Here Richard Posner argues against a free market and for mandatory savings and hence for Bush’s privatization program: “[I]t is plausible to model the individual as a succession of selves with different preferences. A young person may dislike the idea of growing old and may be inclined therefore to refuse to make provision for his old self. The old self—the self that will not emerge and ‘take over’ the individual for many years—has no control over the decisions of the young self. Compulsory retirement saving gives the old self a ‘voice’ in the decisions of the young self.”
Well, he is certainly right that getting the government involved in reconciling and harmonizing the inner contradictions of individual’s multiple personalities and moods over the course of a lifetime does seem contradict the idea of liberty. Second—and this idea he says is consistent with libertarian thinking—he argues that mandatory savings prevents old people from free riding on their children. Both points need a response, but it strikes me as a good step to see the fog lifting debate shifted to where it really belongs: it is a good idea for the Bush administration to impose a new program of forced saving.
This is Westley‘s take on it.
