I Agree with the Pope, Capitalism Has Failed, So Far

Dick McDonald

In his new book the Pope denounces capitalism. I agree, capitalism has failed up to now to solve poverty. It has failed to deliver “property” to the poorest of the world’s citizens. It has even failed to deliver hope to the world that there is a better way for man to run his economic life.

The citizens of the world used to hold the United States out as a shining example of what life could be like on planet Earth, but with the advent of the 60s and the anti-American venom spewed by that drug-induced generation, the world has turned against us and our economic system of capitalism. They have flooded the world with how bad big business is, how globalism is suffocating cultures, how America is an imperialistic regime run by a military-industrial complex directed by evil men with evil aims.

Like the Pope, the radical 60s liberals who populate and dominate our academe, media and Democrat Party have no solutions to the dilemma of poverty other than taxing the rich to redistribute that “stolen” “property” to the poor. Their sole solution always involves growing government and increasing the dependency of the poor on the government. Both of our political parties have done absolutely nothing lately to stop that trend.

Unfortunately these politicians have promised more than their "paygo" system of tax collection will permit; they have incurred tens of trillion in unfunded debt only a "do over" will correct. Personal accounts are the perfect solution to this dilemma.

Today, the anti-American crowd is right there with the Pope. Contrary to experience and the evidence these economically-challenged special-interest mini-mobs still believe in socialism and the proposition of equal rewards for unequal contributions. They still hold out that man will be content to sublimate his instinct to get up each morning and compete for “territory”. They believe he will be as content to underwrite the indolence of all those who know how to game the system.

It doesn’t work that way and it never will. Man is not instinctually altruistic.

Everyone that reads me knows I am promoting the “rise up theory of economics” in which capitalism is the economic tool used to Make the Poor Rich. I want to prove to the Pope and every biblical and political philosopher that being poor is only a state of mind not an economic certainty.

By (1) creating a “pool of capital” for every working person in America, (2) having him or her spouse share this personal investment account with their spouse and (3) forcing them to invest it in the world’s stable economies for the entire 40 years of their working life we will create a nation of millionaires not all of whom need to be highly educated or gifted in any way. Many will enjoy working with their hands and living a simple life knowing their economic future is secure.

The nice thing about my plan is that it requires no investment from its participants. Their pool of capital is created by taking the 15% that they presently pay to the Federal government in the form of payroll taxes and diverting those funds into their “personal accounts” held by a trustee during their working life.

Another justification for repealing the old dinosaurs Social Security and Medicare and replacing them with personal accounts is that 3.3 million Federal workers have had their own “personal accounts” for almost 20 years and that program works just fine. It is not too expensive, it is not risky, it has steadily grown in value and Wall Street has been excluded from managing it. It is almost the exact program I am stumping for except the government would be unable to interfere with the investment decisions of the participants in any way nor invade those accounts for any reason.

Yes, I agree with the Pope; capitalism to date has failed. It has been helpful but like socialism and other political constructs it has never solved poverty. However, I believe capitalism can “rise up” to the occasion now and slay the poverty dragon – this time forever.

Note: For a year-by-year schedule of how a worker becomes a millionaire go to www.makethepoorrich.com and click on the $20,000, $30,000 or $60,000 per year worker.