Are Obama's Policies Ushering in Era of Socialism?
Numbers show the U.S. is drifting ever closer to the socialist systems popular within the European Union.
(Fox News) - With taxpayers shelling out $700 billion to bail out Wall Street and another $787 billion to jolt the sputtering economy, serious questions are being raised about whether all the government intervention is taking the country down the path to socialism.
Numbers show the U.S. is drifting ever closer to the socialist systems popular within the European Union. In 1999, government spending made up 34.3 percent of gross domestic product, or GDP, the broadest barometer used to measure the health of the economy. That number is projected to grow to nearly 40 percent by next year.
Government spending within the majority of European Union nations averages 47.1 percent of the GDP, meaning the U.S. is roughly seven points behind -- closer than ever before.
(Fox News) - With taxpayers shelling out $700 billion to bail out Wall Street and another $787 billion to jolt the sputtering economy, serious questions are being raised about whether all the government intervention is taking the country down the path to socialism.
Numbers show the U.S. is drifting ever closer to the socialist systems popular within the European Union. In 1999, government spending made up 34.3 percent of gross domestic product, or GDP, the broadest barometer used to measure the health of the economy. That number is projected to grow to nearly 40 percent by next year.
Government spending within the majority of European Union nations averages 47.1 percent of the GDP, meaning the U.S. is roughly seven points behind -- closer than ever before.
posted by BP News Bureau | 12:12 PM
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