The most depressing data about America’s economy is not the top tax rate, the regulatory burden, or the level of wasteful of government spending.
Those numbers certainly are grim, but I think they’re not nearly as depressing as America’s demographic outlook.
As you can see from this sobering image, America’s population pyramid is turning into a population cylinder.
There’s nothing a priori wrong with an aging population and a falling birthrate, of course, but those factors create a poisonous outlook when mixed with poorly designed entitlement programs.
The lesson is that a modest-sized welfare state is sustainable (even if not advisable) when a nation has a population pyramid. But even a small welfare state becomes a problem when a nation has a population cylinder. Simply stated, there aren’t enough people to pull the wagon and there are too many people riding in the wagon.
But…
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Utopia, you are standing in it! 
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