If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn-out welfare society. I think the labor laws are outdated. The labor laws induce sloth, indolence, rather than hard [work]. The incentive system is totally out of whack.
Why should, for instance, within [the] euro zone some members' people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard.
That’s from Jin Liqun, the supervising chairman of China's sovereign wealth fund, speaking to al Jazeera television, who surprising bashes Europe's welfare state (WSJ).
I would totally agree with the first paragraph.
However, contra Mr. Liqun, ANY welfare society REDUCES people's incentives to work hard. Forcibly picking on the pocket of Mr. Yu for the benefit of Mr. Lee always spawns friction, breeds dependency and the consequent loss of personal dignity. Welfarism is a zero sum activity.
Besides how does one qualify “reducing the gap"? The Chinese way? Chinese Keynesian leaning bubble policies today are hardly a paradigm to emulate and whose path eventually leads to that of Europe.
In politics, the best way to seize credit is to step on someone’s shoe.
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