You cannot just say such sweeping statements Some companies and services are necessary even when they lose money and therefore have to be propped up. Others aren’t and therefore shouldn’t be subsided. But you cannot just say that no company should be subsidised.
Yall are fuk'n bugn out lol yall are acting like we dont subsidize corporations today? Go to reddits unemployment page and hear from real people not ultra rich pricks like prager.
nattygsbord Do you have any evidence or even an anecdote? Or do you just expect people to agree because rich bankers are an easy target? 1. The rich in the United States are always fluctuating. If you look at the top 10 richest people, most were not born rich. Therefore I have to ask, why did those rich people plan for so many new people to get rich instead of themselves? There are also many rich people who lose their fortune from bad investments and high spending. 2. What tools do these rich people have to keep themselves rich and plan the economy? Bankers do reject many loan applications, but they are eager to loan money to someone they think will succeed and become rich. Their biggest tool is the government which they constantly lobby for subsidies and for laws that hurt their competitors more than themselves. 3. The economy consists of millions of individual voluntary transactions that are made every single day by ordinary people. Unless you can implement some form of force (using government), you won't have much control. Without government backing, your best course of action to get rich is to provide a better cheaper service so that many more people will voluntarily choose to buy your product/service instead of your competitors. Apple didn't get rich from stealing money. Every transaction was voluntary because people wanted an iPod/iPhone. Now that they are rich, they still can't force anyone to buy an iPhone instead of a Samsung, HTC, or an old flip phone. They still need to innovate or eventually go out of business... or ask for government help if they can't keep producing things we want to buy.
So in summary: The rich control the economy mostly through government... but it is really the rich and not government that is to blame. The unfortunate side effect of blaming "the rich" is that I will automatically become one of this evil and corrupt group as soon as I make over a certain threshold of money. I'd rather point to corrupt individuals and target them rather than blaming an entire economic class of people that is constantly fluctuating. If the problem is as widespread as you say it is, finding the individuals shouldn't be a problem. Then we can join together to fight against the corruption. Also, Apple is rich so there must be some way they exploited us. They did so by stealing technology and putting it on devices that millions of people wanted to buy... but they didn't contribute to society because they didn't pay enough taxes. Society would be better off if we didn't have nice mp3 players and smart phones because that isn't how you contribute to society. You contribute to society by paying more money to a government that doesn't produce anything. The government needs all the money it can get so that it can give out even more favors to the politically well connected. I am not saying Apple is a model company or beyond reproach. In fact, I am generally against Apple for many reasons, but if any person or company can produce something I want to buy, it doesn't make them evil because they get rich from the money I voluntarily give them. I would be happier if companies paid NO taxes so that everyone could have cheaper goods. On the flip side, I want a government that gives NO subsidies so that businesses will go out of business when they no longer provide something people want to buy. Anyway, I see that you are fairly entrenched in your belief system. I am not really trying to convince you one way or another. If you are ever in the mood to learn something new even if it goes against your currently held world-view I would recommend reading Free to Choose by Milton Friedman. Sorry for the long posts, have a great day!
I live in Denmark, and we have one of the lowest working morals in the world. You can live great without a job in Denmark, which removes the need to get a job. We have even reached a point where people were complaining that government cut the welfare even though that welfare recipients in some cases still got even more than people who had a job. So yes it does create an unhealthy society. It sound so great that we should help the people in need, but by doing to good a job we have made such a large part of our population dependent on the government that you only have to promise keep giving people stuff to get elected.
Preem Yes. It just pays people not to work. A good welfare net should incentivize people to work, like the Universal Basic Income - a govt payment high enough to make you scrape by. You don't lose the right to it if you work, so there is no large incentive to replace working with getting welfare.
Preem It subsidizes it but doesn't cause it. America has a small welfare state but boasts BOTH the hardest working population and the highest unemployed prime-working-age population. There is a small correlation internationally. But a large correlation between states. It's mostly culture.
Adam Kurowski Yes! And if there are no more ladders to climb, they can make new ladders and climb those. We must all dare to become creative again. It takes creativity to survive and thrive.
Jonathan SumAKAGoogleSearch-arma2oa the poverty line in the US is the highest in the world. You can have a house, a car, internet and cable and still be under the poverty line. Fact of the matter is, wealthy people are wealthy because they took risk. Either them or heir fathers before them. Most people don't like to leave their comfort zone and stay where they're at. Nobody else made you poor. There are plenty of examples of people going from rags to riches for it to be false.
He does use government subsidies, but the company Tesla makes a loss almost every quarter and above all hasn't made a yearly profit ever since it's existence.
that is the point he makes profit from other companies + subsidies to fund his failing companies that ARE TRYING TO SAVE THE WORLD FROM CLIMATE CHANGE AND OVERPOPULATION
That explains why his company Tesla is failing, can't solve the problems with its products, and hasn't ever made a profit. A great woman once said, "If you are too stupid to figure out simple things like how to make a profit in business, then you are too stupid to do anything more important as well. Humble yourself, go work for somebody who knows what they are doing, and learn from them, before you screw up everybody else's lives as much as you've screwed up your own."
AL: yes true and the buyers also get subsidies [up to $7,500] -- that is they TAKE your hard worked for earn income and give it to those that are wealthy enough and smart enough; of course there are all those that have jobs resulting from the Tesla...its complicated social situation
the jury is still out on Tesla, they are burning government grants and the cars sell at a loss; no one knows the future so we do not know yet if Tesla motors will be a success on its own accord; wish Elon and all success for all of America
marlin if you had half the brain that you pretend to have "comrade" you would know that slavery actually stifles the American economy slavery destroys incentive One has only to look at The poverty-stricken mountains of Appalachia some of those areas still haven't recovered from the lack of incentive from having no pay for your work in slavery days. As for imperialism in your watered down two dimensional attempt to America as just another empire is laughable The extension of American power to distant territories and initially hostile cultures never depended on military force alone. In the grueling struggle in the Philippines for instance the United States exceeded through generous policies during the occupation as much is through courage on the battlefield Max Boot describes US efforts in his book The Savage Wars of Peace "soldiers built schools ran sanitation campaigns, vaccinated people, collected customs duties, set up courts run by natives, supervised municipal elections and generally administered governmental functions efficiently and honestly. A Thousand idealistic young American civilians Journey to the Philippines to teach school in a precursor of the peace corps (an icon of American liberalism)" Manuel Quezon, Who became the first president of the independent commonwealth of the Philippines in 1935 once served as a major in the army fighting to resist the American forces during the Philippine American war and lamented the American kindness that undermine his insurrection against the Americans because so many of his people liked them. Quezon, openly saying in frustration at the time "damn the Americans! Why don't they tyrannize us more?!!!!!"
Joel HC but they are wrong here, America is not rich, it's trillions in debt, there are many countries with more total wealth because they managed and *regulated* their banks better.
Morru Qu'aan true, they just wanted to explain the sources of wealth and to point out examples. From these and info of recent markets history you can come up with the conclusion that USA hasn't followed the right track for a long time, not that Capitalism is wrong.
This is one of the best PragerU videos yet. The free market has done more to eliminate poverty, death, disease, and suffering more than every government redistribution program in history, combined. By global standards, America's poor is *upper* "middle class". It's absolutely *horrifying* that modern college students are actively protesting for *less* freedom, protesting *for* implementing speech codes and government-implemented socialism.. This generation thinks that the noble way to live is to essentially embrace the communist regimes that their grandparents fought to eliminate! American "higher education" means *nothing* anymore, and desperately needs to be reformed. Make American great again, and keep fighting the good fight!
There is a place for "regulation" -- the "Savings and Loan" disaster of the 1980's was a direct result of member banks of the Federal Reserve seeking to promote deregulation of elements of the banking industry. Savings and loans were required to clear their funds through the Federal Reserve system. In the 1980’s banking was benefiting from large data and could see the amount of the loans, the money that was not under their control. The artificial rise in the interest rate by increasing the overnight lending rate of the member banks of the Federal Reserve had a devastating impact on the Savings and loans. The bankers were able to have a fraction of their loans covered by actual assets of their institution, they were allowed to borrow from other “member” banks of the Federal Reserve to cover their asset requirements. The Savings and Loans did not have this ability, if they lent a dollar, they had to have a dollar in assets. These institutions issued “certificates of deposit” for long terms at rates that had been fairly stable and predictable. But their loans were made for 20 years at a set rate for home mortgages. Instantly the increase in the overnight lending rate increased rapidly even higher than 12%, the bankers had their money in shorter term certificates of deposit as well as the advantage of borrowing from the member banks to cover their percentage of assets required to keep the bank regulatory agencies appeased. The savings and loan industry was eliminated overnight. The bankers were the heroes who took o all these long-term loans at low interest rates, but quickly the overnight lending rate decreased so the bankers had gained a segment of the financial market that had escaped their grasp. This was a part of the beginning of the push to deregulate the banking industry, they had been forbidden to have multiple banks across state lines, strange holding companies in foreign companies began to own banks in different states, the sales of securities had been a separate industry, insurance, the list goes on. Banking wanted to have the ability to be a part of any movement of a dollar. This similar history can be told of the 2008 financial crises. The sub-prime lending rates (Who was making these loans? No one seems to ever talk about this? But the answer is out there.) Who was “forced” to take on the mess of “country wide”? I am not saying these are not cleaver takeovers but if the regulatory agencies would have had their eyes open, they could have seen these coming years before it happened. It was absolutely obvious to me and I don’t even watch these indicators any longer. A clear separation in aspects of the money supply in the USA would benefit from strict regulatory guidelines. Unless you are a member of the Federal Reserve system.
