A good man leaves an inheritance …
BY Herschel Smith
12 years, 2 months ago
To his children’s children. So says the wisdom literature (i.e., Proverbs 13:22). But that’s not what is happening, according to this (h/t/ Glenn Reynolds).
Nearly 40% of Generation Z, those ages 13 to 22, expect to receive an inheritance, according to a recent TD Ameritrade study. As a result, they don’t believe that they will need to save for retirement.
“There is a little bit of the halo effect of youth vs. the reality of what the situation will be like,” says Carrie Braxdale, managing director of investor services at TD Ameritrade. In fact, the odds are slim that young adults will inherit wealth because their parents face a less secure retirement world, with stock market turmoil and mounting health care costs.
Only 16% of parents said that they expect to provide an inheritance, says the TD Ameritrade study.
Among many other reasons, this is why the state playing god with the economy (viz., John Maynard Keynes) is inherently evil. First of all, the very notion that the state can be omniscient and actually know and do everything necessary to propel it in the direction it needs to go is ludicrous on its face. Second, even if it could, the state would have to decide on winners and losers, yet another reason that this concept is evil.
Outside of the fact that the older generation has given up on leaving an inheritance (sad enough by itself), when a state mismanages the economy to the point where a generation cannot do so, it presses them irresistably towards behavior contrary to the idea of the good man.
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