“Socialist governments traditionally do make a financial mess,” declared Margaret Thatcher in a television interview before she became Britain’s prime minister. “They always run out of others people’s money. It’s quite a characteristic of them.” The Iron Lady’s words rang true back in 1976 as Britain faced bankruptcy under the Labor government of Harold Wilson. They are just as relevant today as economies across Europe are reeling from decades of mismanagement, heavy overspending, excessive government regulation and over-taxation.
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