Thursday, October 31, 2013
How to smooth out the bumps
I ran across this article over on Business Insider.
I always have trouble getting logged in to comment so here is my comment on this:
Former Obama advisor has suggestion
I would say that all of the benefits that the Federal govt. provides for all of it's citizens are a form of economic insurance. That includes Social Security, Medicare, SNAP, Unemployment insurance, etc.
These programs only apply to certain groups. Mostly the retired or the poor/unemployed. So a limited impact.
What is missing is single payer coverage for medical care for all of the people. Having medical coverage takes away the single largest cause of personal bankruptcy. Having medical "insurance" through broad taxes distributes wealth through the base of society. And that wealth is there when needed. Money is a fungible item, meaning that what we don't spend in one place can be spent elsewhere. Social Security allows people to work and consume and not obsess with surviving in retirement. The same could be said of single payer medical. This kind of benefit is something that all of society has to agree on, and that is a stretch in this country today. But the gap between the haves and the have nots continues to widen with dire social consequences if not addressed. The wealth must be spread around.
And of course, if labor in general had more power the wages/benefits would be a larger part of the pie in this country and that provides resilience in an economic downturn. Contrary to modern conventional "Chicago wisdom".
Along that line.... Would this country have ratified NAFTA if labor was strong??
Would we be as accommodating to China???