Posted Jan 17, 2017 by Martin Armstrong
COMMENT: Martin, A story I received: A guy looked at my Porsche the other day and said I wonder how many people could have been fed for the money that sports car cost. I replied I am not sure, it fed a lot of families in Bowling Green, Kentucky who built it, it fed the people who make the tires, it fed the people who made the components that went into it, it fed the people in the copper mine who mined the copper for the wires, it fed people in Decatur IL, at Caterpillar who make the trucks that haul the copper ore. It fed the trucking people who hauled it from the plant to the dealer and fed the people working at the dealership and their families. BUT,… I have to admit, I guess I really don’t know how many people it fed.
That is the difference between capitalism and welfare mentality. When you buy something, you put money in people’s pockets, and give them dignity for their skills. When you give someone something for nothing, you rob them of their dignity and self worth. Capitalism is freely giving your money in exchange for something of value. Socialism is taking your money against your will and shoving something down your throat that you never asked for.
REPLY: This is a very good example of the difference between Capitalism and Socialism. Hillary said during the campaign that Trump was worth a few billion – “Think of what we could do with that money.” They only do look at the wealth and not at the contribution to the economy and society. You can look at Henry Ford and say yes – another rich bastard. How many jobs did he create inventing the assembly line? The difference is jobs compared to just entitlements for existing.
I had an old friend from high school call me when I was around 40. He called to ask me for a job. I ask; “Frank. What have you been doing?” He told me he never worked. He has his plane, car, and boat. When we grew up, his mother owned the luncheonette all the kids would go to for lunch and after school. She was a widow and spoiled Frank. She never made him get a job and just bought him whatever he wanted. When his mother died, the money stopped. When he called me and said he never worked, I was shocked. I said I did not have a job for him. He was the classic example of socialism.