They are rich because the United States rewards the entrepreneurial spirit. We have 621 billionaires, one-fourth of all the billionaires globally. There are now nearly 19 million millionaires in America, two-fifths of all the millionaires in the world. They are right about one thing: the rich are becoming richer. But these myths don’t stand up to scrutiny. Capitalism, they declare, is the apotheosis of all that is wrong with America. Capitalism is racist, misogynistic, dismissive of climate change. Capitalism is responsible for every economic disaster of the last 100 years, from the Great Depression to the Great Recession. Capitalism, they say, favors only the rich, never the poor. Many young people accept every myth about capitalism.
How can half of Americans between 18 and 29 favor socialism over capitalism? Because they do not know the first thing about capitalism, the economic system that has made them the most prosperous and privileged young people in the world.
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