J. Gona the free market didn’t really do a ton to regulate death and poverty? Look back at late 1800s with no anti trust laws / activity. People made low wages and worked high hours. Nice try buddy ;)
Competition is one of the prime reasons a market economy works. As in nature, the more intelligent, the swifter , the stronger prosper and thrive. Those better able to adapt do well. A market economy does the same.
Tell that to your cat. I have been there five times, but don't feel like visiting a country with rude customs, an infrastructure in ruins, too many guns (bat shit crazy NRA), shiny corporate offices versus waisted neighborhoods a block away, failing healthcare, credit card culture (buying crap with no money), a politically embedded military culture that is gobbling up way too much budget, corruption within the political elite beyond belief, corrupt law enforcement, poor education, scam universities overcharging students. A country full of potential, but unfortunately sinking into poop thanks to corruption, greed and short sighted thinking.
My first investment with Mrs Anna gave me profit of over $24,000 us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known
Who's this professional everyone is talking about I always see her post on top comment on every RUclips video I watched I think I'm interested how can I get in touch with Mrs Anna
there is no free marcket in todays capitalism big companies just crush small businesses they completly tear the market and politics to their advantage. Adam smith would not say that we are leaving in a liberal economy
Cédric Sorry to say it but that is free market. Economic growth doesn’t happen by stepping aside and letting the little guy steal your costumers. Capitalism is great because of competition. If small companies want to become large they need to make something revolutionary. They need be able to compete with the big guys by making better products which makes the big guys make better products to be able to compete. That’s why capitalism brings with it so much technological advancement. Competition drives innovation in free market. If you can’t compete then you better innovate to be able to.
The reason small businesses get crushed is because it is so ridiculously expensive to run a business. The reason for this has to do with a lot of government involvement which makes it difficult to start a small business. In a lot of situations just to get licensing and approval can cost millions, which someone can't do if you aren't rich/have the backing of those who are. This causes a loop where the only companies that can survive are the ones that the system benefits, and it only benefits them because the government interferes with the economy.
@@kyloren7892 then less regulation is the answer, free market and less government regulation go hand in hand not the other way round. Government should get out of the way as much as possible.
The biggest drain on the economy is the unaccountable government bureaucracy. Redistributing other people’s hard earned money to feed power hungry bureaucrats. ✌🏼🇺🇸
Capitalism, sounds like the only and easiest reason to think about. There is still Government involvement to help them. I think the reason why America prospers because there is a government who is willing to provide infrastructure and military prowess to guard their property. If the government didn't build the Erie canal, would there be incentive for people to settle in the midwest? Without railways, would Chicago prosper? Without force eviction of Mexicans and Indians, would we ever settle the west? The reason why people prosper is because there is a government which is willing to aid competition and provide the right infrastructure to let people travel where ever they want to start new businesses. That is why we have a booming industrialisation period from 1830 right up to the civil war, because the government provided the infrastructure to transport people to places where they can make their ideas grow into reality.
The government didn't build the Erie canal. Taxpayers did, private and corporate. The government coordinated the building. But the blood, sweat, and tears were all private citizens' and private companies' subcontracted by the taxpayer with politicians taking the bow for writing the checks cashed from our accounts at the end. The government doesn't build anything in any significant sense of the word "build".
The Erie canal was administered by New York State Canal Corporation, a government corporation, and was built primarily by companies who had contracts from the government. Thus it is a government project and in most cases, engineers regard it as government built. Or else, I think Trump didn't build his Trump tower or Route 66 wasn't government built. However, I digress. The Free market wouldn't have funded such projects as it was expensive, time costly and doesn't bring much benefits monetarily wise. Only the business friendly government which intends to expand west will do these infrastructure works. The point of my comment was to address the common myth about capitalism being the sole reason why America prospers. There are always a few factors to building America as what it is today, and government is one of the major reasons.
If you actually listened to the whole video, you would have gotten the reasons. I was saying the same thing when I got around to half the video and then I waited. Patience is a virtue.
John Brogan - that's not the reason. Most economies are consumer based. The US was for a long, long time the world's biggest exporter of goods until recently replaced by China. The answer is long, historical and complicated and relates to geography, timing, some luck, hard work, war, and is also influenced by the character and attitudes of the migrants that left Europe for the new world. An interesting theory of why Americans are so entrepreneurial is actually a kind of genetic argument... Think about the type of people who were brave enough and willing to take the risk to leave Europe for a new life hundreds of years ago... amongst these people you would have thousands upon thousands of people willing to work hard to make their families lives better. People that wanted to chase opportunities in a free market society to make money. Then fast forward a few hundred years and these genes are more widespread in American society than anywhere else. I heard this argument not long ago and thought it was quite interesting anyway... this is obviously just one of many many factors that have made the US so unbelievably successful.
"An interesting theory of why Americans are so entrepreneurial is actually a kind of genetic argument... Think about the type of people who were brave enough and willing to take the risk to leave Europe for a new life hundreds of years ago... amongst these people you would have thousands upon thousands of people willing to work hard to make their families lives better. People that wanted to chase opportunities in a free market society to make money. Then fast forward a few hundred years and these genes are more widespread in American society than anywhere else." well, the same happened to all the "american continent" and not all the "american countries" are rich, or so entrepreneur as americans, but the other part of your comment was interesting, but of course it is more complex than just that, if you think well all countries export goods and services(maybe it's different if you count countries that exports commodities, but i think you can count that as a good maybe? wathever) the difference is the relation between how much people want that good, and how much are producing(there are more things like productivity and so on...), (supply and demand) if you produce something that a lot of people want really badly and not so much people produce it the way you do, you are going to make a lot of money until someone else do the same as you and then you will have to innovate(that's the reason why the richest civilizations are so much more innovative than the poorest ones, if they don't, they lose market and money) so if you link that to china and usa, you can figure out that these countries are the ones most inovative and that produce the goods and services that most people want and buy, i'm not talking about only electronics and cars or that kind of product, I'm talking about all kind of markets and products, chips for motherboards, cellphones, eletric components, plastic products, tvs, beds, machines for extracting minerals, machines for industries in general and so on and on... it's scary when you think about how much things you buy that was made by people from these two countries, and the thing is these two countries nowdays are in the group of countries with the greater economic freedom in the world with greater population that makes that country so much economically influent, of course it is not as simple as that either, but i can't make a book in an youtube comments section and that's the simpler i could make it.
Based on what is the USA the worlds most prosperous economy? It's not the fastest growing and doesn't have the highest GDP per capita. Sure you could measure the whole nations GDP but that doesn't sit right, as india and mexico are then more proserous than switzerland..
even if you use GDP per capita and measure it on a PPP (purcharsing power parity) level. The USA is the only substantially big country that is near the top. It is only beaten by smaller and typically natural resource rich nations like Qatar, Norway, Brunei, and other tiny city states. USA ranks no.1 or no.2 at total GDP and the only large nation that is so high up on the GDP per capita list. Therefore it is not wrong to call it the most prosperous economy.
I never really got how people would compare the entire united states to much smaller countries and say it's not great because it's not as successful or not as safe because they have successful gun bans; America is a huge country with a big population it's nowhere near as easy to regulate as those tiny EU countries, it's like saying it's as easy for a mother to take care of one kid as it is to take care of six kids (though if we're being accurate it would be more than that.).
On the other does America have the reserve currency, and when it negotiates trade deals it does offer a market of 300+ million people which gives a bit more bargening power than if Macedonia would try to make some global trade deals. And if social reforms would be too difficult at Federal level, America could just imitate European countries and do it at the state level instead. So having a big country got both advantages and disadvantages.
Why are you looking at GDP? Why not innovations, standard of living, available education options, medical advancements, etc? Even with all the hate directed at the US health care system people still fly in from other countries to have surgeries done here for the latest procedures and quality. Prospering doesn't refer to government revenues or GDP necessarily.
singularity_is_unstoppable And guess what? The highest paying Swedish jobs pay about $50,000 a year. The AVERAGE American job pays about $55,000 a year, and our highest pay goes up to $350,000+. If you don't open a business. If you do open a business though, America has the best business oppourtunies on Earth.
Hi, I also don't like TYT but I do like the Jimmy Dore Show. I agree with your point however it seems that the professor is pointing out that subsidies are anti free market but I want to hear him say that Exxon should not receive a handout from the government. I'm not for sure but I don't think he will.
America is rich because of our great military. If it wasn't for us winning all those wars and acquiring natural resources and land, we wouldn't be so rich
Yeah thats true. People shouldn't complain about government spending so much money in military, it is the main reason America is still alive today and it is the reason it is rich.
Progress takes hard work and creativity. Both mean leaving your comfort zone, something people generally don't like to do if they don't have to. Public sector folks don't have to, it's not like there's a competing government you have to worry about. Private sector folks don't have that luxury. If they don't move to improve their product, their competition will, so they have to. That's why free market economies thrive, while managed economies stagnate.
PragerU - your videos are amazing! I'm 66 and have wondered WHY WHY WHY so many things are messed-up that it seems (to me, anyway) should be easy to fix. Each time I watch one of your broadcasts, which goes into something I wonder, I come away with what I KNOW TO BE the correct answer / solution. This video was THE PERFECT EXAMPLE of why, every time the government interferes with things, those things go from bad to worse. I TRY TO IMAGINE what the government would be like if it were run by entrepreneurs - whose salary/bonus would be tied to them doing what they were hired to do...
Thank yo9u, Professor Burton Folsom and Praeger University. I would love to see this updated with more recent examples of government intervention, Ii.e., auto manufacturing, windmills and solar.
