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« Reform Thursday: Chart Six. | WILLisms.com | Reform Thursday: Bonus Graphic- The Undeniability Of Social Security's Problems. »

Social Security Without Reform: An Increasing Drag On The Economy.

Often lost in the Social Security debate is the impact of reform (or no reform) on the character of the American economy.

What would happen to the American economy without Social Security reform?

Social Security would become a far greater drag on the free market economy than it already is, and America would become more socialist in the process.

From the 2004 Report of the Social Security Trustees:
Click for a larger version.

On the converse, an ownership society with Social Security reform at its center can free up economic resources so that they may achieve their full potential in the vibrant free-enterprise system known as the American economy.

Louis Woodhill explains that "Yes, Personal Accounts Are About Dismantling the Welfare State," at SocialSecurityChoice.org. Woodhill asserts that the fundamental case on behalf of Personal Social Security Accounts (PSSAs),

...is not economic, but political. PSSAs would represent a major shift away from the Welfare State and toward an Ownership Society. This is the truth, and if we want successful Social Security reform, we will have to start telling this truth clearly, forcefully, and unapologetically....

Personal Social Security Accounts are not about “destroying the legacy of Franklin Delano Roosevelt”, but they are about replacing the Therapeutic Dependency State with private, personal wealth accumulation for every American worker.

America now has a choice on Social Security.

We can dig deeper into the abyss of the welfare state, where increasing levels of our resources are tied up under the auspices of government-controlled bureaucracies. That is what will happen if we fail to reform Social Security.

Or, we can choose to allow individuals to have more control over the economy, returning decisions about the allocation of resources to the people, to the free-enterprise system. With Social Security reform, this can happen.

Let's make it happen, people.

Posted by Will Franklin · 10 March 2005 06:24 AM