Quote by Milton Friedman
Consider Social Security. The young have always contributed to the support of the old. Earlier, the young helped their own parents out of a sense of love and duty. They now contribute to the support of someone else's parents out of compulsion and fear. The voluntary transfers strengthened the bonds of the family; the compulsory transfers weaken those bonds.
Summary
This quote highlights the shift in the nature of intergenerational support, specifically referring to the Social Security system. In the past, the young willingly supported their parents out of love and obligation. However, with the introduction of mandatory contributions to support the elderly, the dynamic has changed. The quote argues that this compulsion and fear associated with mandatory transfers have weakened the familial bonds that were once strengthened through voluntary transfers. It suggests that forced financial support erodes the sense of connection and responsibility within families.
Topics
Welfare
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