Entitlements

English: President signing the Medicare Bill a...

English: President signing the Medicare Bill at the in . Former President is seated at the table with President Johnson. The following are in the background (from left to right): Senator , an unidentified man, , Senator , Vice President , and . (Photo credit: Wikipedia)

An entitlement is something to which you are entitled; you own the right to use and enjoy it. It is a synonym for ownership. If you buy a house and pay on a mortgage for 30 years, at the end of that time, you own the house. You are entitled to use it for the rest of your life and pass the ownership to your survivors in a will. If you buy a car and pay for it over 3 or 4 or 5 years, at the end of that time, you are entitled to continue using it until either you or it wears out. If you work and pay Social Security and Medicare taxes for 30 oe 40 years, you are entitled to benefits from those programs for as long as you live. You bought and paid for those programs and you are entitled; you own the right.

George W. Bush spoke about an ownership society when he proposed Social Security privatization. What he meant was a change from one form of ownership to another. Some people would benefit from Social Security privatization and some would not. Sure winners would be people working on Wall Street because they would earn sizable, up to 40%, commissions on money invested by the owners of the money paid into Social Security accounts under the revised ownership formula.

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