The American Progressives’ project of erecting a European-style welfare state is over, and it may be ending in default.

Chriss W. Street points out what the country’s real budget looks like (before Obamacare):

The Federal government’s spendable tax revenue of approximately $170 billion per month; is roughly just enough to cover legally required Social Security / Medicare payments ($90 billion) and debt service (ranging from $10-40 billon per month) – and the most politically sensitive payments for military and unemployment ($40 billion).

Read the whole thing. He has some good explanations of how we got here.