America's success can be summarized with this somewhat ironic statement. "the only thing you are not free to choose is whether or not you will be free" America was born as a radical seeming nation on the worlds stage based on conservative and libertarian ideals. It succeeded on the world's stage sure but not to it's full potential, till it entered the world wars anyway. It used it's martial might and economic leverage to force countries to embrace democracy, capitalism, and free trade, that would be centered in America. The strategy worked so well that it basically won a third world war by itself during the cold war, further expanding to the peak that America was at last year (though it'll recover by 2021).
The short answer is: genuine MERITOCRACY. The government does not, in general, employ the best people to perform the job while private companies , again not all the time but in general, hire the best people they can find to do the job. Having said that privatization of infrastructure and other public services is usually not beneficial to the wide public as often the quality of services is diminished and prices increased after a private company takes over.
The smartphone was conceived of and engineered by socialists... It was inspired by Star Trek's socialist Eutopian technology, and realised by trekkies.
I expected something like... 1. Scientific temperament of american people. 2.affordable higher education. 3. Respect for real talent. 4. Strong military. 5 no historical or geographical baggages. 6. Peaceful neighbours. 7. Vast natural resources. 8. A well thought out truly democratic constitution. 9.law abiding citizens monitored by efficient cops. But.... discussion here is socialism v communism v capitalism blah blah blah.
Quite correct. I see you are thohtful, so will recommend a 3 part documentary called “Commanding Heights” that covers this topic in-depth. I’ve also added a broader comment herein to expand on the problems with this simplistic presentation missing a very key issue on the protection of individual property rights. Please revisit the comments if you like. H
what I really want to know and this video and many others don't explain me is how was the US in the 1700's, 1800's...were you already a superpower? Did you have poverty? What kind of congressmen you had? Were people more educated in comparison with other "new" countries?
It's true in principle. However you also need infrastructure like roads that are used by all competitors. I supply of educated employees who were educated by the state. Rules and regulations that give consumers confidence that what they are buying won't poison or harm them. Also, trade treaties between countries so that products can be exported. Governments have also stimulated economic growth by funding research by millitary or scientific spending. Very few things in our modern complex world can be reduced to a simplistic truth. What is promoted here is a principle. The practice is more complex
Hum the country is rich but many of the American no. Go in Norway, Netherlands, Australia, Canada, Japan, Danemark, Switzerland, South Korea, Taiwan for the see a global rich population.
Wild Earth all those countries have a free market LMAO, and 9/10 Americans live above the world medium standard of living rate, if you’re poor in the US compared to the rest of the world you’re still doing extremely better off
@@hecke1959 Yes, USA helped a lot of countries after WWII. Notice that only two of them become economic powers - Germany and Japan. Both of them have low corruption and high work ethics. All I want to say is that the American aid after WWII is not the only reason some countries do well. It has been a long time after the war.
I thought it was because Christians were fleeing religious persecution in England, and God blessed the pilgrims endeavors to found a nation built on Christian principles.
america has a lot of money because it has a lot of people. when you compare gdp per capita, many "socialist" countries are almost as rich or even richer.
Lucian cahil America does have higher GDP per capita than most socialist countries. Do you really you can honestly tell people in Cuba and Venezuela that their average wealth is higher than ours?
Yourtube compared to its GDP percentage in debt not much, most of it is owed by domestic investors and it ranks better than other nations like the UK and Japan
Mr.Burton Folsom. i"m from India, your words say the indeed depth of economic revolution raised and spreaded over the oceans, and your analysys on that economy proves your knowledge strength ...days will change soon..
If we are such a prosperous nation, why does over half of america make 30,000 or less? Why should a person have to work 40 hours a week and still be in poverty? Why has profit always gone up [ overall since 1950 to 2010 ], but workers wages have stagnated and gone down since ~1972?
because of the extreme wealth inequality. America is rich for the rich. There over 46 million people in America that rely on food stamps. Its ridiculous. yes itis the 'richest' country (17 trillion $ debt ahum) however in a social way it is the poorest
ahhahaha, I live in Ukraine, and I earn about 200$/month, and it's quite okay. and you complain about "o gosh, I make less than 30k, I am so so much poor(((" you make me laugh))) You ctually proved that the USA is rich nation, if annual wage under 30k is considered low...
America had 300 years of free labor 1. That means the wealthy was able to take the porfit and invest in land , and business with out being taxed. 2. Americans don't pay taxes until 1915 , so money made that was not taxed was used for buying of other companies , investments , developments the nations roads , war machine tools . 3 Government subsides did help America become a superpower because it used slavery as the foundation of generate it's first wealth management . I don't know what this guy is taking about.
Sirius HD yea but guess what if I had 40 bucks and you had 80 you asked for 20 to make 100 I could loan it to you because you already have more than me and can indefinitely pay me back that's called power people wouldn't loan the u.s. if they didn't think they would get it back
Basic economics will teach wealth is determined by GDP. Which is why we are rich. Not because of our debt. Actually terrifies me that so many people commented this same comment as you. School systems are failing us. This video is a historic break down as to why our GDP is as high as it is today
I think when it really comes down to it, it's geographical positioning. Started from beating the British (that too, partly thanks to geograqphical positioning) America sits alone, as far as possible from any would-be competition. This has given America many luxurious opportunities throughout history. The opportunity to profiteer from all the other countries blowing each other to bits at various points in time was the kick-starter to the superpower we know today. It enabled America to fund it's now unrivalled military, which it now uses to "liberate" sandy countries with lots of oil. And then the other choices in this video also apply.
I don`t think that`s true. The place where USA is, have people before the times pilgrim came to America. And the native american achieve nothing with these land. So i think what this video says is all true.
+Adz I've seen them do it. The government really knows how to make money. They were running off $20 bills the day I was at the mint. Every pallet had a million dollars on it.
David Darling You should see some of the shit-shacks people live in in Appalachia. The biggest differences is they have a laptop, aren't starving, but trust me, they're still poor by North American/European standards. How bad would it need to be for you to personally consider their quality of life to be not good?
It would be hard growing up in poverty. What is considered poverty in the US by dollar amounts could be considered middle class in many places even Europe. Remember the poor in the US do get Healthcare, housing,food. I disagree that they are poor compared to European standards. IT's a misconception. mises.org/blog/poor-us-are-richer-middle-class-much-europe Now when I traveled to India and the Philipines, that is true poverty.
David Darling We have people deciding between paying for their medication or their rent. Yes, there are poor Americans. Just because they're not as poor as Indians that scavenge for scraps by the train tracks doesn't mean they're not poor. I've seen crap-holes like that too, but we expect it there.
VitalStatistiX government and the federal reserve. The medium income of the US is still fine. The government doesn't know how to spend or make money just like the video explained.
Giulio Mastino 9/10 Americans live above the world medium standard of living rate, if you’re poor in the US compared to the rest of the world you’re still doing extremely better off, and if you don’t have a baby while not financially fit and finish high school you have a 75% chance of becoming middle class
Some Edgy Account Nope they do not If we compare Iceland middle class or Switzerland middle class. Usa they are basically rich people. By world standards. Iceland and Switzerland poor people are doing way better than USA middle class. If we compare this on world level.
Where the poor people in USA grew up? Open your eyes and read statistics properly. America is a mixture of cultures, some do better that others. Just remember, that there are still plenty of people coming to USA with their broken English and no qualification doing better than some Americans.
The US may be #1 GDP, but the US has also become more socialist by the day in terms of expanding government. Hence the ridiculous debt that the parasitic government bureaucracy refuses to address. Aside from the spending issues that could be helped, we have a military budget that is more than 10 times what most European countries spend. We would be outstretched simply by defending our own interests, but to top it all off we have defend the failed countries of the European Union. It's sad. The same socialist policies that cripple the EU countries will probably consume the US as well. Perhaps our grandchildren will live in the next dark age.
Richest in numbers yes, but not per capita. Per capita, the US is 7th, almost half of number 1. Sure, you have the most money, but what does it matter if most people have nothing anyway?
The debt isn't because we're not rich. It's because of wasteful spending and forcing our jobs through heavy taxes to leave the country and do their business in other countries. America is still very rich; it has the highest GDP in the world, and is among the best GDP per capita in the world. Just because we're very wasteful with the amount of money our country generates doesn't mean we are not rich.
JaxfirebusIsBack1 The stupid federal government is what's in debt, not us, did you not pay attention? All our businesses are privately owned. No business owner is responsible to the governments debt. Blame the socialists like sanders for the us debt problem.
Good video but I would like to tie this into education since I've seen a number of PragurU videos that advocated for free market education. The entrepreneurs you give as examples as to why private enterprise succeeds are merely a handful of people who succeeded. MANY entrepreneurs FAILED! And the main reason they failed? ...lack of education. Sure they have the desire to start a business and chase that money train. But because free market education dictates that unless you are rich, you can't get the education needed to know how to succeed. And what happens when you get only the wealth receiving good education? They use that education to manipulate the poor uneducated. ...its better to keep your workers in the dark so that they don't know how to get more. Feed them lies and propaganda. And then the incentive to be inventive and innovate is gone. The system reverts back to a crony capitalist aristocratic system. Capitalism is great. But it does not self maintain. Capitalism breeds Aristocracy - That is just the nature of humans. You might want to start making videos on how to maintain capitalism. Because the communists tend to advocate for violent wealth redistribution. I'll give you a hint. Don't have free market education. Worker bee education is for the communists. Capitalism needs an educated populace that knows how to think for themselves and resistant to propaganda. Worker bee education is for the communists.
