In economic panics throughout history, the wiping out of the savings accounts of lower earners and the middle class has often led to social revolution, sometimes violent upheavals. ↗
I've been to enough other countries in the world to know what happens when you have socialized single-payer health care. It works. People don't get sick as much. They don't lose their life savings with a catastrophic illness like cancer or AIDS. ↗
What the F.D.I.C. does is to put the full faith and credit of the United States government behind every savings account in the nation, up to a limit that has changed over the years and stands now at $100,000. ↗
What we are trying to do is to look at all of those resources and say, well, would they be better spent on just advocacy and information, or can we make savings out of that and redirect them into savings. ↗
Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare. ↗
There's been a lot said about Social Security reform. What has been left out of the debate is the double tax on Social Security benefits. I believe it's time to get rid of a tax that punishes seniors and discourages work and retirement savings. ↗
