Free Markets Under Attack From The Left : Socialists Democrats

It seems the new mantra among the progressive socialist left Democrats is the free market doesn't work and must be abandoned for more government intervention and therefore more control.

The fact that the results of government control that Obama has brought to the table in the last three years has caused only chaos to the financial markets and the country as a whole. It is true, Wall Street banks have had a hand in the economic problems, but it is the direct intervention of government into the operation of the financial markets that is the problem. As a result, unemployment at record levels, 9% reported and 18% unreported, and minimal GDP growth levels that are proving industry has no idea of what to do next and won't make a move until they have some confidence that government won't take everything they have.

All this uncertainly bodes poorly for all of us. The free market has served us well for the last 235 years but now, according to the socialists and communist among us, it must be changed to reflect a more even playing field. That is we have to take the profits away from those that are paying the bills now and give it to those that lack the intelligence to get it for themselves. See this as the very bases for the Occupy Wall Street(OWS) riots.

As this article points out, everyone has benefited from the free market, it's just that to the progressive left socialists believe it's just not 'fair' that so few have so much and the rest of the working poor and middle class has to do with less. This is classic socialist ideology that was used all through Europe during the last century. Class warfare.

Make no mistake, this is the main trust of the OWS mob actions in New York and other major cities going on right now which are supported by the Obama administration and Democrats at all levels. Divide the people along economic lines causing hate for those that have worked for what they have with the result of the destruction of the America dream. Obama's "fundamentally Changing America" agenda.

The Material Well-Being of the Poor and the Middle Class since 1980
Source: Bruce D. Meyer and James X. Sullivan, "The Material Well-Being of the Poor and the Middle Class since 1980," American Enterprise Institute, October 25, 2011.

The U.S. economy has grown considerably over the past three decades, yet there is a prevailing sentiment that the middle class and the poor have been left behind. Much of this sentiment stems from official measures, such as median household income, which paint a bleak picture of the well-being of these two groups.

However, this dominant thought regarding socioeconomic class gaps is flawed in several ways, among them that people and policymakers alike tend to pour over the wrong metrics to make these kinds of judgments.

When these figures are adjusted, it becomes clear that the poor and middle classes are far better off than popular sentiment would have us believe, say Bruce D. Meyer of the University of Chicago and James X. Sullivan of the University of Notre Dame.

First, a more comprehensive measure to include non-standard forms of income is necessary to encapsulate gains that the poor and middle classes have made in recent years.

Second, the metric for inflation that is commonly used in these calculations inherently understates the material wealth of the non-rich.

Finally, income cannot be the only figure that is scrutinized when assessing how well-off a given person is -- solid examination should include average consumption, as this is often a superior measure of economic prosperity over time.

Upon including these amendments to otherwise-standard measures, results are obtained that create a thoroughly more optimistic image of middle class wealth.Median post-tax income has increased, as has consumption. A factor that is often ignored, physical amenities have improved in quality and increased in quantity amongst the middle class as well. This includes larger homes, greater usage of air conditioning and personal clothing dryers, and more valuable automobiles.

These same results also hold true for the poor (in this case measured to be the lowest 10 percent in income). Median income and average consumption have increased amongst the poor, and their access to physical assets such as those described above has also improved. This has culminated in a decrease in the poverty rate, though official statistics would suggest otherwise.