Socialism vs Capitalism - An xfrodobagginsx Compilation Thread

Discuss the latest political news.
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Post by xfrodobagginsx »

LarsMac;1516336 wrote: True, if consumers get a tax break, they will spend the money on goods and services. That logic is quite provable.

However, the idea that corporations will spend that tax saving by raising salaries, and putting that money back into the consumer stream has yet to be proven.

History shows that the money often goes into re-purchasing company stocks, bonuses and perks for executives, and such.

They will be willing to show higher profits, because they have less tax to pay on those profits. They MIGHT spend more money on infrastructure and research & development, which might translate into more money in the general money pool, but there is no incentive to encourage that.

The Government will have less money to spend on programs that benefit the nation and its citizens. Highways and bridges will continue to go without repair, other projects which actually put people to work will go wanting.

On the positive side, we may soon see absolute proof that running a country like a business will always be a bad idea.



The shareholders of a nation are its citizens, and the monies they pay in taxes are intended to be returned to those shareholders in services rendered.

Not squandered away on corporate welfare.


Has yet to be proven? I think I have already given you some big examples and the tax cuts haven't even happened yet.
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Post by xfrodobagginsx »

The tax cuts take effect in February. Let's watch and see what happens to the economy. Does it: A) Continue to improve and begin to thrive because of Capitalism as it has since Trump took office B) Go into a downward spiral like it did under Obama's Socialism?
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Post by gmc »

Why do you think trump is a capitalist? How are you defining the term capitalist in order for Trump to be classed as one?
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Post by xfrodobagginsx »

gmc;1516426 wrote: Why do you think trump is a capitalist? How are you defining the term capitalist in order for Trump to be classed as one?


Because every single thing he has done has been classical Conservative Capitalist in nature. Every single policy and thing Obama did was Socialist in nature. They are polar opposites when it comes to policy, which is why the economy is recovering so fast now that Obama is gone.
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Post by xfrodobagginsx »

magentaflame;1516109 wrote: xfrod.... may I ask your age grouping. ( i don't expect to get a thruthful answer but I'd really like to know) And what kind of work do you do?


Sounds like you are hoping to hear me say that I am a 40 year old loner who lives in my mom's basement. :) Wah!
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Post by xfrodobagginsx »

LarsMac;1516334 wrote: Please show some actual data to support that notion


The Historical Lessons of Lower Tax Rates

The Historical Lessons of Lower Tax Rates | The Heritage Foundation



Do Tax Cuts Increase Government Revenue?

https://www.forbes.com/sites/mikepatton ... d267074bf2

Fact Checker Analysis

History lesson: Do big tax cuts pay for themselves?

https://www.washingtonpost.com/news/fac ... b27dd27c14
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Post by katsung47 »

Trump's "tax reform" is a project to borrow 1.5 trillion, issue it in form of treasury bond or other debit note, then distribute it to rich people in the form of cash, bonus, profit. On the whole, in 10 years, you saw the debt of American people will add to a new high while the cash it borrows goes to Rich people's pocket.
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Post by xfrodobagginsx »

katsung47;1516447 wrote: Trump's "tax reform" is a project to borrow 1.5 trillion, issue it in form of treasury bond or other debit note, then distribute it to rich people in the form of cash, bonus, profit. On the whole, in 10 years, you saw the debt of American people will add to a new high while the cash it borrows goes to Rich people's pocket.


Interesting you are suddenly worried about the National Debt. Does it upset you that Obama ran up a $1 Trillion debt every YEAR under his Presidency? This plan by Trump adds (at worst) $1.5 Trillion in 10 years. It's not gonna happen because the economy is gonna boom. The projection is based on the economy under Obama which sucked. Trump's economy is getting stronger and stronger. There is gonna be a surplus.

