12.10.2004

Moral hazard


A stranger writes:

"To the Editor:

I favor Social Security privatization for one reason: I don't want Washington politicians, of either party, to control my retirement security. At 31, I am willing to accept the possible downside of making my own decisions in exchange for full control of my future.

Eric Lahti"


Fine by me. Let us do this: let's free those who renounce the dead hand of the jackbooted, shortsleeved thugs of the Department of the Treasury. If you decide to live with the wolves of Wall Street, you renounce your claim to the safety net of the sheep.

It's simple, really. If you're smarter than the government, you won't need its medical programs. Or food stamps, for that matter. Or its hospitals. Basically I want is insulate my tax dollars from being thrown away on people who gambled in the stock market and lost. Such a permissive attitude cannot but encourage speculation and tax increases, and for the latter of these two reasons, constitutes moral hazard.

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