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Thomas Jefferson, Jacob G. Hornberger, Karl Borden


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"I place economy among the first and most important virtues and public debt as the greatest dangers to be feared ... We must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty or profusion and servitude ... The same prudence which in private life would forbid our paying money for unexplained projects, forbids it in the disposition of public money. We are endeavoring to reduce the government to the practice of rigid economy to avoid burdening the people ..."

-- Thomas Jefferson

(1743-1826), US Founding Father, drafted the Declaration of Independence, 3rd US President

http://quotes.liberty-tree.ca/quote_blog/Thomas.Jefferson.Quote.8957

"There is no difference in principle, ... between the economic philosophy of Nazism, socialism, communism, and fascism and that of the American welfare state and regulated economy."

-- Jacob G. Hornberger

American author, journalist, politician, founder and president of the Future of Freedom Foundation

Source: paraphrasing F. A. Hayek, Terrorism—Public and Private, THE TYRANNY OF GUN CONTROL, 74 (Future of Freedom Foundation 1997).

http://quotes.liberty-tree.ca/quote_blog/Jacob.Hornberger.Quote.3442

"Social Security is an unfunded pay-as-you-go system, fundamentally flawed and analogous in design to illegal pyramid schemes. Government accounting creates the illusion of a trust fund, but in fact, excess receipts are spent immediately. The government’s own actuaries predict the system will be bankrupt by 2030, but Social Security could face financial crisis as early as 2014. Moreover, Social Security’s relatively poor rate of return makes the program an increasingly worse investment for today’s young worker. ... The system design itself is fundamentally flawed and cannot be repaired. It must instead be replaced by one derived from free markets and operated by free citizenry making individual economic decisions in their own self-interest. ... Reform is long overdue. If we fail to act soon, our children will either inherit a bankrupt system or be forced to pay an impossibly high level of taxes. Only private pensions with individual property rights to accumulate fund balances can create a secure pension system. Chile, which privatized its system in 1981, provides evidence of such a system’s effectiveness."

-- Karl Borden

Professor of financial economics at University of Nebraska

Source: The CATO Project on Social Security, DISMANTLING THE PYRAMID: THE WHY AND HOW OF PRIVATIZING SOCIAL SECURITY, August 14, 1995.

http://quotes.liberty-tree.ca/quote_blog/Karl.Borden.Quote.D8F7

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