'The problem with socialism is that sooner or later you run out of other people's money to spend.'"

The Patriot Post Here's a question of vastly more than theoretical importance to current and coming generations of Americans: How much longer can the U.S. economy continue to produce enough wealth to sustain a growing class of people who depend on government for some or all of their daily necessities? To pose the question another way: Are we nearing a point when there are no longer enough taxpayers to support all of the tax consumers in America? Such questions become increasingly important as Social Security, Medicare, Medicaid, federal civil service retirement, and legions of state and local pension funds approach their days of reckoning as millions of retiring baby boomers demand far more benefits than those programs have been prepared to pay out. And don't forget the growing share of personal income that is derived from government transfer payments such as unemployment, veterans benefits, and the like. If these ruminations sound ominous, they should. ... As it happens, the Heritage Foundation's Index of Dependency on Government measures the relationship between net taxpayers and tax consumers, using 1980 as its baseline year with a value of 100 and reaching back to 1962. Heritage noted last month that the Dependency Index now stands at 240, up three points from 2007. It has grown 31.2 percent since 2001 when it stood at 183. ... These trend lines remind us of former British Prime Minister Margaret Thatcher's trenchant observation: 'The problem with socialism is that sooner or later you run out of other people's money to spend.'" --The Washington Examiner

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