From: theodysseyonline.com Mar 20, 2017 By William Dean
Socialism is a system that removes motivation from the economy.
One of the biggest problems with it in my opinion is that socialism is a system without reward. There is no point or reason to be innovative. In capitalism there are incentives to prosper and do better which play a large role in the free market. Another issue is socialism requires bureaucracy, which will grow, and as the government grows, it will become more centralized, more distant from the people and in the end more tyrannical. A third issue with socialism is the high tax rates. The tax rates are adjusted to people’s income. which on the surface may look okay, if someone has less money they should give less, and someone who has more should give more, however, this is by no means fair. As I stated above it is not fair for some one with more education and a more skillful career to make the same as a high school student working as a waiter. This is part of the reason socialism takes out the innovation of the economy. Why would some one work extra hard and make the same as anyone else? If some one were to work harder and longer they would end up being taxed more and that is quite discouraging. A fourth issue is socialism tends to create a victim outlook. By this I mean that it looks to blame the rich for poverty, but in reality entrepreneurs are the blood of the economy. They risk a lot, and if they do well, they will likely end up creating jobs for people, which support the economy. Poverty stricken people cannot hire people and therefore do not stimulate the economy.