Upon hearing of this bills passing Comcast and AT+T announced that they are giving all of their hundreds of thousands of employees a $1000 bonus for Christmas. Which shows that when the rich save money, they do give it to their employees. Wells Fargo and another bank announced that they are raising their wages up to a minimum of $15 an hour for all employees. Other companies are following suit. Plus, each American worker is gonna save on average $1600-2000 per year on taxes. Tax cuts for the rich my foot. Capitalism works. Socialism doesn't.
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Post by magentaflame »

Nope.
The 'radical' left just wants everyone to have food, shelter, healthcare, education and a living wage. Man that's radical!....ooooohhhh Scary!
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Post by Ahso! »

xfrodobagginsx;1516440 wrote:

Fact Checker Analysis

History lesson: Do big tax cuts pay for themselves?

https://www.washingtonpost.com/news/fac ... dd27c14You don't read your sources, do you? All you read was...

“It’s not just economic theory but economic history. … The bottom line is we will be able to fill any deficit hole with additional revenues. And we basically saw the same during the Reagan tax cut, frankly the Kennedy tax cut. You can even go back to the Coolidge tax cut. We will be able to raise more revenues.”

— Rep. Jeb Hensarling (R-Tex.), in an interview with Bloomberg News, Nov. 30, 2017 But the article says he's mostly wrong.
“Those who can make you believe absurdities can make you commit atrocities,”

Voltaire



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Post by Ahso! »

xfrodobagginsx;1516449 wrote: Interesting you are suddenly worried about the National Debt. Does it upset you that Obama ran up a $1 Trillion debt every YEAR under his Presidency?What you fail to understand is that the President can only use the bully pulpit to sell tax reform and sign it into law. If the president's party is in power in Congress he or she would have more influence in tax reform and economic policy overall, however, that was not the case during the majority of the Obama years. The Republicans in Congress resisted anything Obama at every turn - they ran Congress and the purse strings as they say. Congress bent just enough to get Obama's signature at times, but that was all they did when they weren't sabotaging the economy and the country as a whole.
“Those who can make you believe absurdities can make you commit atrocities,”

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Post by xfrodobagginsx »

Ahso!;1516467 wrote: What you fail to understand is that the President can only use the bully pulpit to sell tax reform and sign it into law. If the president's party is in power in Congress he or she would have more influence in tax reform and economic policy overall, however, that was not the case during the majority of the Obama years. The Republicans in Congress resisted anything Obama at every turn - they ran Congress and the purse strings as they say. Congress bent just enough to get Obama's signature at times, but that was all they did when they weren't sabotaging the economy and the country as a whole.


Obama got lots of tax raises that he wanted. He also increased regulations to an unattainable level which costs billions, he wouldn't allow drilling for oil in America, while helping other Nations drill for oil, his first 2 years he had free reign to do whatever he wanted with Congress and they were pushing Bills through at lightning speed which were horrible for America. He made a mess of everything. And Congress hasn't been cooperating with Trump either, EVEN his own Party.
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Post by xfrodobagginsx »

magentaflame;1516456 wrote: Nope.


I don't like to give out personal information, ESPECIALLY on these type of sites. Too many creeps (Not saying you are one) who hate me for my beliefs who have tried to find out where I live, cause issues for me and threatened me. Muslims threatening to kill me...I thought they were a religion of peace? I'm confused.
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Post by Ted »

Xfrod Islam was founded on the tenets of peace and justice (Karen Armstrong). But like all religions splinter groups pop up and become extremists. I looked up Christian reconstructionism once and was not in the least impressed and in fact they are a scary group.Christianity has its extremists too. As for me I may disagree with you but certainly I don't hate you. I don't even know you.
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Post by LarsMac »

xfrodobagginsx;1516512 wrote: Obama got lots of tax raises that he wanted. He also increased regulations to an unattainable level which costs billions, he wouldn't allow drilling for oil in America, while helping other Nations drill for oil, his first 2 years he had free reign to do whatever he wanted with Congress and they were pushing Bills through at lightning speed which were horrible for America. He made a mess of everything. And Congress hasn't been cooperating with Trump either, EVEN his own Party.


You should provide some actual documentary proof of that. Please provide bill numbers for all of those tax hikes you say he got. Congress sets the taxes. Not the president. And Congress for most of his terms in office were republicans bent on non-cooperation.
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Post by Ted »

In my view Trump is a dirt bag. In my view The truth is no in him.
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Post by Ted »

Capitalism is not founded on Biblical thinking and the teachings of Jesus. Micah 6:8, Matt. 25.
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Post by xfrodobagginsx »

magentaflame;1516127 wrote: Here there are talks of a tax cut to middle income earners and big Corps.

