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USA is becoming Argentina

POSTED: March 14, 2012 4:00 a.m.

If you want a peek at the future, look at the past.

One hundred years ago, Argentina was one of the richest countries in the world.

Its level of industrialization was higher than most countries of Europe.

It also possessed an abundant agricultural society.

The country exported meat, wool and grain.

It was the richest country in South America. The population boomed due to immigration from Europe. It had a "world class" economy.

Argentina elected a new president in 1916 who promised "fundamental change."

He promised mandatory pension insurance, mandatory health insurance and support for low income housing construction, to stimulate the economy.

The state assumed economic control and began assessing new payroll taxes to fund their efforts.

An increasing need for funds to finance these generous entitlement programs soon surpassed taxpayer contributions.

Does this sound like our underfunded Social Security and Medicare programs?

The country's "death knell" came with the election of Juan Peron and his charismatic wife, Evita.

Among their "populist" rhetoric was heavily "taxing the nation's rich."

That targeted group was soon expanded to include "middle class" property owners, who became the enemy to be defeated and humiliated.

Under the Perons, government bureaucies exploded, along with massive social spending and favors for labor unions. These programs provided good jobs and votes.

High taxes and economic mismanagement took their toll and the Perons were driven out of town. Their populist contempt for economic realities lived on.

The Argentinian federal government continued their overspending ways.

Terrible inflation became rampant. Inflation rate cards were issued showing daily increases.

Hyperinflation exploded in the late 1980s. This was the final stage of the government's industrial protectionism, redistribution of wealth and income mismanagement caused by the state's intervention of the economy.

By 1994 public pensions were imploding while taxes were rising.

The government's printing money to pay off "public debt" was "crushing" the economy.

Businesses were looted. Food riots were rampant and the country descended into chaos.

By 2001, all federal pension funds had been looted by the government. Bonds were defaulted.

Does anyone see a danger here?

Today's liberal "populist" plans for the USA cannot possibly work because governments bankrupt everything they touch.

Governments create nothing, they consume.

History teaches that Obamacare and other unfunded entitlement programs are disasters.

Liberal politicians enslave future generations to poverty and misery. They will be dead and gone when the piper is paid.

Bob Turpen
Dawson County Tea Party

 

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