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March 15, 2005

Social Security Fits the Definition of a Crisis—at Least in Chinese

It is widely believed in America that the two characters that make up the Chinese word for “crisis” translate into “danger” plus “opportunity”. They don’t. The characters actually mean “danger” plus “incipient moment” (or “crucial point”). But the Chinese word for crisis is still a good description of our situation regarding Social Security. The Social Security system (and other similarly-structured welfare-state programs, such as Medicare and Medicaid) has become a danger to the economy and to the people relying on it for retirement security. And we are now at an incipient moment, where we have an opportunity to replace it with something that is not only safer, but better. Large personal Social Security accounts will allow the next generation to accumulate real wealth. This, in turn, will make their retirement security independent of government. This is exactly why the Democrats (and confused RINOs) hate personal accounts and also why lovers of freedom must seize this “incipient moment” to enact them into law. Only the mass accumulation of personally-owned wealth can resolve the Social Security crisis.

Posted by Louis Woodhill at March 15, 2005 1:33 PM | Print

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