ALL alternatives to capitalism breed aristocracy and income disparity even more severely. The USSR, China, N. Korea, Cuba, Venezuela, all the results of communist/socialist revolutions in Africa, have all bred an oligarchy at the top that are well connected with the government and their lifestyles are indistinguishable from an aristocracy in a capitalistic nation. The only difference is that the capitalists base their philosophy on voluntary exchange while the communist/socialists base their philosophy on centralized state coercion. To be sure, crony capitalism is a bad thing. But don't throw the baby out with the bathwater. Communism/socialism are always similar to, but worse than, institutionalized crony capitalism once it plays out.
Europe had all of these things. The reasons were : 1. Due to World War II destruction of Europe. 2. Petrodollar system which forces middle eastern oil rich countries to sell oil in USD thereby ensuring the USD remains a global trade currency. 3. Fractional reserve banking systems which enabled them to turn the whole population into debt slaves. 4. By occupying most of the post-colonial weak countries through military bases
The United is not the only country that had slavery. (Middle East countries) (Brazil) Plus the United States started getting rich AFTER slavery and was abolished so slaves didn’t even do anything to contribute.
A Christian country ? you mean a Jew country ! The US hates Palestina and Christianity comes from Palestina. You believe in God, but God don't believe in America.Trump is the antichrist !!! Do you really believe in God ? Then you believe in the invisible man and in magicians too, God let his own son nailed to the cross, Which God or father allows something like that ?
We think God blessed this nation because it's people were somehow more righteous than any other nation. The sins of this nation, and the continued sins against humanity, dispel this notion. America became a rich and powerful nation for God's use and not for our imagined greatness. God used America to spread the Gospel throughout the world in spite of it's horrid behavior. Today we have become the world's greatest danger. Why? Well, we have lost our desire to grow spiritually through integrity for God's purpose, we have betrayed the poor, cast out the foreigner and abandoned our sense of justice -- as flawed as it was. We now focus on becoming rich and living easy lives at the expense of others by not providing equal access to healthcare, housing and nutrition. We love to hate abortionists but refuse to take care of the child when it is born. We tax the poor and the worker many times more than the rich and have created an oligarchy that influences the creation of laws that oppresses it's citizens. We continue in our hypocrisy, that Jesus called out continuously, and have hardened our hearts to each other. Not even the Israelites were left to continue in it's life style of such double-mindedness. But God handed them over to a delusion that put scoundrels into leadership positions that continued the oppression and hypocrisy. No. America was not found on Christanity. It was found on capitalism, which we worship today and has turned predatory. Corporate America has come to roost at its original tree branch and will devour us as it did other nations. How can a Christian support destruction and then claim to know God?
Many founding fathers also said that Native Americans are not humans and blacks as per constitution are just 3/5th of humans , so avoid cherry picking of quotes US is rich not because of righteousness but because loot , imperialism and genocide. India was the richest civilization for 1700 years till the British took over. And America is not going to be this rich for long. 100 years is nothing.
The US became the biggest economy through WW1 and WW2 and cut off the gold standard, and it has been the base currency of the world. Now it controls the oil supplies in the middle-east. Not saying private entrepreneurs are bad, but this is highly skewed by not mentioning important reasons why the US is rich
Since when does a large debt = corrupt? Much of the debt is caused by welfare and other government subsidies which are meant to help the poor and benefit the country. However the government is inefficient at almost everything and shouldn't be doing anything more than what was outlined in the U.S. Constitution, which is why many people advocate for limited government.
Government should not prop up ineffective companies. Let them sink.
@Thillie Twickeywabbit no GM should have gone bankrupt.
2020 and the government just did the same crap again
You cannot just say such sweeping statements
Some companies and services are necessary even when they lose money and therefore have to be propped up. Others aren’t and therefore shouldn’t be subsided. But you cannot just say that no company should be subsidised.
That's so wrong. We humans created by the same Allah should help each other
yes! then Ford would be America’s only auto producer!
Politicians don't have an entrepreneur's mind. This is why SpaceX did what NASA could never achieve.
Eric Decamps NASA could do a lot when they were privately owned, then the government bought NASA and it started failing.
Spacex is massively subsidized
TRUE!!!
I wish I could buy a share of NASA so that they can do more in Space studies and exploration to learn more about the Universe for the good of mankind!
not always true, ISO is a government agency, but still, it has the highest launching rate from last 2years among all space agencies in the world.
*2.1 thousand angry communists and socialists*
2.5k now
Led by Pelosi, Schumer, Nadler, The Squad, Leftist governors, and other deeps state swamp monsters.
Still 2.5k
Yall are fuk'n bugn out lol yall are acting like we dont subsidize corporations today? Go to reddits unemployment page and hear from real people not ultra rich pricks like prager.
Damn Hitl*r lover
Beautiful free market capitalism
nattygsbord then it isn't socialism
WooWooWooWoo!!!
nattygsbord
Do you have any evidence or even an anecdote? Or do you just expect people to agree because rich bankers are an easy target?
1. The rich in the United States are always fluctuating. If you look at the top 10 richest people, most were not born rich. Therefore I have to ask, why did those rich people plan for so many new people to get rich instead of themselves? There are also many rich people who lose their fortune from bad investments and high spending.
2. What tools do these rich people have to keep themselves rich and plan the economy? Bankers do reject many loan applications, but they are eager to loan money to someone they think will succeed and become rich. Their biggest tool is the government which they constantly lobby for subsidies and for laws that hurt their competitors more than themselves.
3. The economy consists of millions of individual voluntary transactions that are made every single day by ordinary people. Unless you can implement some form of force (using government), you won't have much control. Without government backing, your best course of action to get rich is to provide a better cheaper service so that many more people will voluntarily choose to buy your product/service instead of your competitors. Apple didn't get rich from stealing money. Every transaction was voluntary because people wanted an iPod/iPhone. Now that they are rich, they still can't force anyone to buy an iPhone instead of a Samsung, HTC, or an old flip phone. They still need to innovate or eventually go out of business... or ask for government help if they can't keep producing things we want to buy.
So in summary: The rich control the economy mostly through government... but it is really the rich and not government that is to blame.
The unfortunate side effect of blaming "the rich" is that I will automatically become one of this evil and corrupt group as soon as I make over a certain threshold of money. I'd rather point to corrupt individuals and target them rather than blaming an entire economic class of people that is constantly fluctuating. If the problem is as widespread as you say it is, finding the individuals shouldn't be a problem. Then we can join together to fight against the corruption.
Also, Apple is rich so there must be some way they exploited us. They did so by stealing technology and putting it on devices that millions of people wanted to buy... but they didn't contribute to society because they didn't pay enough taxes. Society would be better off if we didn't have nice mp3 players and smart phones because that isn't how you contribute to society. You contribute to society by paying more money to a government that doesn't produce anything. The government needs all the money it can get so that it can give out even more favors to the politically well connected.
I am not saying Apple is a model company or beyond reproach. In fact, I am generally against Apple for many reasons, but if any person or company can produce something I want to buy, it doesn't make them evil because they get rich from the money I voluntarily give them. I would be happier if companies paid NO taxes so that everyone could have cheaper goods. On the flip side, I want a government that gives NO subsidies so that businesses will go out of business when they no longer provide something people want to buy.
Anyway, I see that you are fairly entrenched in your belief system. I am not really trying to convince you one way or another. If you are ever in the mood to learn something new even if it goes against your currently held world-view I would recommend reading Free to Choose by Milton Friedman. Sorry for the long posts, have a great day!
thats why government should be smaller :)
And one more reason: People who are good at politics don't understand anything but politics.
You’re saying the us government is smart when they thought they’d get away with 9/11 having no proof of an inside job? Please.
This video honestly kills socialism without even mentioning it.
no?
It doesn't
Sweden: Am i a joke to you?
@@DigitalNoomad Sweden is not Socialist.
@@zwiebelface185 what is it then?
Now the question is, does the welfare state subsidize degeneracy in the population?
No
The bailouts of the worthless banking elite says yes
I live in Denmark, and we have one of the lowest working morals in the world.
You can live great without a job in Denmark, which removes the need to get a job.
We have even reached a point where people were complaining that government cut the welfare even though that welfare recipients in some cases still got even more than people who had a job.
So yes it does create an unhealthy society.
It sound so great that we should help the people in need, but by doing to good a job we have made such a large part of our population dependent on the government that you only have to promise keep giving people stuff to get elected.
Preem Yes. It just pays people not to work. A good welfare net should incentivize people to work, like the Universal Basic Income - a govt payment high enough to make you scrape by. You don't lose the right to it if you work, so there is no large incentive to replace working with getting welfare.
Preem It subsidizes it but doesn't cause it. America has a small welfare state but boasts BOTH the hardest working population and the highest unemployed prime-working-age population.
There is a small correlation internationally. But a large correlation between states.
It's mostly culture.
some are rich ,but most of us are not.
It's always like that, resources are and always will be scarce in nature. The important bit is that people can climb up the ladder
most of us are... we take it for granted and think we aren't because we compare outselves to those richer than us, rather than those poorer
Adam Kurowski Yes! And if there are no more ladders to climb, they can make new ladders and climb those. We must all dare to become creative again. It takes creativity to survive and thrive.
Jonathan SumAKAGoogleSearch-arma2oa the poverty line in the US is the highest in the world. You can have a house, a car, internet and cable and still be under the poverty line. Fact of the matter is, wealthy people are wealthy because they took risk. Either them or heir fathers before them. Most people don't like to leave their comfort zone and stay where they're at. Nobody else made you poor. There are plenty of examples of people going from rags to riches for it to be false.
