Socialized Healthcare? Universal Pensions?
Free market economist Ludwig von Mises wrote that the aim of Socialism is to "transfer the means of production from private ownership to the ownership of organized society." Originally published in 1922, Socialism: An Economic and Sociological Analysis remains a widely read critique of what this famous Austrian refers to as an anti-social and destructive force. While numerous countries have abandoned a statist system (at least in part), an ongoing debate about health care and pensions suggests a reincarnation. Certainly here in the USA, ongoing debates among Presidential candidates keep the topic alive. So too do those who take the pulse of "Joe and Betty Everyperson."
A February 14, 2008 press release, issued by the Harvard Opinion Research Program at the Harvard School of Public Health and Harris Interactive suggests that consensus is nowhere to be found with respect to the delivery of medical treatment and pharmaceuticals. According to the survey results, younger adults consider Medicare a form of socialized medicine and are more favorably predisposed to universal coverage. Not surprisingly, those without insurance view socialized medicient as a good thing. Notwithstanding political party differences, in aggregate, "only 19 percent of the uninsured think that a socialized medicine system would be worse than our current system while 57 percent think it would be better." Those with health insurance are pretty evenly split on the issue.
Interestingly, politicians and pundits seldom address socialized retirement with the same vigor reserved for medical care. Before he dropped out as a possible Democratic party candidate, John Edwards spoke about his intent to create Universal Retirement Accounts. In late November 2007, we gave then Republican candidate Fred Thompson blog time, posting his video comments about Social Security, wherein he bemoaned the current generational weath transfer from young to old.
Anecdotally, the response to our musical video ("Pension Tension Blues") has been pretty much the same across the board. Viewers appreciate the humor but remark on the seriousness of the situation for many individuals - limited benefits and anemic savings accounts.
So whatever your party affiliation or philosphy, there is one thing on which we should all agree. The retirement benefits "issue" is fast becoming a public policy pain point, in the US and elsewhere. And since so many of us embrace that "It's the economy stupid," know that we are all impacted as tax policies, available credit, borrowing costs and wages change as a result of corporate and government decision-making about post-employment schemes.
