The socialist policies supported by politicians like New York’s Alexandria Ocasio-Cortez could benefit the US in several ways, reports Noah Smith of Bloomberg. Efforts to fight climate change, offer federally guaranteed jobs and give all Americans medicare have potential. The latter particularly stands out, as the US lags behind other rich countries in terms of healthcare while spending much more on it. Some of these ideas match the values of the already progressive Democratic party. They would also benefit the economy and raise poor Americans’ standards of living. These policies shouldn’t be resisted purely because of their socialist label.
A core aspect of socialism, the government owning all major businesses, would come with many drawbacks for the US, asserts Adam Ozimek of Forbes. The competition and drive necessary for growth and innovation would be throttled this way. Small businesses would be less inclined to succeed, as they’d face a takeover once they reached a certain size. Additionally, this system would drive many big companies that want to keep their independence abroad before it could be fully implemented. Small business growth is an essential part of the US economy. Socialism might hold back the growth of companies like Apple in the future.