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The Stand - Daily Newsletter

September 17, 2020

The High Cost Of Riots 🔥

The bill for this year’s urban violence is coming due. In the two weeks after the death of George Floyd in Minnesota, rioters and looters across the country racked up between $1 and $2 billion in property damageThese riots were the most destructive in American history.

Even these shocking numbers don’t tell the full story. The violence didn’t end after just two weeks. It has continued in fits and starts throughout the summer. The August riots in Kenosha, Wisconsin caused another $50 million-plus in damage. As one financial expert told the media, “this is still happening, so the losses could be significantly more.”

The cost of riots runs much higher than dollars. Small business owners saw their life’s work burn. Families saw their communities torched and looted. People lost trust in each other and lost faith that politicians would protect them. America will pay for these riots for a long time.

→ Read more: $1 billion-plus riot damage is most expensive in insurance history (AXIOS)

→ Read more: Damage due to rioting, unrest in Kenosha tops $50 million (Kenosha News)

 

News Flash: The Free Market Works Best 👊

One of the biggest lies in modern politics is that capitalism hurts the poor. The opposite is true: Socialism makes the poor worse off, while capitalism empowers the poor to lead better lives. New research confirms this age-old truth.

The latest Economic Freedom Index shows that countries with economic freedom are far and away the best places for the poor. The U.S., Singapore, Switzerland, Ireland — nations with capitalist economies alleviate poverty, while socialist nations like Venezuela, Cuba, and North Korea make poverty worse. The key is that free economies grow faster, leading to higher standards of living and rising incomes, benefiting those with the least the most.

These findings prove what Americans already know: The free market works. Capitalism has already lifted more than a billion people out of extreme poverty, and America has long set the global standard. But where will the world look for inspiration if America slides toward socialism?

→ Read more: The poor fare best under free market capitalism (National Review)

→ Read more: Worldwide economic freedom threatened by rise of socialism in the U.S. (Washington Times)

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