Benjamin Franklin’s truth about security applies to economics as well

Posted by Jason | Posted in Government, Health Care | Posted on 18-01-2010


One of my favorite quotes from Ben Franklin is, paraphrasing, “People willing to trade their freedom for temporary security deserve neither and will lose both”. Not only does it apply to us giving up our liberties for security from terrorism, foreign nations, or even the local drug dealer. It can also apply to economics. It could easily be…

“People willing to trade their economic freedom for temporary economic stability deserve neither and will have neither.”

Think about it. We have handed over our economic liberty to the Federal Reserve, who is supposed to prevent the business cycle and inflation. How’s that working out? We’ve lost 30% of our spending power just this past decade and had the biggest economic crisis since the great depression. Since the inception of the Fed, the dollar has lost 98.3% versus gold.

We’ve handed over 12.4% our income to the government for social “security” in hopes that we’ll have a decent retirement. As everyone knows, it is bankrupt, already been spent, and for those already on it, it sure does not provide any quality retirement.

Now the government is going to force us to buy health insurance and steal money from some of us to pay for health insurance for others, so that we don’t go bankrupt when we are sick. To provide the economic stability of knowing you have health insurance coverage, we’re giving up the economic freedom to make the best financial decision for ourselves. While it is not enacted yet, I’m sure the same principle will apply. If it works like the UK’s health system, everyone will still have to buy private insurance if they want to see a doctor in this life time. Doctors will be restricted in what they can offer, leading some to travel over seas for restricted procedures. We’ll still be locked into the closed drug market that prevents us from buying drugs outside our borders. All of this will lead to an economic disaster down the road and a massive economic collapse.

In the end, we never get what is promised in exchange for our freedom. We’ve given up our liberty, and as Ben Franklin said, we’ve got neither security nor economic stability.

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