Five Statistics Proving That Capitalism Solves Poverty

With the GOP in charge of both chambers of Congress and the executive branch, the assault on the free markets and capitalism from the loopy left has never been greater.

Last week, when the liberal media proclaimed that Donald Trump’s proposed budget cuts would eliminate the “Meals on Wheels” program (it wouldn’t), people freaked out.

Like Jesse Singal. He’s a writer at New York Magazine. He went to Princeton, so you would think he was smart enough to figure this out, but I guess not. He tweeted his dismay over the (fake) news.

He’s got more than 24,000 “sheeple” following him, so the response was something like this:

But what exactly does “their whole philosophy” mean? Writer Aaron Bandler for the Daily Wire challenged Singal on that.

Singal doubled down on dumb with a response that shows his lack of understanding of economics.

The appropriate response to this nonsense is the statement that  – well, The Resurgent’s Josh Hammer summed it up.

As evidence, here are the Daily Wire’s five statistics that prove capitalism is the single greatest force for fighting poverty on the planet:

The number of people living in extreme poverty worldwide declined by 80 percent from 1970 to 2006.

In the last 50 years, global poverty has been cut from more than 80 percent of the world to less than 27 percent. All the while, free market capitalism has spread around the planet.

worldpoverty (1)

 

Poverty worldwide included 94 percent of the world’s population in 1820. In 2011, it was only 17 percent.

In 1820, at the start of the Industrial Revolution (and the true start of free-market capitalism), 84 percent of the world’s population was in poverty. Today, that number is 24 percent.

033015Global-poverty-chart

Globally, those in the lower and middle income brackets saw increases in pay of 40 percent from 1988 to 2008.

It’s not just the rich who are getting richer. Ben Southwood of the Adam Smith Institute writes “More meaningful measures show greater equality. Those in the middle and bottom of the world income distribution have all got pay rises of around 40% between 1988-2008. Global inequality of life expectancy and height are narrowing too – showing better nutrition and better healthcare where it matters most.”

The world is 120 times better off today than in 1800 as a result of capitalism.

The Foundation for Economic Education’s (FEE) Steven Horwtiz, noted that the 120 times figure comes from multiplying “the gains in consumption to the average human by the gain in life expectancy worldwide by 7 (for 7 billion as compared to 1 billion people).”

“The competitive market process has also made education, art, and culture available to more and more people,” wrote Horwitz. “Even the poorest of Americans, not to mention many of the global poor, have access through the Internet and TV to concerts, books, and works of art that were exclusively the province of the wealthy for centuries.”

Mortality rates for children under the age of five declined by 49 percent from 1990 to 2013.

Even the World Health Organization says these numbers are dropping “faster than ever.” “Capitalism results in lower child mortality rates by producing better access to medicine and standards of living.”

Capitalism is not just the greatest force for reducing poverty on the planet, it is the only economic system proven to have ever done that.

Jesse Signal needs to get out more. We suspect he’s never lived in a socialist or communist regime.