Laissez-faire economics

Dear Editor:I feel I must respond to the Ayn Rand Institute's "editorial" in the Aug. 26 issue of The Downey Patriot, advocating the repeal of Social Security. The Ayn Rand Institute promotes laissez-faire economics. This economic philosophy advocates the removal of all regulation of business. This includes, but is not limited to, child labor laws, product safety regulation and food and drug regulation. The repeal or privatization of Social Security would result in devastation to older adults, the severely disabled and young families that have lost their bread winner. Laissez-faire proponents advocate the survival of the fittest, and dog eat dog. This was our economic policy in 1900 when Rockefeller, Gould, Frick and others ruled business. This was our policy when 10-year-old boys worked in coal mines and mills. This was our policy when business offered no retirement, no benefits and fired employees on a whim. If you think laissez-faire economics is beneficial, you should return to 1932. That is when unemployment was at 25% and no laissez-faire economist gave a damn. -- Richard Daggett, Downey

********** Published: September 2, 2010 - Volume 9 - Issue 20