Obama: Capitalism is a theory that never worked.
Reality: America which has existed for roughly 220 years has been built into a super economic power from literally nothing. Was this done by government planing, or free market capitalism? Lets look at some proportions. For the first 125 years of America’s existence total government spending was on average about 2% of total GDP. Then from 1916 up to WW2 it was about 3 – 5 %. Its only in the last 65 years that total government spending has averaged about 20% of GDP. Leaving aside , whether government has been a benefit or a cost, as a measure of total percentage of GDP, government involvement as the proportion of total activity has been insignificant.
Obama: American’s like Capitalism because it fits on a bumper sticker. American’s distrust for government is rooted in our DNA. He said these things not me.
Reality: Majority of people have no idea why they like capitalism, but they come here none the less because this is where life is better. This country was founded by people who distrust government, and many of the people came here as immigrants where fleeing from other oppressive governments. It should be no surprise that they passed on this knowledge to future generations.
Here is some visual aid.
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