The ever-vigilant ever-paranoid Teabaggers keep warning us about the dire fate awaiting us should the creeping menace of socialism latch its tentacles around our economy. Such hyperbole makes me wonder what the effect of having a truly socialist economic entity in America would be.
Well, my wondering is over. A short but interesting and informative article in the latest issue of Newsweek points out that there IS such an entity. The Bank of North Dakota, founded in 1919, is unique in that it is a 100% state-owned bank.
And the effect of this devastating socialism on that state's economy?
North Dakota has the lowest unemployment rate in the nation and has a $1 Billion budget SURPLUS which goes back into the state's coffers thus funding social programs while keeping down the tax rate!
All I can say is if that's socialism, sign me up!!!