This after cutting funding to social entities such as safe houses for battered women, drug rehabs, foster care, job provider agencies.

And what's interesting is at the same time whispers of raising the GST which everyone gets stung with.


Tax cuts for everybody helps everybody.
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Post by xfrodobagginsx »

Can't wait until the tax cuts take effect in Feb.
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Post by xfrodobagginsx »

Ted;1516191 wrote: In many cases poverty is not a choice. The new tax bill just makes the rich get richer and the poor poorer. Jesus himself came for the poor and the oppressed which is what

America is trying to boost . Help the rich get richer. This is not Christian behavior. Regan took all controls of the Banks in the futile hope of trickle down prosperity which has been shown to be a false idea .. Then greed took over and look what resulted in 2008.


So even though it cuts taxes on 80% of Americans who earn below $500,000 per year. Americans on average will save $1600 to $2000 per year on taxes you think it's for the rich? Really? The rich are the only ones getting a tax INCREASE. It's not Christian behavior to stick it to the rich because you are jealous of them.
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Post by gmc »

xfrodobagginsx;1516438 wrote: Because every single thing he has done has been classical Conservative Capitalist in nature. Every single policy and thing Obama did was Socialist in nature. They are polar opposites when it comes to policy, which is why the economy is recovering so fast now that Obama is gone.


You're dodging tne question what I asked you was.

Why do you think trump is a capitalist? How are you defining the term capitalist in order for Trump to be classed as one?




What do you mean by capitalist? Or indeed classic capitalism.
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Post by xfrodobagginsx »

gmc;1516544 wrote: You're dodging tne question what I asked you was.



What do you mean by capitalist? Or indeed classic capitalism.
Low Govenment regulation, low taxes, pro business, pro innovation, pro competition. Pretty much the opposite what Obama was.
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Post by xfrodobagginsx »

Ahso!;1516074 wrote: JFC, you just keep outdoing yourself. Now political affiliation is responsible one's personal moral conduct?


I never said that political affiliation had to do with conduct but yes it is actually to a point. My point was tgat tge Democrats knew everything about him when he was a Democrat as they do now and they had no problem with him until he became a Republican. It goes to show that they are actually offended by conservatives not conduct.
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Post by xfrodobagginsx »

tude dog;1516069 wrote: What you been drinking?


I didn't realize that disagreeing with you was equal to mass murder. Interesting.
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Post by Bryn Mawr »

xfrodobagginsx;1516534 wrote: Tax cuts for everybody helps everybody.


Shame that there is no mention of tax cuts for everybody :-)
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Post by xfrodobagginsx »

Ted;1516526 wrote: In my view Trump is a dirt bag. In my view The truth is no in him.


I judge a man by hulis actions. Since being President his actions and policies have been spot on. I think that outweighs the occasional tweet that is unpleasent. Most of the outrage agaibst Trump is hype not fact.
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Post by xfrodobagginsx »

LarsMac;1516524 wrote: You should provide some actual documentary proof of that. Please provide bill numbers for all of those tax hikes you say he got. Congress sets the taxes. Not the president. And Congress for most of his terms in office were republicans bent on non-cooperation.


Two things off my head are cigarettes and gasoline. The first 2 years tge Democrats Controlled all 3 branches.
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Post by Ted »

I do know that others like America less and less. Fortress America. I think anything that comes out of the Republican group is very questionable.
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Post by Ted »

In my view Trump is a loser.
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Post by xfrodobagginsx »

Ted;1516566 wrote: In my view Trump is a loser.


In my view Obama is a loser. I base that on his policies, what he said he was going to do and what he actually did. He did everything in his power to hurt America.
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Post by xfrodobagginsx »

Ted;1516564 wrote: I do know that others like America less and less. Fortress America. I think anything that comes out of the Republican group is very questionable.


