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1) Firstly socialism is a highly authoritarian creed based on envy and class warfare. So it seeks to extort as much money as possible from those who have worked hard and been successful and from businesses that have succeeded by looking after their customers. The maximum that they can extort is never enough to support their dogma so they borrow even more, with no plan or intention of ever paying back.

2) Socialism exercises its authoritarianism by the government seeking to control everything in society. The state owns you and everyone else and issues vast number of commands that you must obey. Socialists in government think that they know better than the people themselves do about absolutely everything. They would tell you where, when and with whom to have sex if they could.

3) Socialism wastes money by throwing it at the indolent and feckless who have not succeeded so as to ensure their votes. It thinks it knows more about business than businessmen so wastes unbelievable amounts of money. From the 1946 Groundnut Scheme, through British Leyland and British Steel to Gordon Brown’s “rescue” of the banks. So in the end they always run out of other people’s money.

4) Extortion, envy, authoritarianism and waste has its consequences:

• It destroys the quality of life of everyone in the country. As when Attlee extended wartime rationing to potatoes and bread and turned off the electricity. As when Gordon Brown trashed the British economy with his fiscal incontinence. As in Cuba where most people live in poverty in what was once a rich country. As in oil rich Venezuela where the shelves in the shops are bare even of basic necessities.
• By punishing success and rewarding failure the results are always inevitable.
• Strivers, who work hard and succeed in life, choose to apply their efforts in countries where they are not punished. When the socialists under Hollande took over and started this punishment in France large numbers of rich and successful people left the country. So their enterprise and hard work now benefits other economies.
• People who have earned money do not want it extorted. Piketty’s study of wealth is massively flawed because he used Sweden as a model. Not realising that rich Swedes park their money offshore where the state cannot extort it. And where it does not benefit the Swedish economy.
• Businesses that the state controls no longer have to look after their customers. So they don’t. We saw this in the 1970s when the “nationalised” companies delivered utterly execrable goods and services to the British public. They were transformed massively for the better when Margaret Thatcher privatised them.
• Businesses that the state controls no longer have to be efficient and to make profits. So they don’t. They end up needing ever more taxpayer’s money whilst their underperfomance always gets ever worse.
• Immense amounts of our money ends up being wasted in interest payments. Thanks to Gordon Brown we now pay more to service our loans than we spend on defence.
• Whole regions of the country are deliberately kept poor and deprived so that they will vote socialist. Labour constituencies are far poorer than Conservative constituencies. George Osborne is now trying to fix this with his Northern Powerhouse.
• Educated people often tend to be strivers. So education is minimised. By using “progressive” teaching methods and dumbing down exams and degrees. We end up with great swathes of the population who are unemployable and with great swathes who can only find menial work. In Britain we have been forced to import huge amounts of skilled labour, so great is our educational failing.
• Socialists are so venal and nasty that they will enforce extortionate tax rates on successful people, to punish them, even when they know that this will bring in less government revenue. Labour in the 1970s had a top rate of income tax of 98%.

Now here are plenty of facts and proof and analysis to support the above. Click on the highlighted text to see the relevant article:

Estonia is booming in the EU with a top rate of tax of 20% (here).
How Attlee trashed post war Britain (here).
Hong Kong Vs Cuba. How socialism always fails (here).
How Gordon Brown trashed the British economy (here).
Lefties trash the French economy (here).
How socialism has trashed the oil rich country of Venezuela (here).
Punish businesses and you punish the whole economy and everyone in it (here).
Who on earth would ever vote Labour (here).
How to bring true equality to Great Britain (here).
Neosocialism. The corrupt baggage that is endemic of the creed (here).

And here is the final word, from the great lady herself: