Economics, and the Best Economic System

So many curse the idea of ‘socialism’, but have no idea of what that means.
Look at the history of the Great Depression; it was caused by unrestrained capitalism, and only socialism was beginning to reverse the economic disaster. Things like the CCC, the WPA, others, where the government became the employer of last resort.
Consider for a moment what would happen if we made the government the employer of last resort now and paid those employees a living wage, not a punitive wage? Say, for example, $15 an hour.
No more unemployment insurance, or the taxes to pay for it.
No more minimum wage. What the government paid becomes de-facto the ‘minimum wage’.
Food stamps and disability insurance only for the truly disabled. Yeah, they exist; and if we expect to be called a civilized nation, we have to take care of our own. My son drew disability from Social Security for about five years. Before dying of the disease that rendered him unable to work, at age 44.
No more ‘booms’ and ‘busts’ from gambling capitalists. No more bailouts. Let the banks go broke, no golden parachutes left, take over those failed businesses and make them part of the ‘socialist’ government employment of last resort.
Use it as a governor for the economic system, in other words. When labor is needed, employers will have to pay more, hence fewer people on direct government employment. When a downturn comes, automatically pump more money in and employ more people.
About the people employed: they have to spend the money, buying food, housing, clothing, appliances. No foreclosures. No default on education loans. All that spending generates economic activity in the private sector. That’s why I consider socialism the governor for a mature economic system.
Private enterprise? Absolutely. Capitalism, where invested money earns income? Absolutely. Regulated private enterprise/capitalism (gas service, phone service in some cases, insurance when ownership of insurance is made mandatory), absolutely.
The best economic system is a mix of private enterprise, regulated private enterprise, capitalism, and socialism.

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