Republicans could care less if the rest of the world "likes" the US or not. We do what's best for America, as other Countries, including your own does. We make no apologies. Obama and the Democrats are the ones apologizing for America as if we have to apologize for helping out the world more than any other nation in the history of the world. I am glad Trump pulled $250 Million from the UN, but in my opinion, he should have taken much more. Actually I would love to see him pull out of the UN. America first is a great policy.
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Post by xfrodobagginsx »

Bryn Mawr;1516552 wrote: Shame that there is no mention of tax cuts for everybody :-)


That's because the media is politically motivated by the left. 80% of tax payers will see a tax cut. 15% will see no change. 5%, the rich that the left supposedly hates so much and supposedly isn't paying their fair share (what a crock) is going to be paying MORE on their taxes. Those who make over $500,000 per year.
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Post by Bryn Mawr »

xfrodobagginsx;1516581 wrote: That's because the media is politically motivated by the left. 80% of tax payers will see a tax cut. 15% will see no change. 5%, the rich that the left supposedly hates so much and supposedly isn't paying their fair share (what a crock) is going to be paying MORE on their taxes. Those who make over $500,000 per year.


SO, you're now saying that there will be tax cuts for four people out of every five - that's a very long way from your claim of tax cuts for everybody.

I've seen mention of tax cuts for the middle earners, I've seen mention of tax cuts for the big corporations - nowhere have I seen mention of tax cuts for the poor, you know, the ones who need it most.
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Post by Bryn Mawr »

Question :-

How does cutting corporation tax by half, getting rid of inheritance tax, cutting the top rate paid by the highest income earners and cutting the alternative minimum tax lead to an increase in tax for the super-rich or a reduction in tax for the poor?
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Post by Ahso! »

USAA is my main banking, insurance, and investment company. Here is what they have posted regarding the new tax act. It is also worth reading the comments following the blog post.

https://communities.usaa.com/t5/Financi ... -1217_body
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Post by Ahso! »

I personally think the focus on tax policy instead of spending policy is a mistake. I'm glad when taxes are reduced, however, I'm disappointed that the reduction in tax revenue will negatively only affect social programs and science & education while the military-related sectors continue to eat up a disproportionate amount of revenue.

It's similar with the state level taxes too, more revenue goes to police while less toward the needy.
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Post by gmc »

Actually large parts of the world would be only too happy to see america stop interfering in the politics of other countries, especially those who have in the past had to put up with repressive regimes either put in place and supported by the US. Like Iraq, Iran , nicaragua, chile etc etc.

posted by ted

Capitalism is not founded on Biblical thinking and the teachings of Jesus. Micah 6:8, Matt. 25.


Only the religious would have even thought it was in the first place. The roots of capitlaism and of socialism are the same the age of enlightenment/age of reason relgion now gets in the way of mankind living peacefully together

Xfrod Islam was founded on the tenets of peace and justice (Karen Armstrong)


Karen armstrong is a classic exemple of a religious writer interpreting events to suit her particular agenda. Islam likem catholicism was a religion crafted to gain control of apopulation. The schisms that followed the prophets death like thgose of the christian god suggest either a giod incapable of making his message clear, a lalicious god or one that does not actually exist.
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Post by Bryn Mawr »

Ahso!;1516591 wrote: USAA is my main banking, insurance, and investment company. Here is what they have posted regarding the new tax act. It is also worth reading the comments following the blog post.

https://communities.usaa.com/t5/Financi ... -1217_body


Thank you, interesting in itself and it included a link to a summary of the legislation :-

congress.gov wrote:

Tax Cuts and Jobs Act

This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses.

With respect to individuals, the bill:

replaces the seven existing tax brackets (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) with four brackets (12%, 25%, 35%, and 39.6%),

increases the standard deduction,

repeals the deduction for personal exemptions,

establishes a 25% maximum rate on the business income of individuals,

increases the child tax credit and establishes a new family tax credit,

repeals the overall limitation on certain itemized deductions,

limits the mortgage interest deduction for debt incurred after November 2, 2017, to mortgages of up to $500,000 (currently $1 million),

repeals the deduction for state and local income or sales taxes not paid or accrued in a trade or business,

repeals the deduction for medical expenses,

consolidates and repeals several education-related deductions and credits,

repeals the alternative minimum tax, and

repeals the estate and generation-skipping transfer taxes in six years.

