politics. Socialist policies simply tend to reflect higher time preference. Take, for instance, the substation of education. In the short run, it will lower or eliminate costs for college. However, in the future, it will decrease the wealth through higher prices and tax increases, but also increase inflation rates and debt. The youth, on average not having as much of an ability to look towards the future, are more likely to take the current wealth now and ignore future consequences.
Socialism in general has a trend for higher time preference. After all, the need to loot wealth from the “haves” and give to the “have nots” is a direct link of this theory. Why work or save when you can take from those who already have done so?. But this mindset, though materially rewarding initially, is dangerous. It will negatively impact on the economy, as the incentive to produce will fall; when people can keep less of what they produce, they will not have the same motivation to do so. Thus, it goes almost without saying that socialist policies will harm an economy, generally speaking.
A False Definition of Capitalism
It is also worth noting that many socialists paint a false picture of critical issues; what they criticize about the free market really has nothing to do with one, but instead is due to government interference. The cronyism that plagues the nation is not the fault of free market capitalism. The free market does not include lobbying, corporate bailouts, or subsidizing industries. America’s market is not a pure free market like the left claims it to be. Therefore, it makes no sense to condemn capitalism in the first place, when we have yet to see it.
Many millennials blame the free market for the rising price of healthcare. In fact, though, the federal government takes much of the blame here. In 1960, healthcare took up just five percent of the GDP, but in 2017, it was 17.9 percent. Healthcare costs have risen faster than the average annual income. What happened between 1960 and the modern day? In short, the government expanded and subsided the healthcare industry.
Inadequate Government Healthcare
If the government ran healthcare completely, it would be a disaster. The Veterans of Foreign Wars’ healthcare is notorious for its poor quality; imagine this for all healthcare across the whole country. Also, Canada’s healthcare system has many detriments. Our northern neighbors provide healthcare for free to every citizen, at the expense of the government.
However, consequences have been disastrous. This has lead to longer waiting times and a decrease in healthcare. In fact, waits for medically necessary procedures have more than doubled in 25 years. Furthermore, taxes in Canada are significantly higher than those in America. The last thing that our country needs is to go down this path.
Though most Americans do not support a truly free market, the number of people completely disregarding capitalism and praising socialist policies is increasing, particularly among youth. If predictions that millennials will have bigger impacts of elections is true, we should be worried about the future.