The new American era of socialism

Armstrong Williams | 3/29/2012, 1:36 p.m.
I stand for some pretty radical principles--that is, they're radical by the standards of our...
At Thanksgiving, embracing the winds of change and increasing our faith

As America follows Europe down the path of the social welfare state, we will see our wealthy, dynamic, capitalist economy slide into the economic lethargy of a state-run economy. Our turnaround will come, if at all, only when we, like Greece, hit economic bottom. At that point, we will realize the truth of Margaret Thatcher's words: "The problem with socialism is that pretty soon you run out of other people's money."

Will it be too late at that point to turn around? There comes a time when, because of compound interest, a debtor reaches a tipping point, a point of no return. It's hard to know when that point might be for a country like the United States, but considering that we have no plan at all for even balancing the budget, never mind paying back our debts, I can't help but wonder if we have already passed it.

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