For businesses, the bill:

reduces the corporate tax rate from a maximum of 35% to a flat 20% rate (25% for personal services corporations),

allows increased expensing of the costs of certain property,

limits the deductibility of net interest expenses to 30% of the business's adjusted taxable income,

repeals the work opportunity tax credit,

terminates the exclusion for interest on private activity bonds,

modifies or repeals various energy-related deductions and credits,

modifies the taxation of foreign income, and

imposes an excise tax on certain payments from domestic corporations to related foreign corporations.

The bill also repeals or modifies several additional credits and deductions for individuals and businesses.




So, slightly different from the various reports I was looking at and it appears to be something of a merger of two different sets of legislation.

Corporation tax cut by nearly half rather than over half as I'd seen reported.

Top rate of tax for the highest earners steady rather than reduced from 39.6% to 35% as reported elsewhere.

On the other hand the bottom rate of tax for the lowest earners increases from 10% to 12%

Inheritance tax to be abolished as stated.

AMT to be abolished, not just reduced.

The repeal of the deductions for medical expenses and state and local income and sales taxes looks as though it could be painful for some.

The increase in the child tax credit could be helpful to low earners but the halving of mortgage relief could impact middle earners.



Anything I've missed?

Looks like a wonderful set of changes for Trump himself.
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Post by gmc »

Low Govenment regulation, low taxes, pro business, pro innovation, pro competition. Pretty much the opposite what Obama was.


Why do you think that is capitalism?

I would suggest you go back to basics what adam smith proposed was never laissez faire capitalism. He was quite clear on the need to regulate in order to stop cartels and monopolies getting grip on the economy as their having too much power they would inevitably use it to stifle competition and eventually be in a position to push up prices and push down wages to the detriment of the economy and society as a whole. Trump is now talking about doing away with neutrality - hardly the act of a true capitalist since it will allow monopolies to control access to customers, he has done nothing to curb the excesses of amazon, microsoft et al that take ll the profit and don;t p[ay any taxes in the states where they make that profoit and shows no intentiion of doing so. Innovation does not come from big companies it comes out of a good education system open to all that gives opportunity to all and not one treatyed as a commodity. It's no accident that most of the advances of the 20th century have not come from america. Low regulation is what caused the financial crisis - remember bush tearing up the banking regulations? That turned out well didn't it.

A true capitalist would want a high wage economy with disposable income to help generate demand in the economy, you have had forty years of wages being forced down and manufacturing taken abroad because wages were cheaper that it what has done the real damage to your economy - companies operating with no regard for anything except short term profit. That is not capitlaism it is fascism. Trump os not a capitalist
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Post by Ahso! »

There are lots of consequences to this tax legislation. For example, people, and especially conservatives, I expect, are going to be very displeased when they learn that they can no longer deduct their Sunday church contributions. That really adds up when one claims to put say $25.00 cash in the basket each week.
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Post by xfrodobagginsx »

Bryn Mawr;1516588 wrote: SO, you're now saying that there will be tax cuts for four people out of every five - that's a very long way from your claim of tax cuts for everybody.

I've seen mention of tax cuts for the middle earners, I've seen mention of tax cuts for the big corporations - nowhere have I seen mention of tax cuts for the poor, you know, the ones who need it most.


Everyone except for the evil rich people who have more money than the good greedy jealous Liberals who want what someone else earned.
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Post by xfrodobagginsx »

gmc;1516596 wrote: Why do you think that is capitalism?

I would suggest you go back to basics what adam smith proposed was never laissez faire capitalism. He was quite clear on the need to regulate in order to stop cartels and monopolies getting grip on the economy as their having too much power they would inevitably use it to stifle competition and eventually be in a position to push up prices and push down wages to the detriment of the economy and society as a whole. Trump is now talking about doing away with neutrality - hardly the act of a true capitalist since it will allow monopolies to control access to customers, he has done nothing to curb the excesses of amazon, microsoft et al that take ll the profit and don;t p[ay any taxes in the states where they make that profoit and shows no intentiion of doing so. Innovation does not come from big companies it comes out of a good education system open to all that gives opportunity to all and not one treatyed as a commodity. It's no accident that most of the advances of the 20th century have not come from america. Low regulation is what caused the financial crisis - remember bush tearing up the banking regulations? That turned out well didn't it.

