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I always describe this effect as bringing in a free moral dividend. Communism is the morality and resentment of the stupid, and the intellectually undemanding. It has nothing to do with money, it's a cheap pandering to the masses
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Socialism is a mind virus.
It is tempting to vote for them when you feel left out by society.
What I don't understand though, is why boomers, who have more to lose, are leaning left. (at least in my country)