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March 29, 2005
Workers of the World Unite!!!
A friend of mine, with whom I often debate the merits of private accounts within Social Security, was recently offended by this portion of a Gregory Mankiw article in The New Republic:
The second reason the left hates personal accounts is that, over the long term, they could destroy one of its favorite battle cries: the alleged conflict between evil capitalists and oppressed workers. (“Workers of the world unite; you have nothing to lose but your chains.”) No ambitious political figure today would be stupid enough to quote Marx, but let’s face it, much of the left’s rhetoric is a less elegant paraphrase of his worldview.
Social Security reform could put a stake through the heart of this populism once and for all. After workers develop an equity stake in corporate America, they will start watching CNBC and the “Nightly Business Report.” Their view of how they relate to the economy will fundamentally change. Bush understands this, and it is one reason he talks about an “ownership society.” Democratic leaders understand it as well.Their biggest fear is that a nation of stockholders could easily morph into a nation of Republicans.
The association between Marx and the modern-day left he felt was a cheap shot, and in many ways I agree. It was an easy way for Mankiw to label the opponents of partial privatization, making them guilty by association before any facts were presented.
While I do agree with Mankiw that the flawed ideas of Marx (and Adam Smith for that matter) have had a profound effect on current political philosophies, I believe the case for voluntary personal accounts can stand on its own two feet. Let's keep the debate to the facts (ala the second paragraph quoted above and the many more good points in the article) and I have no doubt that Americans will be convinced of the benefits of PSAs.
But given the context of the discussion above, I had to laugh when I saw the cover of The Nation as I passed an airport newsstand this weekend:
Do you think The Nation, like Mankiw, would be taken more seriously if they stopped the references to Marx?
Posted by Peter Mork at March 29, 2005 7:56 AM
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» Social Secureity Debate from San Diego Politics
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