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A Thought on Liberalism and the Welfare State

Yesterday we followed-up on a growl in which we looked at the 2012 financial report of the federal government, which certainly didn't contain much good news, and referenced a Washington Times op-ed by Cato Institute senior fellow Richard Rahn who wrote, in part:

"The current debate about the debt vote is minor league compared to what will happen when the government literally cannot spend more than it is taking in. That time may be nearer than you think."

At the 'must read' Power Line Blog, John Hinderaker makes the astute observation:

"Liberals are feeling triumphant these days, but in the backs of their minds there must be a sense of foreboding. They won this year by demonizing Republicans and by bribing various demographic groups with government largesse. But the Left’s tactical victory can’t conceal the fact that its ideology is bankrupt. The left’s real enemy isn’t Republicans, it is arithmetic.

"Welfare states are collapsing all around the world. Ours is on the same course. It is commonly observed that America’s entitlement programs are Ponzi schemes, which is correct. What is less often noted is that federal government spending in general is a Ponzi scheme, sustained only by influxes of new money–real money from China and a handful of others, and fake money from the Fed–that cannot long continue."

He concludes saying, "I think it is clear that Progressivism is doomed; what is not clear to me is whether America is doomed to collapse along with its misbegotten Left." He's not alone in holding that thought.

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