Statists are in a tough position. For years, they’ve been saying the United States should be more like Europe.
And, as shown in these very funny cartoons by Michael Ramirez and Bob Gorrell, President Obama is a cheerleader for that effort.
But now Europe’s welfare states are collapsing, so the left is scrambling to come up with some way of rationalizing their support for ever-growing levels of taxation and spending
Paul Krugman’s been doing what he can to square this circle, complaining that Europe is in trouble because governments aren’t spending enough. Sounds preposterous, but at least he provides some comfort for the don’t-confuse-us-with-the-facts-we’re-Keynesians crowd.
But for those who prefer to look at real data, one of my Cato Institute colleagues has sorted through the numbers to see whether Krugman’s hypothesis has any validity. Here’s some of what Alan Reynolds wrote for Investor’s Business Daily, reprinted by…
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Utopia, you are standing in it! 
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