It has become easy to believe that we can vote ourselves into financial security, but there is no substitute for work and saving. It is easy to believe that we can force people to save for their old age and to administer those savings through governmental programs, even though we know that centrally planned economies are less prosperous and less secure than those that are free from governmental interference.
Several American generations have traded their liberty to save and invest for the hoped-for safety of the Social Security system. In so doing, they have made themselves dependent on the benevolence and financial competence of Congress and have imposed an economic burden on future generations. This burden consists of wealth that was never produced, economic progress that was never made, and a moral obligation that is increasingly less likely to be accepted.