Thatcher on socialism

Margaret Thatcher famously commented on the European welfare state spending, “The problem with socialism is that eventually you run out of other people´s money” to spend. 

This is just a great quote as we head into the last two weeks before tax day. The high debt issues in the developed world have not gone away and the forecasts associated with the Reinhart and Rogoff debt overhang hypothesis are holding true. Slow growth is going to be with us because the costs of past consumption is still with us.