Socialism is the norm in virtually every developed nation. Western Europe has long been socialist and is getting more so. The United States, with the advent of Obamacare, is now firmly on the same path. Even the communist nations now call themselves socialists.
Every major American corporation manufactures virtually all their products in China. We’re more Chinese than the Chinese themselves.
The financial crisis in the United States following the subprime mortgage meltdown spread to Europe, where it led to crippling problems in Greece, Spain, Italy, Portugal, Ireland and others. All these nations were so overburdened with debt that it jeopardized their very existence. The rapid accumulation of debt in the United States threatens America with the same horrific problems.
At the heart of these fiscal problems are the burdens of entitlements – retirement pensions, nationalized health care, and the social “safety net” of welfare and unemployment benefits. Our national debt in the U.S. is $16.4 trillion, but our unfunded obligations to Social Security, Medicare and Medicare are $85 trillion.