Many millennials (and all of Hollywood, for that matter) believe that capitalism has destroyed American. Even worse, they believe socialism is the answer.
Bernie Sanders liked to pretend that Venezuela was a utopia when he was trying to win the Democrat primary. It’s not easy to see he is completely delusional. Even Venezuela’s President Nicolas Maduro admits that their socialist economic model has completely failed. People are waiting in line for bread. There are shortages of medicine. By the end of 2018, the inflation rate in Venezuela is set to reach 1,000,000%. Meanwhile the GDP will plummet 18% during that time.
Many socialism supporters believe that countries like Sweden are an example of socialism working. These are actually “capitalist societies with a welfare state.” Daniel Lacalle explains this very well in Face It, Nordic Countries Aren’t Socialist.
Recently Ken Langone took an interview with Yahoo Finance’s Julia La Roche. Langone is a billionaire investor, businessman and philanthropist. He also happens to be the co-founder Home Depot. Langone claims the market crash, which followed the demise of the Lehman Brothers, as the reason millennials have such a poor view of capitalism.
To the socialism-loving millennials, Langone has one simple message:
“I’ll put you in my plane and I’ll fly you down to Venezuela, and let’s see how good socialism is doing down there.”
Lagone just published his book I Love Capitalism! in May. He points out that the negative views of capitalism by millennials is due to growing up during the Great Recession. Massive student debt has caused young people to delay important life events.
Langone argues that wasn’t capitalism. He says, “That was a system that’s gone amok.”