Alan Greenspan: Margaret Thatcher Transformed U.K., EU

The transcript discusses the challenges of communication in democracy, referencing the founding fathers. It highlights Margaret Thatcher's significant impact on Britain, particularly her handling of the miners' strike, which led to a fundamental change in the country's union structure. The discussion then shifts to the sensitive nature of social benefits in American politics, often referred to as the third rail, indicating the risks involved in addressing them.

What role do social benefits play in American politics according to the text?

What is meant by the term 'third rail' in the context of American politics?