The economically illiterate Occupy protesters should be protesting the “system” that actually rewarded Wall Street for its bad judgment – big government. It is time to stop whitewashing the role of the White House, and start acting mature enough to hold politicians accountable for their actions. It is intellectually dishonest to scapegoat the capitalist “system” for everything from corruption to income inequality to hierarchy.
First of all, corruption is an aspect of every government, but certain conditions make corruption more widespread and serious. When government is more powerful, that power is more likely to be abused to benefit particular politicians and their economic cronies. Free market capitalism, meaning private property and the rule of law, and limited government is a much better antidote to corruption than socialistic policies or more government power.
Second of all, economic inequality is the most egregious in those countries that are most socialistic, such as Cuba and North Korea. In addition, mixed economies in Europe are economically imploding due to unsustainable debt, and that’s even with U.S. defense subsidies, both direct and in terms of free-riding on America fighting the war on terror. Finally, in free market economies, there is no correlation between economic inequality and standard of living. While the rich have gotten richer in the U.S. by percentile, the lower percentiles have remained constant. [Continued at Political Crush]