Last year I wrote that the enactment of ObamaCare meant “the Europeanization of America is coming to pass, for individual choice and opportunity are being replaced by statism.” That law is transferring 17% of our national economy from the marketplace to full control and regulation by the federal government.
And that is just part of the problem. Over the past three years, our nation’s economy has become more and more like some of the fragile and overextended statist European economies. The federal debt held by the public as a share of GDP was 40.3% in 2008, 53.5% in 2009, and 62.2% in 2010, and it is estimated at 72% this fiscal year. Everyone can agree that we must change our policies before it is too late, so that we do not end up like Greece or Italy.
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