The ills of socialism

Taken from Powerlineblog about the irreversability of soft despotism (Scott disagrees):

I am also convinced that the social democratic model is bankrupt. Margaret Thatcher once remarked that the trouble with socialism is that sooner or later you run out of other people's money. That is what happened under communism. In Europe, our cousins are at that stage now. Moreover, something of the sort is true in California, as Joel Kotkin argued last Fall in The American; and, as Myron Magnet has made clear quite recently in Forbes, the chickens are now coming home to roost in New York as well. As I argue in my book, the welfare state is not only an obstacle to economic growth. It erodes the underpinnings of the family, and in country after country it has contributed mightily to a demographic implosion fatal to the tax base on which it depends.

Indeed.