LET'S END, NOT MEND, SOCIAL SECURITY |
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| Authors: | Walter Block David Lorch Bobby Midkiff Keith Reed |
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| Affiliation: | Walter Block is Harold E. Wirth Eminent Scholar Endowed Chair in Economics at Loyola University, New Orleans.;Bobby Midkiff and Keith Reed were students in Block's course, Labor Management Relations, at the University of Central Arkansas, Conway, AR.;David Lorch is a student at Horace Mann School in New York. |
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| Abstract: | Social Security is a paternalist measure, supposedly forcing people to save for their old-age years, based on the assumption that they are not far-seeing enough to do so on their own behalf. It is only 'supposed', since the funds mulcted from each generation go not to finance their own retirements, but those of their predecessors. As in the case of all coercive schemes, this one cannot be shown to improve the lot of anyone (with the exception of those who do the imposing). Specifically, this measure has negative implications for family bonds, as it substitutes the state for a function previously carried out by the extended family. |
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