Private arrangements for the care of the aged have altered greatly over time. Children were at one time the major means whereby people provided for their own old age. As the community became more affluent, the mores changed. The responsibilities imposed on children to care for their parents declined and more and more people came to make provision for old age in the form of accumulating property or acquiring private pension rights. More recently, the development of pension plans over and above OASI has accelerated. Indeed, some students believe that a continuation of present trends points to a society in which a large fraction of the public scrimps in their productive years to provide themselves with a higher standard of life in old age than they ever enjoyed in the prime of life. Some of us may think such a trend perverse, but if it reflects the tastes of the community, so be it.
--Milton Friedman, Capitalism and Freedom, 1962
(Emphasis mine.)
(Font enlargement contributed by a presbyopic moderator.)
--Milton Friedman, Capitalism and Freedom, 1962
(Emphasis mine.)
(Font enlargement contributed by a presbyopic moderator.)
