[GeneV]

Krugman weights in : http://www.nytimes.com/2011/09/16/opinion/krugman-free-to-die.html

Republican speechwriter David Frum said something similar in an op-ed piece a while back critical of the Tea Party absolutists. His reasoning then also included avoiding the extreme effect of economic cycles.

This shift to a more welfare-oriented economy helps explain why business cycles in the second half of the 20th century were so much less volatile than they were in the 19th century. And fortunately enough, this shift put a floor under the economic collapse of 2008-09. Retirees who lost their savings had to cut back painfully. But at least their Social Security checks continued to arrive. People who lost their jobs might lose their homes. But they continued to buy food and clothing. And the industries that sold those basic necessities continued to function — unlike in 1929-33, when the whole economy collapsed upon itself.

Post-Tea-Party Nation - NYTimes.com