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Episode 12 – Bilking the Young and Healthy is Unsustainable and Unjust
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The bulk of this episode was sparked by a series of discussions I had with a self-avowed socialist. We had many points of contention, but among the biggest was about FDR’s legacy. He continually referred to FDR’s heroism in “feeding and clothing millions of people” by instituting Social Security, while I pointed out how FDR’s actions prolonged the Great Depression and, over the course of the next 70 years, have put us on a collision course with bankruptcy. He would hear nothing of any criticisms of Social Security (I don’t think he actually understood how it works). FDR did not “feed and clothe millions of people”; he forcefully took money from one part of the populace and gave it to another. Social Security is a huge wealth transfer from the young to the old, from people that are just starting out in their working lives to people that have had 50+ years to build wealth and prepare for retirement. I also discuss Obamacare; we have once again forced the young and healthy to massively subsidize the old and sick. Premiums for health insurance have gone through the roof for young and healthy people to fund the mandate that insurance companies not be allowed to charge varying rates to account for pre-existing conditions. We continually lament how we expect Millennials to be the first generation in American history to have a lower standard of living than their parents. These types of policies and transfer programs are why!
http://s3-us-west-2.amazonaws.com/mark-geise-show/Episode+12+-+Bilking+the+Young+and+Healthy+is+Unsustainable+and+Unjust.mp3Suggested Readings/Referenced Articles:
“Kerry: ‘Governing is harder’ because there are more TV channels” – Washington Examiner
“Making college debt-free and taking on student debt” – HillaryClinton.com
“Why Social Security Could Be Bankrupt In 12 Years” – David Stockman’s Contra Corner
“The Immorality of Social Security” – Foundation for Economic Education (FEE)
“Social Security is Definitely Welfare” – The Future of Freedom Foundation
“Ratio of Workers to Retirees Will Plummet Worldwide” – Scientific American
“The Economics of ObamaCare” – Ludwig von Mises Institute
“Frustration mounts over ObamaCare co-op failures” – The Hill
“One-third of U.S. could see only one Obamacare option as insurers pull out” – Washington Times
“Young People Are Much Worse Off Than Their Parents Were At That Age” – Business Insider
Book: “America’s Great Depression” by Murray Rothbard (free, legal PDF download)
Book: “The Politically Incorrect Guide to the Great Depression and the New Deal” by Robert Murphy
Book: “Plunder and Deceit: Big Government’s Exploitation of Young People and the Future” by Mark Levin
Podcast: “ContraKrugman – Ep. 49 Obamacare Sinking? Why, It’s Just a Flesh Wound, Says Krugman!”
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