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The US is spending 25 per cent of its gross domestic product on government programmes, but raising less than 15 per cent of its GDP in taxes.

If you look at spending, the US is closer to being a European-style social democracy than it has ever been.

If you look at taxes, it is a 19th century watchman state.

A government that borrows 40 per cent of the money it spends is headed for collapse.

Christopher Caldwell, Financial Times 8 July 2011


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