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Elizabeth Warren has forgotten, if she ever knew, Margaret Thatcher's immortal dictum: "The problem with socialism is that sooner or later, you run out of other people's money." In what ought to be a career-ending slip, facing a friendly questioner, Lily Eskelsen García, president of the National Education Association, her belief in a fantasy world where money can be endlessly spent came out. Watch her brush off concern over funding an expensive education program with the words, "The way I see it, there's always, c'mon, there's always money. It's there."
Juan and Evita Perón thought the same thing, and they ruined the economy of Argentina, a country that had enjoyed a standard of living comparable to that of the United States at the turn of the twentieth century, only to fall into a long-term decline that currently has it at roughly...
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