The Right Coast
December 24, 2004
By Mike Rappaport
Sheldon Richman writes:
The New York Times had a story the other day about how Wall Street firms have been secretive about their support for Social Security reform. The Times' point is that these firms stand to gain from the kind of changes President Bush and others are talking about, since money would go into private investment accounts. Therefore, the reform is suspect precisely because Wall Street investment houses would benefit.Richman's point is quite correct. Sadly, it is so rarely pointed out these days that it is easy to forget, even for people who are skeptical about big government like yours truly
One of the great things about Ronald Reagan's talk about government being the problem is that it focused attention on government behavior and its incentives. It made it easier for people to recognize the conflicts of interests that special interest groups and government officials have.