The US House of Representatives has passed a resolution condemning socialism. The ideology is on the rise in the US, having become popular on certain college campuses and, more recently, with the election of New York City Mayor Zohran Mamdani, a socialist who believes the means of production must be seized by the government.
Representative María Salazar sponsored the resolution that denounces socialism as undermining freedom and destroying wealth creation.
“This is a moral vote against an ideology that has destroyed millions and millions of families… Unfortunately, socialism and Marxism crushes the human soul. And it’s not just my community in Miami. It’s the rest of the hemisphere and the rest of the world,” said Salazar.
Salazar is the daughter of Cuban exiles who fled the Island following the takeover by Fidel Castro, a socialist dictator. Under his leadership and that of those who followed, Cuba has seen a collapse in its economy, along with extreme poverty and profound inequality. The ambitious do their best to flee the country.
Representative Young Kim says she grew up in Korea, witnessing the horrors of socialism firsthand following the Korean War.
“Now more than ever, as socialist ideas gain traction here at home, and as our nation’s largest city and financial capital has elected, not just a socialist but a communist, as mayor, we must firmly demand our capitalist free market system, which empowers Americans of all backgrounds to achieve freedom, opportunity, and prosperity.”
While socialism has failed everywhere it’s been attempted, for some reason, the concept has thrived in academia – a place where bad ideas can be rewarded as scholarly freedom.
There is a certain level of irony that a socialist Mayor will be taking over the leadership of New York City, which is the leading hub for global finance, free markets, and capitalism. Reports have been filtering in as the more affluent look to move outside the city boundaries or perhaps further, to business-friendly states like Texas and Florida.
It has been estimated that there are over 600 Fintechs in New York City. But other jurisdictions are catching up with Miami, claiming over 500 Fintechs (some put the number at over 800). In Texas, dominated by Austin and Dallas, there are at least 568 Fintechs.