The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
A WILLisms.com(ic), by Ken McCracken
July 14, 2006
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Quotational Therapy: Part 33 -- Hayek On Social Security.
Friedrich Hayek, On Social Security-
Though all insurance involves a pooling of risks, private competitive insurance can never effect a deliberate transfer of incom from one previously designated group to another.
We talk so often of the nuts and bolts of Social Security, of the solvency crisis and the projected outlays and deficits, that we sometimes neglect the philosophical argument for Social Security reform. From a freedom maximization standpoint, Social Security reform would allow our economy to actualize more of its potential, while removing a major wealth confiscation/redistribution technique from the leviathan government's arsenal.
Hayek, it should be noted, believed in a safety net for the poorest among us. So does President Bush. So do I. So do most conservatives. But to the extent that the safety net becomes a program used for social engineering, and to the extent that people stop viewing a program as last-resort insurance and instead begin depending on it because it is there, the program is a failure.
It is really no wonder, then, that the American personal savings rate is so low. People who are perfectly able to save for their own retirement are consciously deciding to save less (or nothing at all), because the government, in theory, is already taking about 1/8 of every dollar earned and setting it aside in a savings account, to be returned with compounded interest at retirement. Unfortunately, that's not how it works. At all.
And we can do better. Social Security can and should live up to its intentions, without the recess of personal freedom of Americans; but we must remove the federal government's monopoly on the system, giving individuals personal choice and control. Hayek knew it in 1960. We know it 45 years later. It's time for reform.
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Posted by Will Franklin · 5 August 2005 12:36 PM
THANK YOU!... I agree about the federal governments monopoly on Social Security! It needs to be reformed ASAP!... Thanks WILLisms.com!
Posted by: Zsa Zsa at August 5, 2005 01:27 PM
Excellent post. That book was one of my favorites from college. And no, it was not assigned. I had to dig it out from the dusty shelves in the basement of the library. The best wisdom is today buried in dusty basements.
Posted by: salt1907 at August 5, 2005 02:06 PM
Posted by: Hoodlumman at August 5, 2005 07:17 PM
I submit this post for your Carnival of Classiness next week. Go ahead, it needs to be read and re-read.
Posted by: Giacomo at August 6, 2005 05:39 AM
Will... did you see that Hoodlumman wants to make Howard Dean the Ambastardhood of Azkrakistan??? He has some really great ideas on how to get the partisan Gap to come together!...He is a dad gum genius!
Posted by: Zsa Zsa at August 6, 2005 06:10 PM
Willisms.com is awesome!...Thanks!
Posted by: Zsa Zsa at August 6, 2005 06:19 PM
Posted by: Zsa Zsa at August 7, 2005 08:26 AM
Hayek is completely intelligent. His writing style is hyper-accurate for a non-native English speaker. Consider how erudite and polished this is compared to most commentary today; it would seem to go over the head of the average joe. But this was precisely the level of writing afforded the common man a century ago, since only the educated wrote. And the expectation was that you would understand it. Nothing was dumbed-down back then.
Posted by: Desmoid at August 19, 2005 12:13 PM