Posted on 03/27/2005 2:10:35 PM PST by CHARLITE
The shorthand version of the "ownership society" is a society of people who individually fund their own retirement, medicare insurance, disability insurance, life insurance, survivor insurance and long-term care and who only look to government to enforce withholding a portion of the of their wages and earnings during their working life and the caretaking of those funds in a real "lockbox" until needed. People own the funds in their account. People own nothing under the present program.
The ownership society will get government out of people's lives. It will eliminate the need to redistribute income to the poor, it will eliminate the need for massive social engineering by politicians, it will eliminate the need for such a convoluted, confusing and complicated income tax code. It will solve most of what ails America and will allow its people to concentrate on bringing democracy, free markets, justice and viable institutions to the less fortunate peoples of the world.
Funding the miracle of the ownership society is not difficult for a businessman, he or she merely lets "compounding" do its work. As our examples illustrate even at a 2005 poverty level a working man and woman will accumulate over $1,000,000 at retirement. Out of a small portion of those funds, private sector insurance companies will fund all sorts of programs spreading their risks over an enormous pool of the insured and factoring in the same compounding benefits that personal accounts enjoy.
Funding the socialist programs sponsored by the Democrat Party have left us in the same dilemma with which we are presently faced. Large unfunded liabilities our children will have to repay. The only solution presented by Democrats is reducing benefits and/or raising taxes. Those solutions have already proven to be bankrupt. The USSR and now Europe are the beta sites for such failed socialist policies.
George Bush has warned us against the continued socialist failures. He has pointed out the way. How long the MSM, the Democrats and the screaming liberals and their special interests like the AARP and unions will be able to divert attention by their scare tactics, only time will tell. The only question remaining is, Are you part of the problem? Or part of the solution? It is up to you.
Comments: RAMcDonald@aol.com
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.