It really depends on the concept of the elect.
If the elect means those who have been baptized, have received the Sacraments on a regular basis, who believe in God, who act according to His instructions, and who strive to imitate Christ (poorly of course), then yes I do.
If the elect means all men except those who have rejected Christ, then yes I do. If the elect is all men, who have all been offered the Grace of God, and have reached out for it, then yes I do.
If the elect means an exclusive club that you are entered into before you were even born, with little radio voices telling you things, preprogrammed behaviour that means nothing anyway, and everlasting heartburn, then no I don’t.
Indulgences are not wrong. They were not wrong, they are not wrong, they will always be not wrong. The manner of administration and the reasons for granting them were corrupt and were dealt with. Now the timeliness is of concern, certainly, and I think that a follow up nasty email to BXVI after the first one that we sent him is called for. :)
There isn't a "club". There is either the saved or the unsaved. You assume that everyone was meant to go to heaven or that God must give a "fair" shake to everyone. The fact is we are all wicked destined, deservedly, for hell. God happens to save some of us, for reasons only known to Him, to do His will to bring glory to Him. Making a good decision on our part has nothing to do with anything. We saw the light because He so willed it. All we can do is wonder at His mercy and grace.