Jonathan SumAKAGoogleSearch-arma2oa Most likely you earn more than 10K a year, so yes, you are rich in comparison.
Now it is the other way around now the business men own the government..
ELON MUSK USES GOVERNMENT SUBSIDIES!
*runs away*
He does use government subsidies, but the company Tesla makes a loss almost every quarter and above all hasn't made a yearly profit ever since it's existence.
that is the point he makes profit from other companies + subsidies to fund his failing companies that ARE TRYING TO SAVE THE WORLD FROM CLIMATE CHANGE AND OVERPOPULATION
That explains why his company Tesla is failing, can't solve the problems with its products, and hasn't ever made a profit. A great woman once said, "If you are too stupid to figure out simple things like how to make a profit in business, then you are too stupid to do anything more important as well. Humble yourself, go work for somebody who knows what they are doing, and learn from them, before you screw up everybody else's lives as much as you've screwed up your own."
AL: yes true and the buyers also get subsidies [up to $7,500] -- that is they TAKE your hard worked for earn income and give it to those that are wealthy enough and smart enough; of course there are all those that have jobs resulting from the Tesla...its complicated social situation
the jury is still out on Tesla, they are burning government grants and the cars sell at a loss; no one knows the future so we do not know yet if Tesla motors will be a success on its own accord; wish Elon and all success for all of America
Thanks to great capitalism #maga
marlin lol ur funny
marlin if you had half the brain that you pretend to have "comrade" you would know that slavery actually stifles the American economy slavery destroys incentive One has only to look at The poverty-stricken mountains of Appalachia some of those areas still haven't recovered from the lack of incentive from having no pay for your work in slavery days. As for imperialism in your watered down two dimensional attempt to America as just another empire is laughable The extension of American power to distant territories and initially hostile cultures never depended on military force alone. In the grueling struggle in the Philippines for instance the United States exceeded through generous policies during the occupation as much is through courage on the battlefield Max Boot describes US efforts in his book The Savage Wars of Peace "soldiers built schools ran sanitation campaigns, vaccinated people, collected customs duties, set up courts run by natives, supervised municipal elections and generally administered governmental functions efficiently and honestly. A Thousand idealistic young American civilians Journey to the Philippines to teach school in a precursor of the peace corps (an icon of American liberalism)" Manuel Quezon, Who became the first president of the independent commonwealth of the Philippines in 1935 once served as a major in the army fighting to resist the American forces during the Philippine American war and lamented the American kindness that undermine his insurrection against the Americans because so many of his people liked them. Quezon, openly saying in frustration at the time "damn the Americans! Why don't they tyrannize us more?!!!!!"
i was joking but ok
trump's economic plan is not free market at all
+ ari maki
Trump is on record saying he is against free market economy, you dumb shit!
Walk into any DMV and you know why you don't want govt to be creating jobs....
Evan Chan Excellent Logic
That my friend is a great example! Cheers!
i dont disagree but can you explain and elaborate please?
This is kind of like buzz feed but for the right.
This is for the right, BuzzFeed is for the wrong.
Joel HC but they are wrong here, America is not rich, it's trillions in debt, there are many countries with more total wealth because they managed and *regulated* their banks better.
Morru Qu'aan true, they just wanted to explain the sources of wealth and to point out examples. From these and info of recent markets history you can come up with the conclusion that USA hasn't followed the right track for a long time, not that Capitalism is wrong.
well, they haven't been following proper capitalism, its full of cronyism and that's causing a lot of problems.
NO, Prager U is not racist and they provide you with actual facts to back up their stories, plus look at their like/dislike ratio ...
Capitalism would like to know your location
The reason is : MILITARY POWER AND ME
Hey, military power, you and ME TOO!!!
This is one of the best PragerU videos yet. The free market has done more to eliminate poverty, death, disease, and suffering more than every government redistribution program in history, combined. By global standards, America's poor is *upper* "middle class". It's absolutely *horrifying* that modern college students are actively protesting for *less* freedom, protesting *for* implementing speech codes and government-implemented socialism.. This generation thinks that the noble way to live is to essentially embrace the communist regimes that their grandparents fought to eliminate! American "higher education" means *nothing* anymore, and desperately needs to be reformed. Make American great again, and keep fighting the good fight!
(Not saying that it ever has been anything but great, but it could use improvement these days)!
J. Gona.... Where did you go to college ? ..lol
There is a place for "regulation" -- the "Savings and Loan" disaster of the 1980's was a direct result of member banks of the Federal Reserve seeking to promote deregulation of elements of the banking industry. Savings and loans were required to clear their funds through the Federal Reserve system. In the 1980’s banking was benefiting from large data and could see the amount of the loans, the money that was not under their control. The artificial rise in the interest rate by increasing the overnight lending rate of the member banks of the Federal Reserve had a devastating impact on the Savings and loans. The bankers were able to have a fraction of their loans covered by actual assets of their institution, they were allowed to borrow from other “member” banks of the Federal Reserve to cover their asset requirements. The Savings and Loans did not have this ability, if they lent a dollar, they had to have a dollar in assets. These institutions issued “certificates of deposit” for long terms at rates that had been fairly stable and predictable. But their loans were made for 20 years at a set rate for home mortgages. Instantly the increase in the overnight lending rate increased rapidly even higher than 12%, the bankers had their money in shorter term certificates of deposit as well as the advantage of borrowing from the member banks to cover their percentage of assets required to keep the bank regulatory agencies appeased. The savings and loan industry was eliminated overnight. The bankers were the heroes who took o all these long-term loans at low interest rates, but quickly the overnight lending rate decreased so the bankers had gained a segment of the financial market that had escaped their grasp. This was a part of the beginning of the push to deregulate the banking industry, they had been forbidden to have multiple banks across state lines, strange holding companies in foreign companies began to own banks in different states, the sales of securities had been a separate industry, insurance, the list goes on. Banking wanted to have the ability to be a part of any movement of a dollar. This similar history can be told of the 2008 financial crises. The sub-prime lending rates (Who was making these loans? No one seems to ever talk about this? But the answer is out there.) Who was “forced” to take on the mess of “country wide”? I am not saying these are not cleaver takeovers but if the regulatory agencies would have had their eyes open, they could have seen these coming years before it happened. It was absolutely obvious to me and I don’t even watch these indicators any longer. A clear separation in aspects of the money supply in the USA would benefit from strict regulatory guidelines. Unless you are a member of the Federal Reserve system.
J. Gona the free market didn’t really do a ton to regulate death and poverty? Look back at late 1800s with no anti trust laws / activity. People made low wages and worked high hours. Nice try buddy ;)
@@CaptiveReefSystems Agree.
Not a word about FED (Federal Reserve System). Really?
Alexis Lysenko it’s theirs baby
next time---that is a topic too big to be part of another video.
@@lucasirnaten5098 prager u wanted to get rid of ss and fed idiot
The fed reserve impacts your personal life, how?
If the fed didn't exist we would be 100 times more wealthy
Competition is one of the prime reasons a market economy works. As in nature, the more intelligent, the swifter , the stronger prosper and thrive. Those better able to adapt do well. A market economy does the same.
The saying goes the Freer the Market the Freer the People
This is the quickest I've gotten to a prageru vid
Tell that to your cat. I have been there five times, but don't feel like visiting a country with rude customs, an infrastructure in ruins, too many guns (bat shit crazy NRA), shiny corporate offices versus waisted neighborhoods a block away, failing healthcare, credit card culture (buying crap with no money), a politically embedded military culture that is gobbling up way too much budget, corruption within the political elite beyond belief, corrupt law enforcement, poor education, scam universities overcharging students. A country full of potential, but unfortunately sinking into poop thanks to corruption, greed and short sighted thinking.
Damn, I know I'm a year late, but go off Chief
This comment is very relevant in my current timeline
Mrs Anna is legit and her method works like magic I keep on earning every single week with her new strategy
My first investment with Mrs Anna gave me profit of over $24,000 us dollars and ever since then she has never failed to deliver and I can even say she's the most sincere broker I have known
Who's this professional everyone is talking about I always see her post on top comment on every RUclips video I watched
I think I'm interested how can I get in touch with Mrs Anna
I lost $1200 carelessly trading on a platform then I was referred to expert Mrs Anna she recovered the loss and made an extra profit of $4600
You can reach her via WhatsApp.👇
Oh sure ±➀➄➀➇➂➀⓪➁➁➁➂🇺🇸
there is no free marcket in todays capitalism big companies just crush small businesses they completly tear the market and politics to their advantage. Adam smith would not say that we are leaving in a liberal economy
Cédric Sorry to say it but that is free market. Economic growth doesn’t happen by stepping aside and letting the little guy steal your costumers. Capitalism is great because of competition. If small companies want to become large they need to make something revolutionary. They need be able to compete with the big guys by making better products which makes the big guys make better products to be able to compete. That’s why capitalism brings with it so much technological advancement. Competition drives innovation in free market. If you can’t compete then you better innovate to be able to.
The reason small businesses get crushed is because it is so ridiculously expensive to run a business. The reason for this has to do with a lot of government involvement which makes it difficult to start a small business. In a lot of situations just to get licensing and approval can cost millions, which someone can't do if you aren't rich/have the backing of those who are. This causes a loop where the only companies that can survive are the ones that the system benefits, and it only benefits them because the government interferes with the economy.
@@kyloren7892 then less regulation is the answer, free market and less government regulation go hand in hand not the other way round.
Government should get out of the way as much as possible.
