One of the greatest examples of the farce that is socialist economic theory was France under the latest reign of its Parti Socialiste (no translation needed). Their solution to the country’s rampant unemployment was to ram through a law that limited the amount of hours any one individual could work to 35; the theory being everyone would have a job and numbers would therefore reflect full employment. Of course, limiting hours limited production and economic stagnation ensued. The law was quickly repealed.
The government-induced “spread the wealth around” mentality – through higher corporate taxes, personal income taxes, taxes on dividends, taxes on capital gains, limits on growth, out-of-control regulation – results in economic ruin for all. The end result is on display for all to see, and incredibly, some still don’t get it, as riots ensue over necessary austerity measures. If there’s no money left, what do they believe is gained from Molotov cocktails, overturned cars, and most horrific, murdered bankers? While no pleasure should be gleaned from what Greece is going through (or the entire euro zone, for that matter), the timing couldn’t be better for this country, and the debates we’ve recently engaged. Greece’s embarrassment is doing more for limited government and supply-side arguments than any Friedman-loving, Reagan-worshipping conservative could ever dream.