In his latest On the Square column , R.R. Reno considers the impending end of social democracy:

Greek bonds have become toxic because of decades of political decisions. Spanish, Portuguese, and Italian bonds may go the same way, and for the same reasons. It is important, therefore, to understand these political decisions, for they have not only created problems in Europe but also here in the United States as well. They can be summed up with a single term: social democracy. Thus at the end of this decade we may find ourselves looking back and summing it up with a single phrase: the end of social democracy.

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