For those who don’t follow politics, the entire campaign of Bernie Sanders is built off of his contempt for “the millionaires and billionaires” who (in his view) are the cause of America’s economic woes.
The self-proclaimed “Democratic-Socialist” from Vermont has gained nation-wide popularity for his crusade against the corruption between Wall Street and the political elite. Although fighting corruption is not a bad thing, there are many flaws in Sanders’ approach to economics.
Bernie Sanders’ following seems to come from a utopian-esque world in which everyone gets something for nothing. Producers of goods should WANT to give away goods at a price below profit. The wealthy should WANT to give a large chunk of their money to the poor. In Bernie’s ideal world, fairness is synonymous with forced charity.
As I highlight in the following article, Bernie Sanders isn’t all bad. The man has stuck to his principles (albeit principles that I disagree with) for almost 40 years. If there is one thing I admire in a politician it is consistency over opportunism. Sanders has also made it his goal to break the relationship between Wall Street and Washington D.C., which is a link that should have been broken long ago. However, neither of these are an excuse for bad economics.
Although Sanders is slipping in the polls, his ideology will continue to live on, especially amongst millennials. Therefore, it is important to discuss the economic fallacies that surround Sanders’ ideas in order to ensure that the U.S. doesn’t slip into welfare statism.