"If you're asking if the United States is about to become a socialist state, I'd say it's actually about to become a European state, with the expansiveness of the welfare system and the progressive tax system like what we've already experienced in Western Europe. . . . The curse of longterm unemployment is that if you pay people to do nothing, they'll find themselves doing nothing for very long periods of time."
-- Harvard historian Niall Ferguson
Thursday, July 8, 2010
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