"The spectacle of government workers, cranky retirees, militant unionists, and mad dog socialists locked arm in arm protesting reality is a sight we'd better get used to." (Bill Frezza - Our Greek Future)As Robert Samuelson notes dryly, we are witnessing "the death spiral of the welfare state." Greece now, with the rest of Europe and the US soon to follow.
Virtually every advanced nation, including the United States, faces the same prospect. Aging populations have been promised huge health and retirement benefits, which countries haven't fully covered with taxes. The reckoning has arrived in Greece, but it awaits most wealthy societies.
Budget deficits and debt are the real problems; and these stem from all the welfare benefits (unemployment insurance, old-age assistance, health insurance) provided by modern governments.
Taxing the Rich at 100% Still Won't Pay for the Democratic Socialist Agenda
The Wall Street Journal notes that Obama has set a post-WWII record for government spending. His feral beast now consumes 25% of GDP, besting Reagan's highest spending level by three percentage points. Here are a few salient points from the article:
$$$ Taxing all millionaires and billionaires at 100% "yields merely about $938 billion..."
$$$ Taxing the "top 10%, or everyone with income over $114,000 [...] throws up only $3.4 trillion."
And that's assuming these job creators will just lay down and take it as federal bandits rape them and steal their property. Contrary to wild-eyed liberal fantasies, they won't.
Progressivism is morally, intellectually and financially bankrupt. From Europe to the United States, there's not enough money in the world to pay for the Utopian agenda.
The Library of Economics & Liberty article Reaganomics does an excellent job combating the liberal lies about President Reagan's record.