The Socially Secure Frog

To the US Senate and House - we are listening.  That is, to the upcoming debates over one of the most basic rights of US citizenship: property ownership.  As it relates to privatizing social security, like any other pretax savings account, "what I earn is mine" is so fundamental to our way of life, that it cuts easily across party lines.   A friend of mine highlighted this as the essence of the social security issue today at work.  Here's why he's right.

The antithesis, "what you earn is mine," suggests either a - that you are an evil thug or b - you honestly believe I cannot best serve my own interests.  While occasionally I might screw things up, from a policy standpoint, it is profoundly arrogant to assume your prescription for use of my property is preferrable.  Even if sincerely believed, history has shown this to be false.  Well-intentioned governments have shown themselves over and over to be one of the most inefficient (often corrupt) distributers of other people's money.  Let's not talk about the disastrous consenquences this has to the fundamental incentive to improve one's lot in life.  Let people do with their own property what they best see fit.

The what-you-earn-is-mine, or at least "mine first", mentality doesn't work well and will always end up in devastation dispensed by Smith's invisible hand.  Effectively, this is our current social security policy.  If you're still under the influence of economic igornance, try educating yourself with "Defining an Ownership Society"  by David Boaz.

So, I'm in.  Let me keep what is mine and keep my retirement security money in my own retirement account.  It is, afterall, my property to begin with.  Continuing along the what-you-earn-is-mine path will just continue to boil the socially secure frog (more on boiled frogs here).

Comments

[Ben]

The same guy who triggered this post (who asked to be anonymous) commented that the idea of "what I earn is mine" seems to jive with people who, go figure, own things. He summarizes as follows:

"...it helps the more you fit one of these states:
1. own your own home - real estate tax bugs you
2. own your cars - personal property tax bugs you
3. have one or more jobs - payroll + income taxes bug you
4. run a small business or are a shareholder in a business - regulations bug you

If on the other hand you:
1. rent, or even further, are renting in a subsidized apartment
2. take public transportation
3. rely on some government program for some of your income
4. don't own any shares at all and/or one of your immediate family members were recently laid off then you are probably thinking you want help from the government."

I thought this was insightful.