Problem of Ignorance

Walter Williams writes:

"Right now Congress tells each American how much should be set aside out of his weekly paycheck for retirement. How can they have the information to know what's the best use for the $70, or so, taken from you and put into Social Security? Might you benefit more by saving that money to start a business, purchase tutoring lessons for your children, or putting it in a private retirement plan? Unlike congressional control of traffic signals and supermarkets, the effects of Social Security aren't apparent because we don't have the information about what people would have been able to accomplish if they were able to keep more of their earnings."

"You might argue that saving for retirement is important, but so is saving for a home or your children's education. Would you want Congress to force us to put money aside for a home or our children's education?"

Problem of Ignorance

Hat tip to the Liberator Online.

Liberator Online - July 10, 2008