The simplest answer is also the hardest (any question can be handled on its own)
The biggest drain on the economy is the unaccountable government bureaucracy. Redistributing other people’s hard earned money to feed power hungry bureaucrats. ✌🏼🇺🇸
As an American I think Canada and the United Kingdom should become just as rich
Yeah but they aren’t
Canada is mostly wasteland, and the UK is as big as Michigan
This is the kind of videos Prager U should make not right wing propaganda.
Capitalism
Wait a minute.Prosperity is at odds with equality.No wonder progressives are opposed to the very notion.
Capitalism, sounds like the only and easiest reason to think about. There is still Government involvement to help them. I think the reason why America prospers because there is a government who is willing to provide infrastructure and military prowess to guard their property. If the government didn't build the Erie canal, would there be incentive for people to settle in the midwest? Without railways, would Chicago prosper? Without force eviction of Mexicans and Indians, would we ever settle the west?
The reason why people prosper is because there is a government which is willing to aid competition and provide the right infrastructure to let people travel where ever they want to start new businesses. That is why we have a booming industrialisation period from 1830 right up to the civil war, because the government provided the infrastructure to transport people to places where they can make their ideas grow into reality.
Capitalism is the natural state of the world, which is why it works. The natural state of the world is also evil....
The government didn't build the Erie canal. Taxpayers did, private and corporate. The government coordinated the building. But the blood, sweat, and tears were all private citizens' and private companies' subcontracted by the taxpayer with politicians taking the bow for writing the checks cashed from our accounts at the end. The government doesn't build anything in any significant sense of the word "build".
The Erie canal was administered by New York State Canal Corporation, a government corporation, and was built primarily by companies who had contracts from the government. Thus it is a government project and in most cases, engineers regard it as government built. Or else, I think Trump didn't build his Trump tower or Route 66 wasn't government built. However, I digress.
The Free market wouldn't have funded such projects as it was expensive, time costly and doesn't bring much benefits monetarily wise. Only the business friendly government which intends to expand west will do these infrastructure works.
The point of my comment was to address the common myth about capitalism being the sole reason why America prospers. There are always a few factors to building America as what it is today, and government is one of the major reasons.
1.130 communists dislikes, so far.
I want free market for Brazil !
We are two!!!
Tamo Junto!
ENEPEPE Rafa me too , my dream
Fazer o Brasil grande de novo!!!!
Victims of color revolution brainwash.
Pienso que este profesor es muy inteligente !! Gracias por este vídeo tan informativo !! Un saludos
you only say the outcome but not the reasons. this video is completely uneducational
Free Market Capitalism.
If you actually listened to the whole video, you would have gotten the reasons. I was saying the same thing when I got around to half the video and then I waited. Patience is a virtue.
yes it did say the reasons at 4:32-5:10-5:30
INCENTIVE.
Because we have a debt based economy
Right! You are reach with debts.
Dont worry Money is just an illusion .
karan verma it’s what keeps the word moving!!! Also America has the brains and that goes a long way!!!
John Brogan - that's not the reason. Most economies are consumer based. The US was for a long, long time the world's biggest exporter of goods until recently replaced by China. The answer is long, historical and complicated and relates to geography, timing, some luck, hard work, war, and is also influenced by the character and attitudes of the migrants that left Europe for the new world.
An interesting theory of why Americans are so entrepreneurial is actually a kind of genetic argument... Think about the type of people who were brave enough and willing to take the risk to leave Europe for a new life hundreds of years ago... amongst these people you would have thousands upon thousands of people willing to work hard to make their families lives better. People that wanted to chase opportunities in a free market society to make money. Then fast forward a few hundred years and these genes are more widespread in American society than anywhere else. I heard this argument not long ago and thought it was quite interesting anyway... this is obviously just one of many many factors that have made the US so unbelievably successful.
"An interesting theory of why Americans are so entrepreneurial is actually a kind of genetic argument... Think about the type of people who were brave enough and willing to take the risk to leave Europe for a new life hundreds of years ago... amongst these people you would have thousands upon thousands of people willing to work hard to make their families lives better. People that wanted to chase opportunities in a free market society to make money. Then fast forward a few hundred years and these genes are more widespread in American society than anywhere else." well, the same happened to all the "american continent" and not all the "american countries" are rich, or so entrepreneur as americans, but the other part of your comment was interesting, but of course it is more complex than just that, if you think well all countries export goods and services(maybe it's different if you count countries that exports commodities, but i think you can count that as a good maybe? wathever) the difference is the relation between how much people want that good, and how much are producing(there are more things like productivity and so on...), (supply and demand) if you produce something that a lot of people want really badly and not so much people produce it the way you do, you are going to make a lot of money until someone else do the same as you and then you will have to innovate(that's the reason why the richest civilizations are so much more innovative than the poorest ones, if they don't, they lose market and money) so if you link that to china and usa, you can figure out that these countries are the ones most inovative and that produce the goods and services that most people want and buy, i'm not talking about only electronics and cars or that kind of product, I'm talking about all kind of markets and products, chips for motherboards, cellphones, eletric components, plastic products, tvs, beds, machines for extracting minerals, machines for industries in general and so on and on... it's scary when you think about how much things you buy that was made by people from these two countries, and the thing is these two countries nowdays are in the group of countries with the greater economic freedom in the world with greater population that makes that country so much economically influent, of course it is not as simple as that either, but i can't make a book in an youtube comments section and that's the simpler i could make it.
Why is America so rich?and
Why are many Americans so poor?
Because they dont want to work
This explains the great service I received from USPS and the DMV, thank you!
Based on what is the USA the worlds most prosperous economy?
It's not the fastest growing and doesn't have the highest GDP per capita. Sure you could measure the whole nations GDP but that doesn't sit right, as india and mexico are then more proserous than switzerland..
even if you use GDP per capita and measure it on a PPP (purcharsing power parity) level. The USA is the only substantially big country that is near the top. It is only beaten by smaller and typically natural resource rich nations like Qatar, Norway, Brunei, and other tiny city states. USA ranks no.1 or no.2 at total GDP and the only large nation that is so high up on the GDP per capita list. Therefore it is not wrong to call it the most prosperous economy.
I never really got how people would compare the entire united states to much smaller countries and say it's not great because it's not as successful or not as safe because they have successful gun bans; America is a huge country with a big population it's nowhere near as easy to regulate as those tiny EU countries, it's like saying it's as easy for a mother to take care of one kid as it is to take care of six kids (though if we're being accurate it would be more than that.).
On the other does America have the reserve currency, and when it negotiates trade deals it does offer a market of 300+ million people which gives a bit more bargening power than if Macedonia would try to make some global trade deals. And if social reforms would be too difficult at Federal level, America could just imitate European countries and do it at the state level instead.
So having a big country got both advantages and disadvantages.
Why are you looking at GDP? Why not innovations, standard of living, available education options, medical advancements, etc? Even with all the hate directed at the US health care system people still fly in from other countries to have surgeries done here for the latest procedures and quality. Prospering doesn't refer to government revenues or GDP necessarily.
singularity_is_unstoppable
And guess what? The highest paying Swedish jobs pay about $50,000 a year. The AVERAGE American job pays about $55,000 a year, and our highest pay goes up to $350,000+. If you don't open a business. If you do open a business though, America has the best business oppourtunies on Earth.
The primary reason American is wealthy is because of our vast natural resources. Virtually untouched until the 1700s.
Why are subsidies still given to companies like Exxon? Thank You
Good question.
Because politicians want to sit on Exxon's board and make millions of dollars after they quit working in government.
Hi, I also don't like TYT but I do like the Jimmy Dore Show. I agree with your point however it seems that the professor is pointing out that subsidies are anti free market but I want to hear him say that Exxon should not receive a handout from the government. I'm not for sure but I don't think he will.
Exxon buys politicians.
to keep gas prices low
America is rich because of our great military. If it wasn't for us winning all those wars and acquiring natural resources and land, we wouldn't be so rich
Yea . That's true
Yeah thats true. People shouldn't complain about government spending so much money in military, it is the main reason America is still alive today and it is the reason it is rich.
Plundering oil you mean
Progress takes hard work and creativity. Both mean leaving your comfort zone, something people generally don't like to do if they don't have to. Public sector folks don't have to, it's not like there's a competing government you have to worry about. Private sector folks don't have that luxury. If they don't move to improve their product, their competition will, so they have to. That's why free market economies thrive, while managed economies stagnate.
Even the pilgrims tried socialism first. When it failed they resorted to incentives, which succeeded.
PragerU - your videos are amazing! I'm 66 and have wondered WHY WHY WHY so many things are messed-up that it seems (to me, anyway) should be easy to fix. Each time I watch one of your broadcasts, which goes into something I wonder, I come away with what I KNOW TO BE the correct answer / solution.
This video was THE PERFECT EXAMPLE of why, every time the government interferes with things, those things go from bad to worse.
I TRY TO IMAGINE what the government would be like if it were run by entrepreneurs - whose salary/bonus would be tied to them doing what they were hired to do...
Thank yo9u, Professor Burton Folsom and Praeger University. I would love to see this updated with more recent examples of government intervention, Ii.e., auto manufacturing, windmills and solar.
America's success can be summarized with this somewhat ironic statement.
"the only thing you are not free to choose is whether or not you will be free"
America was born as a radical seeming nation on the worlds stage based on conservative and libertarian ideals. It succeeded on the world's stage sure but not to it's full potential, till it entered the world wars anyway. It used it's martial might and economic leverage to force countries to embrace democracy, capitalism, and free trade, that would be centered in America. The strategy worked so well that it basically won a third world war by itself during the cold war, further expanding to the peak that America was at last year (though it'll recover by 2021).
