In a Welfare State, How Much is Too Much?

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The flames from Greece's debt crisis protests have cast new light on the perils of our own overspending and overborrowing. You know the litany. California is imploding. Public sector unions there, and across the country, are swallowing budgets. In California alone, pension costs have gone up 2,000% in a decade. At the national level, ObamaCare has done little to fix — and much to hurt — America's long-term entitlement mess. Already, the structural deficit has tripled since 2007. Economist Price Fishback has just published a paper finding that America spends more on social welfare than socialist Sweden (though we spend it differently).

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