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February 17, 2010

The Bankruptcy of the Progressive Welfare State Model Is at Hand

Posted by Gregory of Yardale at February 17, 2010 6:55 AM

There is a very good editorial in the WSJ today. Let me choose a few choice bits to share with you before you go on and read the whole thing… which you should do.

Far from offering new ideas to reform the welfare state or compete better against rising global powers, Democrats have with rare exception tried to impose the same spending, tax and regulatory agenda that failed in the 1960s, 1970s and 1990s.
Medicare is heading toward bankruptcy, yet Mr. Obama's response is to make the entire health-care system like Medicare.
Otto von Bismarck's entitlement state for cradle to grave financial security is no longer affordable. The model has reached the limit of its ability to tax private income and still allow enough economic growth to finance its transfer payments.
You can see this in bankrupt Greece, where government spends 52% of GDP; or in California and New York, where the government-employee unions have pushed tax rates to punishing levels and the states still can't pay their bills. Americans can see that this is where Mr. Obama's agenda is also taking Washington, and this is why they are rejecting it.

Go ahead, read the whole thing. You know you want to.