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Friday, November 26, 2010

Obama Yet to Learn Bradford's Thanksgiving Lesson

John Stossel reminds us of William Bradford's important Thanksgiving lesson. Shortly after the Pilgrims landed, they lived in a commune, ie. they practiced communism where everyone shared in the fruits of labor regardless of efforts. As many settlers realized they received no benefit from producing more or working harder, the system collapsed. Bradford realized this and instilled property rights and an incentive-based system where one's labor was rewarded by allowing him to keep his own fruits. The results were dramatic.

Unfortunately, Obama still prefers the first days of the Pilgrims, where they shared in their misery together, even if they starved to death.