A true capitalist would want a high wage economy with disposable income to help generate demand in the economy, you have had forty years of wages being forced down and manufacturing taken abroad because wages were cheaper that it what has done the real damage to your economy - companies operating with no regard for anything except short term profit. That is not capitlaism it is fascism. Trump os not a capitalist


It's Conservatism/Capitalism and it's what actually works in practice, not just theory. Socialism doesn't work anywhere that it's been tried. Why don't socialists get that it's never gonna work and even if it did, it would never work as good as Capitalism? Why are they so hell bent on Socialism?
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VIDEO: The Left vs. The Right How They View The United States



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xfrodobagginsx;1516629 wrote: Everyone except for the evil rich people who have more money than the good greedy jealous Liberals who want what someone else earned.


Respond to message #46 and we'll talk - we need to discuss facts rather than rhetoric.
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xfrodobagginsx;1516630 wrote: It's Conservatism/Capitalism and it's what actually works in practice, not just theory. Socialism doesn't work anywhere that it's been tried. Why don't socialists get that it's never gonna work and even if it did, it would never work as good as Capitalism? Why are they so hell bent on Socialism?


So it's not classical capitalism then. You need a balance between the two like capitalism socialism has evolved over time and communism/socialism are not the same thing.

You have the typical american horror of socialism without actually having a clue what it is capitalism and socialism have the same roots. America no longer has a capitalist economy without regulation you have you end up with all the wealth being taken by the few to the detriment of society until eventually people get fed up and start going for extreme solutions when they feel theio owrn voicesare not being heard which is exactly what is happening in america. Hopefully your constitution will do it's job and pull things back but not if trump gets to pack the supreme court with like minded individuals who have no regard for the liberal prib=ncip[les that america is founded on.

At least that's the way it seems to me as an outsider. Right now british politics is even more depressing but the root causes are much the same. Cirrently we have a right wing givernment hell bent on privatising the greatest achievement of socialism, namely the welfare state, I hust wish people would realsie what is going on. Or maybe they do but our electoral system means we keep ending uo with giovernments most people actually voted against.

Has america no working class heroes?
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Socialism is Government control. Communism is Socialism to the extreme and it results in even worse control and bondage and poverty.. Capitalism is freedom and it is what works. It has built all of the worlds economic giants. Why keep trying something that has proven a failier time and time again when you can use a system that has proven to work best time and time again?
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xfrodobagginsx;1516630 wrote: It's Conservatism/Capitalism and it's what actually works in practice, not just theory. Socialism doesn't work anywhere that it's been tried. Why don't socialists get that it's never gonna work and even if it did, it would never work as good as Capitalism? Why are they so hell bent on Socialism?


You really should stick to bible-thumping. Economics is NOT your forté.
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xfrodobagginsx;1516648 wrote: Socialism is Government control. Communism is Socialism to the extreme and it results in even worse control and bondage and poverty.. Capitalism is freedom and it is what works. It has built all of the worlds economic giants. Why keep trying something that has proven a failier time and time again when you can use a system that has proven to work best time and time again?


No it's not. You really should do some reading up on the subject. From what you are saying tyoun would reject mostb of what adam smith had to on the grounds he was a socialist. Good grief he even advocated educating women.

Do you know what fascism is or what the economic and political model would be? Seems you are on your way to finding out. It's not the left you need to worry about it's the right but I'm going to leave you to your complacency.
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LarsMac;1516650 wrote: You really should stick to bible-thumping. Economics is NOT your forté.Neither is the former. Other than parroting it, he hasn't a clue about the bible.
“Those who can make you believe absurdities can make you commit atrocities,”

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Post by LarsMac »

Ahso!;1516654 wrote: Neither is the former. Other than parroting it, he hasn't a clue about the bible.


That is a trait he shares with many bible-thumpers.

I've known may who can quote verse for verse, nearly every word of the Bible, but they have no real idea what any of it actually means.
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