AMA 152 - The Problem with Socialism with Dr. Thomas DiLorenzo, Loyola University Maryland Sellinger School of Business, Ludwig Von Mises Institute

Dr. Thomas DiLorenzo is a Professor of Economics at Loyola University Maryland Sellinger School of Business, a Senior Fellow at Mises Institute, a columnist for Lew Rockwell and author of the new book, The Problem with Socialism. He joins Jason to discuss the problems Socialism creates for the poor and shares examples of how Socialism has failed other countries around the globe. Key Takeaways: [1:55] What is the problem with Socialism? [5:58] Breaking down the scheme of demonizing a class and the belief that taxing the rich will save an economy. [10:28] The truth about Sweden is when they moved towards Socialism there were no new jobs created for 55 years. [12:42] Examples of how welfare programs harm the poor by creating a vicious cycle of dependency. [15:43] How does Socialism cause pollution? [19:07] Raising the minimum wage was designed to support higher wage union workers. [23:40] Big corporations have always been behind creating regulations as a way to create monopoly power. Website Mentioned: The Problem with Socialism www.lewrockwell.com