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Wealth Virtues Journal: June 8, 2010

Wealth Through Virtue: The Counteraction to the Marxist Neo-Socialism emerging in the United States

Filed under: Lacking Virtues — Tags: , , , , — James Ward @ 8:20 pm
© 2009 Poor Richard Web Press, LLC

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Mark J. Perry, in his article titled “Why Socialism Failed,” ( states, “In a capitalist economy, incentives are of the utmost importance. Market prices, the profit-and-loss system of accounting, and private property rights provide an efficient, interrelated system of incentives to guide and direct economic behavior. Capitalism is based on the theory that incentives matter! Under socialism, incentives either play a minimal role or are ignored totally. A centrally planned economy without market prices or profits, where property is owned by the state, is a system without an effective incentive mechanism to direct economic activity. By failing to emphasize incentives, socialism is a theory inconsistent with human nature and is therefore doomed to fail. Socialism is based on the theory that incentives don’t matter!”

In an era where we see the once proud and relevant Democratic Party begin to create a socialist environment due to their near single-party rule, the incentives for free enterprise are slowly being diminished. One only has to look at the “newspeak” of Democratic Party leaders to view how the notion of “government of the people, by the people, and for the people” is slowly perishing to become government over the people.

“The Democrats know what needs to be done. Again, we’re working trying to try to push this agenda forward. The other day the oil companies reported the highest profits in the history of the world. I want to take those profits and I want to put them into a strategic energy fund that will begin to fund alternative, smart energy; alternatives and technology that will begin to actually move us toward the direction of independence.” Hillary Clinton, February 2007

When government leaders choose which profits to take from any company to place into a government fund, the Capitalist system becomes endangered. The next thing you know is that the government will force its citizens to personally purchase something they may not want…oh wait…hold that health care thought!

On June 7th, Madam Secretary Clinton declared, ”The rich are not being taxed enough and the economy is suffering for it. The rich are not paying their fair share in any nation that is facing the kind of employment issues (the United States is), whether it’s individual, corporate , whatever the taxation forms are.”

For the Neo-socialists, facts mean less and less, and they are eventually replaced by liberal sentiment. For example, take a look at, which presents the following facts:

  • In 2007, the top 1 percent of tax returns paid 40.4 percent of all federal individual income taxes and earned 22.8 percent of adjusted gross income. Both of those figures—share of income and share of taxes paid—are significantly higher than they were in 2004 when the top 1 percent earned 19 percent of adjusted gross income (AGI) and paid 36.9 percent of federal individual income taxes.
  • The top-earning 25 percent of taxpayers (AGI over $66,532) earned 68.7 percent of the nation’s income, but they paid more than four out of every five dollars collected by the federal income tax (86.6 percent). The top 1 percent of taxpayers (AGI over $410,096) earned approximately 22.8 percent of the nation’s income (as defined by AGI), yet paid 40.4 percent of all federal income taxes. That means the top 1 percent of tax returns paid more in federal individual income taxes than the bottom 95 percent of tax returns.

Yet, the current administration still clings to the Marxist Socialist philosophy of “Share the Wealth”. In this case, “sharing” means “I want to take those profits”.

For orthodox Marxists, socialism is the lower stage of communism based on the principle of “from each according to his ability, to each according to his contribution” while upper stage communism is based on the principle of “from each according to his ability, to each according to his need.”

The same philosophy has created the healthcare law. That law looks to take from each according to his or her ability to create wealth to those who smoke, overeat, or engage in a number of other unhealthy practices according to their “need”. Don’t get me wrong. I embrace the notion of being able to provide affordable health care to all U.S. citizens; I just think that you need to have a government who is willing to level the playing field to allow commercial and private enterprises to do this more efficiently.

What the emerging Neo-socialist (former Democratic) party needs to do to revert back to the once great Democratic Party of Thomas Jefferson, is to follow the virtues of Thomas Jefferson’s friend and fellow author of the Declaration of Independence, Benjamin Franklin.

Franklin’s Thirteen Virtues of Temperance, Silence, Order, Resolution, Frugality, Industry, Sincerity, Justice, Moderation, Cleanliness, Tranquility, Chastity, and Humility all have a pert to play in an individual’s effort to achieve wealth and happiness, and I expound upon this in the book Wealth Virtues.  For the Socialist-minded politicians who look to increase their own sense of power at the expense of the Republic (for at least we still remain a republic), I would ask them to rethink their ideology in comparison with Franklin’s virtues of Frugality, Justice, and Moderation.

Frugality would allow our lawmakers to ensure that any new program or law is financed out of surplus, or at least through the elimination of a lesser priority obligation.

Justice, according to Franklin seeks to “wrong none by doing injuries, or omitting benefits that are your duty.” Justice would have the Neo-socialists begin to understand the financial destruction caused by their policies, and seek justice for the following generations who will face an America where our debt outnumbers our gross domestic product, and even basic government services will no longer be sustainable, and quality will diminish.

Moderation allows one to avoid extremes; much like the destructive socialist policies of state ownership of industries which historically have failed due to lack of innovation.

I would ask that the Socialists that are now usurping the once great Democratic Party look to the original principles of the founder of the real Democratic Party, Thomas Jefferson. If the party still wants to claim Jefferson as its founder, perhaps they need to think more like him:

“A government big enough to give you everything you want, is big enough to take away everything you have.”

“The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.”

“It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world.”

“I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them.”

“My reading of history convinces me that most bad government results from too much government.”

“To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.”

“A wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it has earned – this is the sum of good government.”

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