The current Social Security (aka “socialist insecurity”) system is designed as a pay-as-you-go system, in which current workers’ tax dollars pay for the benefits of retirees. And the system is in serious trouble. With increased life expectancy and a declining birth rate, there are fewer workers to support a greater number of retirees. In 1950, there were 16 workers paying for the benefits of one retiree. Today, there are about three workers per retiree, and by 2025 there will only be two. According to the Social Security Administration itself, if unreformed, Social Security will begin running a deficit by 2017, and by 2060 Social Security and Medicare combined will make up 71 percent of the federal budget.
“The human spirit seeks full and free expression in every department of life: in the spoken and written word; in music, sculpture and architecture; in sport and play. And also in work.
Man’s work, when people are free, takes form as the market economy; and the free economy generates the material support the human spirit needs for its intellectual and aesthetic fulfillment.
Economic liberty makes for a broadly shared prosperity which provides the wealth a people need to build schools, churches and factories; hospitals and laboratories; theaters, concert halls, art galleries and museums; gardens, playing fields, and stadiums.
These cultural artifacts reflect the several facets of human nature striving for full and harmonious realization; they are the fruits of freedom. Only tend to the roots, and these miracles — and more — are possible.”
Edmund A. Opitz, from The Freeman, June 1988.