Episode 49: "Why Socialism Fails to Deliver" with Richard Rahn

"The economy of Venezuela has collapsed as a result of gross socialist mismanagement. Their currency is essentially worthless. To start over, the next government of Venezuela must re-establish the rule of law, protect private property rights and create a new currency." So writes Richard Rahn, one of America's most brilliant economists. With socialism now stunningly in fashion in the United States, we need to be better teachers about its dangers. For example, Dr. Rahn has a great way in a classroom setting to convey to students the problem with socialism. He asks how many favor free college or medical care. Almost everyone's hand goes up. But then he asks them to assume that the 30 people in the classroom are an entire nation's population and asks "Which one of you should pay for the "free" medical care for everyone else?" Awkward silence. Socialism depends on coercion and takings from the productive members of a society. That means those who can create wealth will usually either leave, or if they stay and refuse to cooperate, be killed. Exaggerated? Look no further than to the Soviet Union where Josef Stalin famously said, "A person, a problem. No person; no problem." The result? Deaths of 63 million of his people. Join me on The Bill Walton Show as Richard and I discuss this and other provocative issues. Like why the word democracy appears nowhere in the U.S. Constitution, why we may see half of America colleges close their doors in the next couple of decades or why with the right to vote should come with a responsibility to have a rudimentary understanding of American history and its political system.