In his State of the Union Address, President Trump declared that “America will never be a socialist nation.” Some say the Bible supports socialism. Does the Bible support it or any other specific economic system?
I’m glad you asked, because I fear many people are supporting an economic philosophy they really don’t understand. To many, it sounds good on the surface, maybe even compassionate and fair, a way to close the income inequalities that exist. In reality, it is none of those.
Remember, Robin Hood is a fairy tale. It should never be attempted as an economic system and it is certainly not supported in Scripture. God’s Word prohibits taking from the rich and poor alike.
Daniel J. McLaughlin, columnist with Townhall Finance, recently argued that those who endorse socialism are naïve; they have never studied its history or lived under it:
It is not just an alternative form of government. It is a different way of life, one that is entirely incompatible with what Americans take for granted, the inalienable rights to life, liberty, and property, which have set the backdrop for the amazing economic development and progress.
Margaret Thatcher warned that the problem with socialism is that “you eventually run out of other people’s money.”
I have heard it said that socialism truly does usher in equality: equal misery for all.
Venezuela’s Misery and Socialism
Dr. Anne Bradley, with the Institute for Faith, Work & Economics, identified how Venezuela Took the Fastest Route to Poverty, in an article released February 1, 2019.
Eliminating prices and making things free or nearly free is the fastest road to poverty and ruin. Making something free doesn’t make it less scarce. It just means we have to find another way to finance those free things.
Printing money to finance the “free things” in Venezuela resulted in hyperinflation. Prices are needed, Bradley defends: “They are powerful market signals. Policies aiming to eliminate them are the surest, quickest way to poverty.”
Frank Vernuccio, in an article posted on January 17, 2019 in The Affluent Investor states that “Venezuela adopted socialism – the very same brand being promoted here in America.” He cites an article at the Mises Institute written by two Venezuelans, who explain this reality:
Ultimately, the lesson we learned is that socialism never, ever works…It was very common during the years we suffered under Hugo Chavez to hear these pundits and economists on TV saying that this time, socialism is being done right. This time, the Venezuelans figured it out. They were, and are wrong.
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SOURCE: Christian Post, Chuck Bentley