Thursday, June 19, 2008

The Robin Hood mentality

A very familiar notion from the American Thinker: "Obama's latest proposal to raise taxes"

Moreover, under current rules, Social Security caps both benefits and earnings. Thus, unless Obama also favors paying more Social Security benefits to the wealthier earners -- highly unlikely -- then his plan undermines Social Security's historic role as a basic social safety net rather than a program that redistributes income. This realization has triggered criticism even from Democrats, including Henry Aaron of the liberal Brookings Institution and former Rep. Charles Stenholm of Texas. "When you say you're going to begin means-testing the program," Stenholm noted, "you begin to convert Social Security from an insurance program to a welfare program."
Social Security's saving grace as a government program is the notion that it's "universal" in that everybody gets back something proportional to what was "saved." As a conservative who thinks it's all a big Ponzi scheme, Obama's proposal affirms the idea that all government programs, eventually, morph into a Robin Hood default. This program is going to wither functionally and politically. Thank heaven for 401(k)s.

2 comments:

Dave said...

It probably is a Ponzi scheme, but I'm going to get mine. I feel a little (but only a little) sorry for you young folk who will be getting your butts taxed off to support my retirement in the style I desire. Perhaps all of you should consider taking a second or third job.

As George Bernard Shaw once said, "He who robs Peter to pay Paul will certainly have the gratitude of Paul." I would add that he would also have Paul's vote.

We Boomers are going to rule you guys forever (especially since so many Boomers are Dems), so get used to it, or as we used to say in the pre-PC days, just lay back and enjoy it.

Dale said...

Obama's proposal affirms the idea that all government programs, eventually, morph into a Robin Hood default

Isn't this wrong and that people incorrectly think Robin Hood="Take from rich, give to poor". Didn't Robin Hood actually take from government and return it to the people? If that is correct, we need more Robin Hoods these days.