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Elections, Politics, Videos

A One-Minute Testimony from a Successful American Who Grew Up under Socialism

Posted: October 13, 2012 at 9:29 am   /   by

In a prior article, I combined the writing of Thomas Sowell with interviews of six Americans who have had first-hand experience living under socialism.  This article is a brief reprise.

Through various forms of redistribution, socialistic systems appear to “share prosperity” and “spread the wealth around.”   Barack Obama himself uses these phrases.  Such phrases make socialism sound like it might be a good thing — at least at first.

Furthermore, through socialism, some also seek a certain visceral satisfaction and schadenfreude by making the rich poorer and bringing those fat cats down!

However, entrepreneur Thomas Peterffy says in his self-produced, one-minute video (below):

Yes, in socialism the rich will be poorer, but the poor will also be poorer.  People will lose interest in really working hard and creating jobs.  I think this is a very slippery slope.

We’re seeing it happen now, as entrepreneurs and job creators are “going Galt“, our nation’s investment and new-business-creation capital is “going on strike“, growth remains pitifully low, and unemployment remains stubbornly high.

Enjoy Thomas Peterffy’s video.  Like the interviewees in our “So What’s Wrong with Socialism?” series, these naturalized Americans see our country making the same mistakes that were made in their native countries.  They are trying to warn us.

 The inherent vice of capitalism is the unequal sharing of blessings.
The inherent virtue of socialism is the equal sharing of misery.

Winston Churchill

David Leeper

David Leeper

David Leeper is a retired engineer living in Scottsdale, AZ, with his wife of 45 years. He is currently a volunteer science teacher at In his 40-year career he held positions from lab technician to technical vice president at Bell Labs, Motorola, and Intel. He holds 16 patents in telecom technology and a PhD in electrical engineering from the University of Pennsylvania. During his career, he wrote mainly for technical journals including Scientific American. He began writing for in 2011.
David Leeper

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A One-Minute Testimony from a Successful American Who Grew Up under Socialism