Headlines everywhere are smitten with phrases like, "Obama's Entitlement Plans"..... Entitlement issues are intertwined with the failing economy and the bailout bonanza we are currently seeing permeate our news. Debated money woes are the news of this generation. It may be interesting for some of you to know that predictions of our current situation cried a warning of disaster, pointing the finger to an entitlement policy-led government. While most would agree our current situation is more complicated than just an entitlement issue, we can benefit from seeing several sides to the entitlement predicament. One year ago this month, Jonathan Hoenig wrote an article for the Wall Street Journal titled, "Entitlement Mentality is Wrecking Economy." He stresses it is a "bad philosophy" to believe "that the government is responsible for our lives" ending his article by stating:
"It's more than evident that a government "safety net" is anything but safe. Instead of the altruist philosophy that only the needy matter, our country desperately needs to return to the notion of rugged individualism under which we are each responsible for and capable of achieving our own security without the immoral coercion of publicity-seeking politicians. Any alternative leads to dependency, stagnation and economic despair."
Currently, most corporations and citizens are responding to the economic crisis with a reliance on governmental assistance. Clearly the entitlement mentality is alive and kicking. Where do you think people should turn during this time of need?
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That is because they have no where else to turn ;). Businesses borrow on commercial paper, banks over lend, insurance companies create stupid products that cover stock losses and people spend themselves into oblivion. All of them are broke, and its not because the system is broken.
ReplyDeleteWe could do with a stupidity tax that can be levied against corporations, banks, and individuals alike.