NATIONAL: All nations need to revise their “social insurance” schemes

Libertarian Paternalism
by Jacob G. Hornberger

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Libertarianism stands for the principle that people should be free to keep their own money, handle their own retirement, and take care of their own parents and others through voluntary charity. That’s what genuine freedom is all about – the freedom to be responsible or irresponsible, the freedom to honor one’s parents or not, the freedom to help those in need or not. If people are forced to be responsible or caring, then they cannot truly be considered free.

Under Social Security, the state forcibly takes a portion of people’s earnings and distributes them to the elderly. Despite the illusion that the government has created with IOUs issued to the Social Security Administration by the Treasury Department, and contrary to what people have convinced themselves over the years, there is no Social Security fund and there never has been. The idea of a Social Security fund has long been a deception by the state and a self-deception by the citizenry. It consists of nothing more than IOUs issued by the Treasury Department in exchange for the cash that the Social Security Administration has collected, IOUs that cannot be paid until the government first raises the money (by additional taxes) to redeem them.

Thus, in actuality Social Security is a straight socialist transfer scheme – one in which the state takes a young Peter’s money to distribute it to an elderly Paul. In other words, it is a classic socialist or paternalistic program, one in which people look to government to play the role of a parent watching over and taking care of his adult children.

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These socialist programs represent the worst of socialism.

Racist / Sexist in that the transfer goes from poor black men to rich white women.

It’s an immoral theft. Left to their own devices, people could easily beat the negative one percent return.

It’s a Ponzi scheme where the current recipients are paid by the current taxpayers. As the population ages, the demographic change will swamp the system.

It’s a slush fund. Politicians “stole” the funds “deposited” for their favorite programs. Just another way, they can spend us into poverty.

There is literally nothing good about this program.

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