Lo and Behold

Just a few short years ago, the economy of Ireland was heralded as the "Irish miracle". Taxes were so low in Ireland that some wealthy Americans renounced United States citizenship to become "Irish". New businesses including those in technology helped Ireland thrive. But the growing prosperity was accompanied by growing benefits and a generous government-funded social safety net. And the newly engendered government expenses caused the formerly modest taxes to rise (which stifled the growth needed to sustain both public and private prosperity). This socialist help, this government hand up, is ultimately breaking Ireland whose credit rating has just been downgraded by Moody's for the second time. Ireland's folly is an excellent lesson for America and a warning for US President Barack Hussein Obama about a path no nation can afford to follow. America's political class should get the message that the economy can only sustain so much imposed generosity, but they won't.