Socialism: Still a dirty word

In the 1950s, the word "socialism" was as vulgar as the four-letter words, which, when uttered by a youngster, could result in a mouthful of soap. Not so today. Perhaps contemporary acceptance of the term is the result of tolerance lessons, or political correctness that permeates progressive thought today. It could be ignorance; schools no longer teach the flaws of socialism. Or, what's even worse, today's acceptance of the term is more likely to be acceptance of the system.

When Rep. Maxine Waters, D-Calif., blurted out in a congressional hearing that she was ready to "socialize" the oil industry, it caused only a minor ripple in the media. There's no way of knowing, of course, whether any school teachers seized on the event to discuss with their students why government should, or should not, follow Ms. Waters' advice and "socialize" the industry. This would have been a great teaching opportunity.

Had a representative made such a suggestion in the 1950s, she might not have been allowed to complete her term, and almost certainly would not have been re-elected. Civics teachers across the nation would have pounced on the opportunity to explain why socialism must never be allowed to penetrate the American system of government. Many of today's teachers may not know why socialism should be avoided. Or worse, they may believe socialism should be embraced.

As frustrating and painful as it is to pay $4 per gallon for gasoline, Maxine Waters' medicine would be far worse than the disease. The price of gasoline is determined by the amount people are willing to pay for the available supply. As the supply diminishes, the people who need gasoline are willing to pay ever-higher prices, as long as they can. When they can no longer pay the price, they do not use the product. When they stop buying, the supply increases by the exact quantity they no longer purchase. The more people who are priced out of the market, the less demand there is, and the more supply is available, which tends to put downward pressure on the price. ...