Will Obama be the one to do in Democracy?

From Bill O'Reilly's "Who's Looking Out for You"...1787 Scottish Historian Alexander Tytler wrote:
"A Democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largess from the public treasury. From that moment on, the majoriy always votes for the candidate promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy."