Last night was about American myths. Here's Michael Medved on myth #4:
Myth No. 4: The current downturn means the death of capitalism.
"Capitalism is alive and well," Medved said.
"I'm also bugged when people argue that today's problems prove that capitalism "failed." What failed? We had a correction. A bubble popped. But from 1982 to now, the Dow rose from 800 to 11,000. Had it happened without the bubble, we'd say this is one of the great boom periods.
Medved added: "This is one of the biggest lies — the idea that because of capitalism, we're all suffering. ... Poor people in America today, people who are officially in poverty, have a higher standard of living in terms of medical standards, in terms of the chances of going to college, in terms of the way people live, than middle-class people did 30 years ago. It's an extraordinary achievement of technology and of the profit sector."
On a related note, here are some stats from The Austrian Economists site:
|Poor 1984||Poor 1994||Poor |
|All 1971||All 2005|
|One or more cars||64.1||71.8||72.8 (2001)||79.5|
Remember to watch John Stossel.