The Utah Patriots Think Tank!

Here’s the thing.  I was thinking today about how much of the Federal budget is spent on welfare type programs (60+%) and I thought rather than talking about it why don’t we start coming up with our own solutions to problems.  Let’s all get together, throw out ideas on how we would solve things and then we can help correct each other’s ideas where we see issues or mistakes, etc.  Maybe, just maybe together we can come up with a solution good enough that we pass it on to the right people.

So, here’s my first ‘Think Tank’ thought.  Believe it or not I think we could eliminate the welfare program by changing the unemployment program.  Here is how I would build the unemployment program.  First, you only get what you pay into it.  So, when you get your first job at 16 you would sign up for an unemployment program.  These programs would not be under the Federal Government but rather under a private entity, such as a bank, credit union, etc.  These would be interest bearing accounts, and the free market would control them (and completely tax free of course.)  Obviously we don’t want anything forced upon anyone so people can opt out should they wish, but this safety net/savings account is something that would be strongly recommended.  To ensure that most people do take advantage of the program, we would give strong tax incentives to the employers to essentially ‘co-pay’ into the accounts for their employees.  This can be an added benefit for the employee, and when I say tax incentive, I mean that the business will not lose a dime from this, not just slightly lessen their burden.  So, as a person goes through life paying into this account (that is theirs) and it accrues interest the account builds.  Then one day the employee loses his job.  All this employee needs to do to take advantage of their account is simply prove to the bank they lost their job.  They will then be able to begin receiving payments out of their account at whatever rate they see fit knowing that the amount in the account is the only amount that will be available to them.  Once that account is empty, their SOL.  This does a few things.  First, no money is being wasted by the Federal government or bureaucracy, nor is it controlling our money that is for our benefit.  It is also not being spent on someone else who hasn’t earned or worked for that money.  Second, this safety net is actually earning money for the employee.  Also, by knowing the exact fixed amount, that person knows how long they can survive without work and will be properly motivated to find a job.  Should that money run out, they just don’t get anymore.  With no welfare program to fall back on, they’re going to make sure they find a job.  The employee would not need to prove they are looking for work, or any other bearcatic waste of money and time.  Besides, most people are going to want to draw as little from that account as they can.  Once they retire, they can fully draw the money out of that account and put it with their own retirement account, or have that account simply make payments to them until it is depleted.

So, I can’t explain it quite as well as I can visualize it in my head (I’ve never been accused of being a ‘Great Communicator’ (like someone who stammers every other word and is somehow called a Messiah) but I think I’ve gotten the bulk of the plan explained.)  So, what does everyone think?  Shoot some holes in it, tell me what you like, what you don’t like, how you would change it, etc.

Let's get this think tank off the ground and do maybe 1 topic a week?