Bernie Sanders, progressive icon and likely candidate of the 2020 Democratic nomination, was quoted by Patrick Healy of the New York Times saying, “To me, democratic socialism means democracy. It means creating a government which represents all of us, not just the wealthiest people in the country.”
Does it really, Sanders? The American economy has always valued hard work and determination to make something of every citizen, and the much reviled 1 percent is always open to new members. This is the beauty of the American system: affluence is dependent on effort, rather than birth.
Yet some are skeptical of the American economic system. Columnist Elizabeth Bruenig of the Chicago Tribune believes, “It’s time to give socialism a try.”
Are columnists like Bruenig correct? I suggest not. To think otherwise reveals an ignorance of history and a fundamental misunderstanding of economics, as well as human nature.What leads to the inevitable collapse of all socialist-planned economies is reality itself. I will show you why.
We have all heard Sanders claim the wealthiest people and the largest corporations must pay their fair share of taxes, without citing any evidence proving what he says is true. The actual statistics are far more surprising, according to Steve Hargreaves of CNN.
“The top 10 percent of taxpayers paid over 70 percent of the total amount collected in federal income taxes in 2010… The remaining 90 percent bore just under 30 percent of the tax burden. And 47 percent of all Americans pay hardly anything at all,” said Hargreaves.
As Hargreaves explains, the rich already pay far more than their fair share, and Sanders wants to tax them even more? Taxation stifles innovation, so the incentive to succeed in America is removed with the addition of more and more taxes. Why strive to get promoted at my job when Uncle Sam will take my pay raise anyways? Why choose to work hard when I can live a similar lifestyle without it?
In our political discussions, my dad always used a wagon analogy to describe the American economy. When the people pulling the wagon are outnumbered by the people riding in it, the wagon will stop. This is a perfect metaphor for socialism’s inevitable demise, and the breaking point of the tensions between the makers and the takers in society. Socialism breeds a culture of laziness and collectivism at the expense of productive American men and women who want to succeed for their own benefit, and realize the American dream for themselves. 
Socialism has proven to be a disaster for economic policy in all cases where it has been tested, and it will prove to be America’s downfall if it is implemented here in the U.S.
I will start with the common example, Venezuela. In 1998, Hugo Chávez was democratically elected as the socialist president of the country. As a result, Kenneth Rapoza of Forbes reports, only 20 years later, despite being rich in oil, “the reactionary socialist policies enacted under decades of PSUV (Socialists United) rule have been completely ruinous.” Everything about the Venezuelan economy is disastrous. “Inflation is off the charts, up thousands of percentage points over the last few years, and up hundreds of percent this year alone. The currency is useless. Some towns have taken to bartering,” Rapoza explains.
Needless to say, Venezuela was ravaged by the socialist-planned economy of Chávez and Nicolas Maduro who followed him, but this is only the tip of iceberg when addressing the dangers of socialism on a nation’s economy. Even the gold standard esteemed by the left, European Socialism, has glaring flaws which cannot be ignored. Take Denmark, a prime example of Scandinavian Socialism. According to Peter Levring of Bloomberg, the middle class cannot afford a car due to the 180 percent new car tax. If this does not dissuade you, how about a quote on how Danish Prime Minister Lars Løkke Rasmussen publicly denounces his policies?
“I know that some people in the U.S. associate the Nordic model with some sort of socialism. Therefore I would like to make one thing clear. Denmark is far from a socialist-planned economy. Denmark is a market economy,” Rasmussen said, as reported by The Local dk.
Clearly, socialism does not work on paper or in practice. As a result, why would we implement a failing system in the most prosperous nation in the world? The U.S. was founded as a capitalist nation grounded in free markets, low taxes and rewards for risk takers who grew the economy. As a result, we are the envy of the free world for economic might and the power of the dollar. Why attempt to fix what is not broken?