In the early 20th century, Argentina was one of the richest countries in the world due to its abundant agriculture and industrialization. However, after the election of populist leaders who increased government spending, imposed high taxes, and intervened heavily in the economy, Argentina experienced hyperinflation, economic collapse, and became poverty-stricken by the end of the 20th century. The document warns that unchecked government spending and entitlement programs could lead the United States down a similar path of economic disaster.