A number of cogent reasons to be wary.
1. Human house cats.
2. Levers of centralisation.
3. Romantic politics.
5. Eroding community spirit.
6. Heterogeneity of income requirements.
Alfred Marshall 1893 liberty quote. On universal pension schemes.
My objections to them are that their educational effect, though a true one, would be indirect; that they would be expensive; and that they do not contain, in themselves, the seeds of their own disappearance. I am afraid that, if started, they would tend to become perpetual. I regard all this problem of poverty as a mere passing evil in the progress of man upwards; and I should not like any institution started which did not contain in itself the causes which would make it shrivel up, as the causes of poverty itself shrivelled up.
Enter the welfare state and perpetual poverty. I guess he nailed it. Did anyone notice?
That is from note 1 to chapter nineteen in The Constitution of Liberty by Hayek.