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by captmeatballs
2222 days ago
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The country is Argentina. Once we had one of the highest GDPs per capita on Earth. But we have slowed growth so much, and created so much volatily with government overspending and by having a huge public sector, that we have become poorer and poorer. You should read about it. We have applied all the brilliant ideas from the left: universal healthcare (which even provides free in vitro fertilization), ubi, high taxes on the rich (and the middle class tbh), free college, a massive public sector that employs millions upon millions of people, a state run pensions system, millions of regulations .. it's Bernie's wet dream. But it just doesn't work. It's so prohibitedly expensive to run those programs that taxes are super high, and the government still runs into huge deficits they pay for with debt (when we are not defaulting on previous debt), or printing money. Needless to say our inflation is above 50%yoy, salaries get lower every month, and there is simply no way we are going to recover, because every time there is a crisis (which is quite often) the likes or Krugman praise our government, they double down on these lousy policies, and things get worse. |
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