That's because entrepreneurs work hard, if they fail, they work harder.
The short answer is: genuine MERITOCRACY. The government does not, in general, employ the best people to perform the job while private companies , again not all the time but in general, hire the best people they can find to do the job. Having said that privatization of infrastructure and other public services is usually not beneficial to the wide public as often the quality of services is diminished and prices increased after a private company takes over.
Absolutely
God Bless America✨
Let he who promotes socialism cast the first smartphone.
Touch screen, GPS technologies are all Defense Department research programs.
Is Sputnik good enough?
What about the entire soviet space program?
The smartphone was conceived of and engineered by socialists... It was inspired by Star Trek's socialist Eutopian technology, and realised by trekkies.
"It's the INCENTIVE and the PROTOTYPE and RESEARCH and DEVELOPMENT"
And yet capitalists didn't provide any of those.
I expected something like... 1. Scientific temperament of american people. 2.affordable higher education. 3. Respect for real talent. 4. Strong military. 5 no historical or geographical baggages. 6. Peaceful neighbours. 7. Vast natural resources. 8. A well thought out truly democratic constitution. 9.law abiding citizens monitored by efficient cops. But.... discussion here is socialism v communism v capitalism blah blah blah.
Quite correct. I see you are thohtful, so will recommend a 3 part documentary called “Commanding Heights” that covers this topic in-depth.
I’ve also added a broader comment herein to expand on the problems with this simplistic presentation missing a very key issue on the protection of individual property rights.
Please revisit the comments if you like.
H
THESE are in your DREAMS ? About America?
Really peaceful neighbors?
So, do you mean that the key is on privatize everything?
Education, health care, and security should be under government. Business should be given to private enterprise.
@@oscarchute5702
Not education.
@@cydra-evolution5623 yeah maybe not education
3:58 sounds like my cell phone provider...
what I really want to know and this video and many others don't explain me is how was the US in the 1700's, 1800's...were you already a superpower? Did you have poverty? What kind of congressmen you had? Were people more educated in comparison with other "new" countries?
It's true in principle. However you also need infrastructure like roads that are used by all competitors. I supply of educated employees who were educated by the state. Rules and regulations that give consumers confidence that what they are buying won't poison or harm them. Also, trade treaties between countries so that products can be exported. Governments have also stimulated economic growth by funding research by millitary or scientific spending. Very few things in our modern complex world can be reduced to a simplistic truth. What is promoted here is a principle. The practice is more complex
Hum the country is rich but many of the American no.
Go in Norway, Netherlands, Australia, Canada, Japan, Danemark, Switzerland, South Korea, Taiwan for the see a global rich population.
But the most billionaires in the world come from from USA
N USA produces bilionairs a very day tho
You just mentioned all the nation's the United States help build up.Do you not know what Marshall plan was ,look it up.
Wild Earth all those countries have a free market LMAO, and 9/10 Americans live above the world medium standard of living rate, if you’re poor in the US compared to the rest of the world you’re still doing extremely better off
Actually the US has a higher GDP per capita than Canada, Australia, South Korea, Japan. You’re wrong on most of these.
@@hecke1959 Yes, USA helped a lot of countries after WWII. Notice that only two of them become economic powers - Germany and Japan. Both of them have low corruption and high work ethics.
All I want to say is that the American aid after WWII is not the only reason some countries do well. It has been a long time after the war.
Young people nowadays confuse corporatism with capitalism knowing smaller and medium business create the most jobs .
Surrounded by weak neighbours and fish helps too
Ok bismark
Having freedom also helps
China and India alone contributed to 60% of world gdp till 1600s. They are reclaiming that quickly
America didn't exist in the 1600s....
The chinese government is putting roadblocks on its own prosperity as it reinins it own people.
GDP didnt exist back in 1600
China is by far the best but the way
India is performing seems the nation would take 40-50 years more
I thought it was because Christians were fleeing religious persecution in England, and God blessed the pilgrims endeavors to found a nation built on Christian principles.
😅 Not sure if you're being real or sarcastic!
america has a lot of money because it has a lot of people. when you compare gdp per capita, many "socialist" countries are almost as rich or even richer.
So that makes China the wealthiest country in the world. Besides the fact that they all work in factories making 2 cents per hour.
Simon Khorolskiy china's gdp per capita is much lower than usa. It's PPP Gdp is larger.
Lucian cahil America does have higher GDP per capita than most socialist countries. Do you really you can honestly tell people in Cuba and Venezuela that their average wealth is higher than ours?
The average person in the US has more property and money than the average person in Venezuela. Look at how bad it is there.
Yourtube compared to its GDP percentage in debt not much, most of it is owed by domestic investors and it ranks better than other nations like the UK and Japan
ransacking Europe, West Africa, and South East Asia sure helped a lot too.
Mr.Burton Folsom. i"m from India, your words say the indeed depth of economic revolution raised and spreaded over the oceans, and your analysys on that economy proves your knowledge strength ...days will change soon..
If we are such a prosperous nation, why does over half of america make 30,000 or less?
Why should a person have to work 40 hours a week and still be in poverty?
Why has profit always gone up [ overall since 1950 to 2010 ], but workers wages have stagnated and gone down since ~1972?
You ask the real questions.
because of the extreme wealth inequality. America is rich for the rich. There over 46 million people in America that rely on food stamps. Its ridiculous. yes itis the 'richest' country (17 trillion $ debt ahum) however in a social way it is the poorest
What the hell 30k a year in most countries is middle class...
Patrick Roybal Depending on where you live in America 30k per year is sufficient. Not so much if you have children.
ahhahaha, I live in Ukraine, and I earn about 200$/month, and it's quite okay. and you complain about "o gosh, I make less than 30k, I am so so much poor(((" you make me laugh))) You ctually proved that the USA is rich nation, if annual wage under 30k is considered low...
"But it's a lesson we have to learn every generation"
I don't believe that's the point. I've already learned it, but the decision is not in my hands.
America had 300 years of free labor 1. That means the wealthy was able to take the porfit and invest in land , and business with out being taxed. 2. Americans don't pay taxes until 1915 , so money made that was not taxed was used for buying of other companies , investments , developments the nations roads , war machine tools . 3 Government subsides did help America become a superpower because it used slavery as the foundation of generate it's first wealth management . I don't know what this guy is taking about.
,,Rich'' the Us has 20 Trillion debts
Sirius HD there are still 10Tn dollars missing.
Sirius HD yea but guess what if I had 40 bucks and you had 80 you asked for 20 to make 100 I could loan it to you because you already have more than me and can indefinitely pay me back that's called power people wouldn't loan the u.s. if they didn't think they would get it back
Basic economics will teach wealth is determined by GDP. Which is why we are rich. Not because of our debt. Actually terrifies me that so many people commented this same comment as you. School systems are failing us. This video is a historic break down as to why our GDP is as high as it is today
Granted, corps take billions on tax exemptions and foreign financial heavens...
1. In global economics debt doesnt mean youre broke.
2. We are a debtor nation.. our economy functions on debt.
Simple, because we are not a socialist nation . Talking to you AOC
I think when it really comes down to it, it's geographical positioning. Started from beating the British (that too, partly thanks to geograqphical positioning) America sits alone, as far as possible from any would-be competition. This has given America many luxurious opportunities throughout history. The opportunity to profiteer from all the other countries blowing each other to bits at various points in time was the kick-starter to the superpower we know today. It enabled America to fund it's now unrivalled military, which it now uses to "liberate" sandy countries with lots of oil.
And then the other choices in this video also apply.
I don`t think that`s true. The place where USA is, have people before the times pilgrim came to America. And the native american achieve nothing with these land. So i think what this video says is all true.
We're not really rich. We have 20Trillion in debt
GDP.
Go to a bank and try to borrow 20 trillion. Come back and tell us how that worked out for you.
the government can print more money out :)
+Adz I've seen them do it. The government really knows how to make money. They were running off $20 bills the day I was at the mint. Every pallet had a million dollars on it.
You can print so much money you will need a pallet to go to the corner store. I don't think you want to do that.
Why do they pay the most for so many things? Why does such a rich country have so many poor people? Why is a rich country $20,000,000,000,000 in debt?
Poor in the US is not like poor in most countries.
Because the government sucks.
David Darling
You should see some of the shit-shacks people live in in Appalachia.
The biggest differences is they have a laptop, aren't starving, but trust me, they're still poor by North American/European standards.
How bad would it need to be for you to personally consider their quality of life to be not good?
It would be hard growing up in poverty. What is considered poverty in the US by dollar amounts could be considered middle class in many places even Europe. Remember the poor in the US do get Healthcare, housing,food. I disagree that they are poor compared to European standards. IT's a misconception. mises.org/blog/poor-us-are-richer-middle-class-much-europe
Now when I traveled to India and the Philipines, that is true poverty.
David Darling
We have people deciding between paying for their medication or their rent.
Yes, there are poor Americans.
Just because they're not as poor as Indians that scavenge for scraps by the train tracks doesn't mean they're not poor.
I've seen crap-holes like that too, but we expect it there.
Why is America so rich? Cause we kick ass in everything we do, baby!!! Whooooooooo
Why is America in a retarted amount of debt and why are an overwhelming amount of americans in debt? "rich" kek
Government happened. #MakeAmericaRichAgain
Lol have fun with Toll highways and roads at every turn kek. I hear trump is looking at privatized infrastructure now.... a bit too much :)?
VitalStatistiX government and the federal reserve. The medium income of the US is still fine. The government doesn't know how to spend or make money just like the video explained.
You guys need to drop F-35 first and foremost. That thing is going nowhere.
