Friday, March 25, 2005
On this day:

Samuelson: Social Security = Welfare

In the Washington Post yesterday (hat tip: Political Man), economist Robert Samuelson reminds us that Social Security isn't "social insurance" at all. It is welfare - " a governmental transfer from one group to another for the benefit of those receiving." He goes on to say that the real issue with Social Security isn't its "solvency," but rather the costs it imposes, both economic and political.

I would agree. Social Security should be defined properly - as welfare - and it seems to me that the plan to add a personal retirement account option provides hope that one day that definition will no longer be accurate.