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How Joe Biden and Progressive Left are Proactively Pushing to Destroy Capitalism

Los demócratas quieren asesinar el capitalismo

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Previously they were more subtle, but they no longer hide it. They gradually increased taxes to finance “progressive” policies, but they did not openly proactively speak against capitalism, private wealth, meritocracy, the incentive system, and success. Their rhetoric changed drastically, so did the phenotypes of their representatives seem to have been infected by the ugliness of resentment. They look hunched, aged, and worn out, sniffing the deposits of other people’s money to plunder it and “share it with the people”. This Democratic Party does not even have the essence of the one led by the Kennedy’s, now it is just a digitized and colored copy of the Bolshevik Party’s progressivism.

What is happening is really worrying. The United States used to boast of being the country of freedoms and wealth, now, suddenly it seems that being rich and free is harmful to the mental health of half of the population; a couple of decades ago the political debates in this great nation were about how to make the capitalist system more efficient, the application of the Laffer Curve to achieve better tax collection and greater economic growth.

Today, everything has changed; freedoms have been restricted in favor of a system of quotas and segregation promoted by the Democratic Party, which has also radicalized its discourse not only in cultural and historical matters but also in the economic section.

Capitalism - Joe Biden - El American
Joe Biden. EFE

Far from debating how to make better use of the advantages of capitalism, the progressives have broken the Overton Window on a couple of occasions, and now socialism—the same political system that has ruined, condemned to misery and murdered millions of people—is part of the agenda of the blue party and has become popular in the minds of thousands of young university students, partly because of ignorance, and partly also because of the manipulation of which they are victims by theoretical professors -those who have never created wealth and only know how to repeat what they have read in their ideologized books- and leftist politicians. 

The latest big scandal has been the proposal of Democratic Senator Ron Wyden, who serves as chairman of the Finance Committee; the member of the Upper House from the state of Oregon proposed and defended an “unrealized capital gains tax”, meaning that the senator deems it convenient to tax American citizens for gains that have not yet been liquidated.

For example, suppose you buy shares of Tesla, Elon Musk’s company, today and the company’s stock soars by 40%, you will automatically have to pay the State for that increase, even if you have not liquidated those shares; meaning that, if after that increase the stock falls, even below the price at which you bought it, you will not only lose part of your investment, but you will also have a tax liability to the IRS. Under such conditions, what person would dare to put their capital at risk? Worse yet, how will the large companies that have kept the United States at the technological, military, cultural and scientific forefront, be financed? 

Wyden’s proposal, which by the way was also seconded by the Secretary of the Treasury, Yanet Yellen, would shoot the capitalist system that has made the United States the world’s leading power in the head and would murder the country’s economy in cold blood, which would surely degenerate in the short term into greater poverty and totalitarian measures on the part of the Government to maintain power in the face of the uncertainty of a shattered economy.

U.S. President Joe Biden (right) with U.S. Secretary of the Treasury Janet Yellen (2-L) during the plenary session at the G20 Summit in Rome, Italy, 30 October 2021. EFE

It is truly unlikely, almost impossible for a proposal as radical as this one to be approved in the short term in the country, however, this does not make it any less worrying, since the American’s opinion in ideological, political and economic terms has been degenerating rapidly in the last decades. 

It is terrifying to think that what until a few years ago we saw as something impossible in the United States has become a reality: the return of racism, of segregation quotas, of the fascist cancellation culture, and the praise of congressmen and part of the civil society to a collectivist and illiberal system such as socialism; all this is something that surely nobody would have imagined 20 years ago and today it has become a reality. Unfortunately, the same could happen with the unrealized capital gains tax, the global tax on corporations, and other radical proposals that the Democratic Party has pushed in order to capture weak votes, those that are easily bought with a thousand-dollar check or a gift from the State.

Taking from some to give to others has never been a successful formula to end poverty; the reason for this is that human beings are quite complex individuals who acquire skills and consumption habits throughout their lives that allow them to get rich or go broke. A person with no education, no basic understanding of finance, no job skills and no intention of getting ahead cannot be equated with its opposite, and what ends up happening when you take from the producer to give to the unproductive, is that the incentives of those who produce are eliminated and the resources of society begin quickly to disappear until the spoils are gone and there is no more to share.

The Democrats seem to be in a process of reformulating traditional Marxism, in which they do not intend for the state to own all the means of production, but for all the means of production to work for the state (the entrepreneur produces, but the profits go to the Government), thus gradually building a society of slaves. If Americans do not wake up, unfortunately, progressives will end up killing capitalism and with it the opportunities, wealth and liberties of each one of those who are part of this great nation.

Emmanuel Rincón is a lawyer, writer, novelist and essayist. He has won several international literary awards. He is Editor-at-large at El American // Emmanuel Rincón es abogado, escritor, novelista y ensayista. Ganador de diversos premios literarios internacionales. Es editor-at-large en El American

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