FOX Business anchor David Asman joins ‘Mornings with Maria’ to break down his new series examining socialism’s global failures as the ideology gains traction in the U.S.
Sen. Bernie Sanders and a lot of other socialists didn’t do their homework when they were praising European socialism.
“We should look to countries like Denmark, like Sweden and Norway, and learn from what they have accomplished for their working people,” Sanders said in 2015 during the first Democratic presidential primary debate.
Sen. Bernie Sanders, I-Vt., speaks during a rally in Philadelphia, Pennsylvania, on May 1, 2025. (Sarah Silbiger/Reuters)
The problem is that socialist policies in places like Sweden failed. Government expenses grew larger than the private economy, and it all exploded in 1992, when Sweden’s central bank was forced to raise interest rates to 500% to defend the currency.
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Even the party that brought socialism to Sweden soured on the experiment. Former Swedish Social Democratic Finance Minister Kjell‐Olof Feldt was forced to concede, saying, “That whole thing with democratic socialism was absolutely impossible. It just didn’t work. There was no other way to go than market reform.”
A view of the Stockholm, Sweden, skyline. (iStock)
“They had a crisis in the early 1990s, essentially, which led to a lot of reforms,” said Tomas Philipson, a Swedish-born economist. “And what you saw is essentially education, healthcare and pension plans being highly revised towards being more privately driven and publicly all over the world.”
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Democratic socialism has failed, including in the home of our closest ally, England.
“When I left England, the coal industry, water, railroads, electricity, some road transportation, car production were all run by and handled by the government,” said FOX Business Network’s Stuart Varney. “And, of course, they ran things into the ground. But the good thing was, it was so bad that in came Margaret Thatcher.”
British Prime Minister Margaret Thatcher during the general election campaign, on June 10, 1987. (Georges De Keerle/Getty Images)
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As Mrs. Thatcher famously said, “The problem with socialism is that you eventually run out of other people’s money.” And it could happen here.
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