At the core of socialism rests a fundamental misunderstanding (or deliberate neglect) of how we have all the great things we do, such as computers, iPods, cell phones, airplanes, cable TV, tasty foods, disease curing drugs, child safety seats, airbags, satellite communication, Google, YouTube, MP3 music, etc., etc.

All those things were invented by people seeking material rewards!

Yet, what do socialists want to do as soon as someone gains those material rewards? They want to take much of the rewards away. The rich don’t need it, they say. There are needy people more deserving, they say. Fact is that the government can take money from those who earned a lot of it, but by doing so, it also decreases people’s motivation to do the things necessary to earn that money. And that includes inventing and bringing useful products and services to market.

If you wish to “spread the wealth around”, then be prepared to part from the entrepreneurship and innovation that generates it.

And if entrepreneurship and innovation suffers so do the technological advancements they bring on. The interesting thing is that the lower your income, the more you relatively benefit from technological advancements as more of it becomes affordable and within reach of your income. More on that here.