“You are entitled to your opinion. But you are not entitled to your own facts.”
― Daniel Patrick Moynihan
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Life is all about perspective
At the time of this writing, we do not know the results of the various elections across the United States on Tuesday, November 4th. Such is the challenge of publishing a weekly periodical that goes out every Wednesday at 4:15 AM Pacific / 7:15 AM Eastern. Nevertheless, as I write this column, I can’t help but feel uneasy because this election feels very different from most others. The United States is at a critical intersection of two different paths with predictable outcomes.
Capitalism vs. Socialism
In New York City, Zohran Mamdani, a self-described democratic socialist, who won the Democratic primary, is the odds-on favorite for the 2025 mayoral election. While in Minnesota’s largest city, Minneapolis, there is a declared socialist candidate running for mayor. Omar Fateh, a Minnesota state senator, also describes himself as a democratic socialist.
In these two major cities, socialism is being touted as a fairer system, and nothing could be further from the truth. Like fentanyl, socialism is being deceptively marketed to our youth as something compassionate and harmless – when in reality, both can quietly destroy independence, resilience, and entire communities.
Put simply and without apology – capitalism stands above socialism because it fuels human freedom, rewards innovation, and gives individuals the power to choose their own path. As Thomas Sowell puts it, “Capitalism is not an ‘ism.’ It is closer to being the opposite of an ‘ism,’ because it is simply the freedom of ordinary people to make whatever economic transactions they can mutually agree to.” QuoteFancy Meanwhile, Sowell also observed that “Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.” A-Z Quotes
When individuals are free to innovate, risk, trade and build value (rather than waiting for central planners or bureaucrats to manage outcomes), society advances faster, technology accelerates, and personal autonomy thrives. In contrast, socialism’s reliance on state control, fixed allocations and top-down mandates stifles discovery, discourages entrepreneurship and narrows the space for both economic and personal freedom.
While no system is without flaws, the evidence suggests that when individuals are free to innovate, invest and compete, societies achieve higher dynamism, richer technologies and greater personal autonomy than when resources and enterprises are monopolized or rigidly controlled by the state.
Seen via Different Lens
Our understanding and experience of reality is shaped by how we interpret and process what we encounter. Perception is a very human experience that includes our senses, thoughts, emotions, and cultural influences, which form our understanding of the world and our place in it. This subjective process, however, doesn’t relieve one of a personal responsibility to find and understand the truth. As the saying goes, “you are entitled to your own opinion but not your own facts.” There isn’t your truth or my truth – there’s only the truth, whether we choose to face it or not.
Politicians Lie
Of course, most if not all politicians lie. Political figures often make exaggerated or false claims to appeal to voters, boost popularity or undercut opponents. Even so, this election season has been extraordinary with video clips used out of context or false statements repeated as if found in a gospel.
Echo Chambers & Propaganda
In addition, the media has gone along for the ride. To retain a loyal audience, many media outlets have catered to the extreme beliefs of their viewership even if it means omitting or distorting facts. In today’s 24-hour news cycle, this often results in inaccuracies or exaggerated details which compromise the truth. Since the media is the one place citizens historically have gone for honesty, this has caused a huge dilemma and furthered an unsurprising deep distrust of institutions.
Election Fatigue
Election fatigue is the sense of weariness and disengagement that sets in when citizens are bombarded with constant campaign ads, frequent elections, and ceaseless political noise. Research shows that when voters are asked to participate too often or sift through excessive information, turnout and engagement tend to decline.
Conclusion
These are not normal times and nor should it become the new normal. If the United States were to move toward socialism, the ripple effects across international business would be immediate and severe – from diminished foreign investment to weakened confidence in the dollar. Global partners depend on America’s free-market stability; compromise that foundation, and the world’s economic engine begins to stall.
The above quotes are attributed to economist Thomas Sowell, Senior Fellow at the Hoover Institution, Stanford University. Born June 30, 1930, Sowell is an American economist, author, and social theorist renowned for his work on economic policy. Raised in Harlem, he served in the U.S. Marine Corps during the Korean War before earning degrees from Harvard (B.A. 1958), Columbia (M.A. 1959), and the University of Chicago (Ph.D. 1968) under Milton Friedman. Once a Marxist in his youth, his time in government service led him to embrace free-market economics — a philosophy he continues to champion with unmatched clarity and conviction.
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