Robert Samuelson notes the oddity of conservatives supporting a Social Security “reform” plan that will inevitably lead to greater federal control over the stock market. Samuelson also points out that Bush’s plan would distort investment patterns in favor of established companies, thus denying capital to entrepreneurs (if we had private accounts in 1978 do you think the government would have allowed you to invest part of your payroll taxes in Microsoft?). Those who dismiss these concerns should consider what will happen the first time there is a significant drop in the Dow after private accounts are established. Does anyone really … Continue reading Wall Street and Welfare