Fruits of socialism
Capitalism made the United States the economic powerhouse of the twentieth century, but our government’s anti-American socialist agenda is killing the economy. Some of the harmful effects to our economy from socialism are evident in malignant trade agreements, illegal immigration, subprime mortgages, and the oil supply.
Manufacturing provides the majority of wealth for the nation. In the last 20 years, we have been shipping high-paying manufacturing jobs offshore via malignant trade agreements such as NAFTA and WTO. China has been a major beneficiary, but the American worker has seen a lower standard of living and reduced purchasing power. The harm to the American worker is evident in the automotive, steel, and electronic industries.
Illegal immigration has caused immense damage to the nation’s economic health. One estimate calculates the cost of welfare benefits and fraud at one trillion dollars per year. Instead of investing your hard-earned money, you are supporting illegal aliens.
The sub-prime mortgage crisis was created by our government threatening to sue mortgage companies for discrimination unless they provided mortgages to illegal aliens. These less-creditworthy borrowers were joined by speculators because of the easy credit terms. We now have an economic mess with defaulting borrowers and bankrupt finance companies.
Lastly, socialists in our government have been restricting the drilling and refining of oil in the United States for years. This socialist initiative has artificially increased the cost of oil and food products (through the manufacture of bio-fuels). Tom Panik Bethlehem, Pennsylvania