Socialism on the Horizon?

Critics of President Obama say that the president is taking the U.S. down a path toward socialism. Is that what Americans want?

It sounds like the kind of argument one might expect from disgruntled Republicans. How can it be true when President Obama has enjoyed the support of many capitalists including the likes of Warren Buffett and former Federal Reserve Chair Paul Volcker?

But note these findings from a recent Rasmussen poll found recently in The Week magazine:

• 53% of Americans believe capitalism is better than socialism


• 20% say socialism is better


• 27% are not sure (!)

That's only a slim majority who favor capitalism. 47% have serious doubts that capitalism is better than socialism.

Note that our post dated October 22, 2008, contained this item:

"Adam Lerrick, professor of economics at Carnegie Mellon University, recently published an article in the Wall Street Journal...His assertions are based on startling data. Should we be concerned? Yes we should. According to professor Lerrick, 40% of eligible voters—89 million people—paid no income taxes in 2006."

The post went on to say that under President Obama's then spending proposals, the 40% would climb to nearly 50%.

Should we be surprised that 47% of the country's voters have doubts about capitalism? When a large percentage of voters pay no income tax, and yet benefit in some way from government spending as we all do, then perhaps it's no wonder.

Sound the alarm. Many people have doubts about the capitalistic system which, with all its shortcomings, made our country an economic powerhouse.

Now what?