On Stossel TV, political commentator John Stossel broke down various economic and political issues to debunk myths and clear up misconceptions about socialism.
For example, last year, he published a two-part video on five myths surrounding socialism in response to polling that showed the concept gaining popularity, particularly among millennials.
Technically, I’m considered a millennial, and in some ways, I think I fit the bill. I fully embrace technology as integral to my way of life; I desire a feeling of impact when it comes to my work, although I don’t require it.
For the life of me, I can’t wrap my brain around why my fellow millennials and Gen Z’s seem so enamored with the concept of socialism. Perhaps Mr. Stossel can shed some light on the subject.
Socialism is now as popular as capitalism among young people.
They’re told that disasters like Venezuela and the Soviet Union aren’t “real” socialism.
It’s time to set the record straight. Here I debunk socialist myths: pic.twitter.com/6bBMfedFQl
— John Stossel (@JohnStossel) August 21, 2022
5 Myths
Mr. Stossel’s two-part video debunks five commonly believed myths surrounding socialism. The myths, according to Stossel, are:
1 Failed examples like the Soviet Union and Venezuela weren’t “real socialism”
2 Venezuela’s failure isn’t about socialism but poor governance
3 Socialism works if it’s ‘Democratic’
4 It works in Scandinavian countries
5 Socialism isn’t the same as fascism
Throughout the video series, Mr. Stossel consults economist Ben Powell on deconstructing these myths and tries to explain why they are so prevalent. Mr. Powell and Mr. Stossel deftly dismantle these myths one by one in the video series. Still, the most interesting myths they tore apart were #2 and #3.
The idea that Venezuela’s descent into ruin was due to poor governance versus socialism is laughable to Mr. Powell. He explains how capitalism’s very nature allows for sound economic policy and flexibility. Socialism tries to argue for a one-size-fits-all financial framework that inevitably fails.
One can look to the COVID pandemic as an example of how capitalism reigns supreme over other economic frameworks. As the two gentlemen explain, capitalism allowed businesses, restaurants, and corporations to adjust their business models to best suit the changing environment. Capitalism breeds innovation, where socialism produces stagnation.
These young f#cks have NO IDEA what they are going to do to themselves…