“Why don’t you ask Elon Musk to give you a million dollars, Daddy?” That was the question my son asked me. Simple and direct. I answered with another question: “Why would he give it to me?” His answer was simple again: “Because he has a lot.” His words surprised me because they echo the same rhetoric I hear today about the need to take money from billionaires: they already have so much.

In November, we will have midterm elections and the opportunity to vote on a California government initiative to impose a 5% wealth tax on residents whose worldwide net worth exceeds one billion dollars. Basically, Gavin Newsom’s government is copying the idea of my son, who is still in elementary school: ask the person who has a lot.

Meanwhile, as the media tries to confuse people by creating this idea of a struggle between capitalism and socialism, we citizens are the ones who suffer the consequences. The reality is very simple: so far, capitalism is the best way a country can develop its economy. I am not saying it is infallible. What I am asserting is the incredible opportunity capitalism offers everyone who can live under this system, compared with socialism or communism. History, and any study of wealth creation, will show the same pattern: rewarding merit always produces better results than rewarding people regardless of their effort. This principle is easy to understand but difficult to accept. When people hear “rent freezes,” they think it is a great idea because property owners already “have a lot of money.” When people hear “free transportation,” they do not ask where the money to pay for it will come from. Altruistic ideas are always well received until governments have to increase their debt to keep the handouts coming or raise taxes.

I am surprised and saddened by the strength of socialism today. Opinion leaders who have never created a job spend their time criticizing capitalism and great wealth. It is a backward-looking mindset that ignores history and assumes “someone else” is to blame. They allow their anger, envy and resentment to convince them that it is unfair for millionaires to exist while others starve. It is sad, but it is not unfair, because one does not cause the other.

To conclude, I hope young people spend more time understanding what socialism looks like in real life. I hope they read about how the Nordic countries so often cited as examples of democratic socialism actually operate, and how Denmark’s own prime minister had to state clearly in 2015 that theirs is a capitalist country. Effort and merit should be rewarded at market value. The freedom to use wealth as one wishes cannot be jeopardized by a government seeking to take from those who succeed. The government should strive to help more people succeed and reduce the need for social assistance. Simply imagine the state as a family. What parent wants to support their children for life? None. We all know our responsibility is to guide them toward independence. The government should encourage its citizens in the same way.

Have a great start to the week, and do not hesitate to contact me with questions or comments.