Commentary: With President Biden's proposed programs on Infrastructure and Families, Republicans are calling them socialism ideas that will move us toward communist countries like Cuba or Venezuela. That is not true. Capitalism does a good job of providing goods and services like automobiles, groceries, electronics, banking, repairs, haircuts, and clothing. But there are certain collective needs that the private sector has little incentive to provide—such as public education, roads and bridges, broadband access in rural areas, mass transportation, childcare, police, retraining programs, and basic research. To have a successful society, we need both.
We have a mixed capitalism /socialism economy. However, during the last 40 years we have reduced funding for collective needs--creating greater inequality. Most other developed countries like Western Europe, Canada and Australia have done a much better job in quality education of everyone, access to affordable health care and providing resources for the less fortunate—like the homeless. These policies have not adversely affected the productivity of the private sector or its ability to provide good paying jobs—it has actually enhanced job creation.
We spend 60% of our discretionary federal budget on defense—much more than any other country--including our enemies. Time to take care of our citizens, rather than policing the world. Another desperate need is a tax system where everyone pays their fair share—like we did back in the 60’s and 70’s. The Biden plan will move us back to a more prosperous economy for everyone.