VitalStatistiX
You can ask Bush Jr and Obama about it.
Why does America have homeless people?😶
Cause drugs r bad mmk
Here it is in 4 words: 1. Genocide, 2. Enslavement, 3. Colonialism and 4. Debt.
The most prosperous economy in the world isnt the USA,
Singapore
Switzerland
Qatar are way on the top of the list
A jole
A debt growing every second by the millions
We still have subsidies today and regulations. In most things we should get rid of subsidies.
A rich country with one of the highest percentage of poor among the developed countries. That is the contradiction.
Giulio Mastino 9/10 Americans live above the world medium standard of living rate, if you’re poor in the US compared to the rest of the world you’re still doing extremely better off, and if you don’t have a baby while not financially fit and finish high school you have a 75% chance of becoming middle class
Some Edgy Account
Nope they do not
If we compare
Iceland middle class or Switzerland middle class.
Usa they are basically rich people.
By world standards.
Iceland and Switzerland poor people are doing way better than USA middle class.
If we compare this on world level.
Where the poor people in USA grew up? Open your eyes and read statistics properly. America is a mixture of cultures, some do better that others.
Just remember, that there are still plenty of people coming to USA with their broken English and no qualification doing better than some Americans.
@@valdius85 broken english??? Here in europe, we consider american english as broken English.
@@ritwikreddy5670 hahaha. Yes, I've noticed that when I was living in UK :)
richest?.......ok then ,every country must have 17 trillion national debt !!! Go rich :)))))))))))))
#1 GDP of any other nation on this Earth.... no one even comes close to us.
The US may be #1 GDP, but the US has also become more socialist by the day in terms of expanding government. Hence the ridiculous debt that the parasitic government bureaucracy refuses to address.
Aside from the spending issues that could be helped, we have a military budget that is more than 10 times what most European countries spend. We would be outstretched simply by defending our own interests, but to top it all off we have defend the failed countries of the European Union.
It's sad. The same socialist policies that cripple the EU countries will probably consume the US as well. Perhaps our grandchildren will live in the next dark age.
Richest in numbers yes, but not per capita.
Per capita, the US is 7th, almost half of number 1.
Sure, you have the most money, but what does it matter if most people have nothing anyway?
Thomas most people have nothing? Right thats why people are able to get very nice homes, good healthcare, luxury items and so on.
Yourtube the fact that you have no counter arguement really makes you look stupid.
Iam from India but I love United States of America very much
Incentive. Drives. All. Economic. Prosperity. Fact! 😏
Rich? We're several trillion dollars in debt! (i mean yeah we got it better than places like... Africa i guess... but still.)
The debt isn't because we're not rich. It's because of wasteful spending and forcing our jobs through heavy taxes to leave the country and do their business in other countries. America is still very rich; it has the highest GDP in the world, and is among the best GDP per capita in the world. Just because we're very wasteful with the amount of money our country generates doesn't mean we are not rich.
JaxfirebusIsBack1 The stupid federal government is what's in debt, not us, did you not pay attention? All our businesses are privately owned. No business owner is responsible to the governments debt. Blame the socialists like sanders for the us debt problem.
***** Your blind if you think over time the government hasn't severely separated itself from the people and the states.
Only in wars for Israel under Bush, the US spent/got in debt 5 trillion.
Israel is for sure your greatest ally. XD
JaxfirebusIsBack1 in debt to who? God?
Salute to USA. Long live this country and the Republic it represents.
China, also need to learn its own lessons. Thanks for this video as we are all so similar disregarding we live in different zone.
If you boil it down it's because we control so much land and have a small population. Always comes down to this.
325.7 million isnt a small population
4th largest population is small? ok then
We want easy lives but easy life makes us lazy. Funny
Answer: stealing oil 👌
Kick the government out and the country becomes prosperous 😂😂
A problem is monopoly and pressure of big companies against smaller businesses
Good video but I would like to tie this into education since I've seen a number of PragurU videos that advocated for free market education.
The entrepreneurs you give as examples as to why private enterprise succeeds are merely a handful of people who succeeded. MANY entrepreneurs FAILED!
And the main reason they failed? ...lack of education.
Sure they have the desire to start a business and chase that money train. But because free market education dictates that unless you are rich, you can't get the education needed to know how to succeed.
And what happens when you get only the wealth receiving good education? They use that education to manipulate the poor uneducated. ...its better to keep your workers in the dark so that they don't know how to get more. Feed them lies and propaganda.
And then the incentive to be inventive and innovate is gone. The system reverts back to a crony capitalist aristocratic system.
Capitalism is great. But it does not self maintain.
Capitalism breeds Aristocracy - That is just the nature of humans.
You might want to start making videos on how to maintain capitalism. Because the communists tend to advocate for violent wealth redistribution.
I'll give you a hint. Don't have free market education. Worker bee education is for the communists.
Capitalism needs an educated populace that knows how to think for themselves and resistant to propaganda. Worker bee education is for the communists.
ALL alternatives to capitalism breed aristocracy and income disparity even more severely. The USSR, China, N. Korea, Cuba, Venezuela, all the results of communist/socialist revolutions in Africa, have all bred an oligarchy at the top that are well connected with the government and their lifestyles are indistinguishable from an aristocracy in a capitalistic nation. The only difference is that the capitalists base their philosophy on voluntary exchange while the communist/socialists base their philosophy on centralized state coercion. To be sure, crony capitalism is a bad thing. But don't throw the baby out with the bathwater. Communism/socialism are always similar to, but worse than, institutionalized crony capitalism once it plays out.
...a bunch of thieves!
Europe had all of these things. The reasons were :
1. Due to World War II destruction of Europe.
2. Petrodollar system which forces middle eastern oil rich countries to sell oil in USD thereby ensuring the USD remains a global trade currency.
3. Fractional reserve banking systems which enabled them to turn the whole population into debt slaves.
4. By occupying most of the post-colonial weak countries through military bases
From slavery and colonization and war. But Nobody wants to talk about that because it’s dark. .
The United is not the only country that had slavery. (Middle East countries) (Brazil) Plus the United States started getting rich AFTER slavery and was abolished so slaves didn’t even do anything to contribute.
@@tjohnson2139 Oh great!. And you so believe in that because??
Why is America so rich? Republican Ideas (Free Enterprise). How could we loose our wealth? Democrat/socialist ideas (green new deal).
Vanderbilt made "the big money" from being a war profiteer...not for providing "good service."
0:09 Hey I live in Folsom CA!
God made America a Christian nation, otherwise it never could have been one. --D. James Kennedy
+Belike Water
in my research I've come to think that's a presumptive lie, often pushed by anti-theists.
God made , don't make me laugh most of your predecessor are British and they took away this lands by forse from original inhabitants.
A Christian country ? you mean a Jew country ! The US hates Palestina and Christianity comes from Palestina. You believe in God, but God don't believe in America.Trump is the antichrist !!! Do you really believe in God ? Then you believe in the invisible man and in magicians too, God let his own son nailed to the cross, Which God or father allows something like that ?
We think God blessed this nation because it's people were somehow more righteous than any other nation. The sins of this nation, and the continued sins against humanity, dispel this notion. America became a rich and powerful nation for God's use and not for our imagined greatness. God used America to spread the Gospel throughout the world in spite of it's horrid behavior. Today we have become the world's greatest danger. Why? Well, we have lost our desire to grow spiritually through integrity for God's purpose, we have betrayed the poor, cast out the foreigner and abandoned our sense of justice -- as flawed as it was. We now focus on becoming rich and living easy lives at the expense of others by not providing equal access to healthcare, housing and nutrition. We love to hate abortionists but refuse to take care of the child when it is born. We tax the poor and the worker many times more than the rich and have created an oligarchy that influences the creation of laws that oppresses it's citizens. We continue in our hypocrisy, that Jesus called out continuously, and have hardened our hearts to each other. Not even the Israelites were left to continue in it's life style of such double-mindedness. But God handed them over to a delusion that put scoundrels into leadership positions that continued the oppression and hypocrisy. No. America was not found on Christanity. It was found on capitalism, which we worship today and has turned predatory. Corporate America has come to roost at its original tree branch and will devour us as it did other nations. How can a Christian support destruction and then claim to know God?
Many founding fathers also said that Native Americans are not humans and blacks as per constitution are just 3/5th of humans , so avoid cherry picking of quotes
US is rich not because of righteousness but because loot , imperialism and genocide.
India was the richest civilization for 1700 years till the British took over. And America is not going to be this rich for long. 100 years is nothing.
The US became the biggest economy through WW1 and WW2 and cut off the gold standard, and it has been the base currency of the world. Now it controls the oil supplies in the middle-east.
Not saying private entrepreneurs are bad, but this is highly skewed by not mentioning important reasons why the US is rich
5:30: "prosperidade econômica vem do livre empreendimento, e não de subsídios do Governo"!!!
Exato
meme
DO NOT SUBSCRIBE OR YOU WILL BE HACKED ?????)(???????
the 20 trillion dollar debt was caused by government spending, which he was advocating against
Since when does a large debt = corrupt? Much of the debt is caused by welfare and other government subsidies which are meant to help the poor and benefit the country. However the government is inefficient at almost everything and shouldn't be doing anything more than what was outlined in the U.S. Constitution, which is why many people advocate for limited government.
DAHypersonix1617 true
im gonna delete this comment then
DAHypersonix1617 or rewrite it
Astor did not give them, what they want. The workers gave them what they wanted.
Astor owned the company and earned money from other peoples labour.
But if they were workers they would have been paid some
100 years, so who was richest for the MOST years leading upto that?
The failures were incompetent thats all.