Opinion of Forced Savings/Insurance Schemes

[DC Al Fine]

Governments often force their citizens to save money or purchase insurance. Some common examples are Social Security, Obamacare, and requirements to purchase auto insurance if you own a car. What do you think of these policies?

I used to be against them, but as I've gotten older and experienced people's profligacy, I've changed my mind. Forced savings and insurance are an important part of of any welfare state, reducing its cost and keeping well off spendthrifts from becoming burdens on society. The 90th percentile of household income is about $150 000 but someone in that household can still reach retirement without any savings, or be bankrupted by an at fault car accident. Forced savings and insurance schemes help prevent those situations.

What are your thoughts?

[DC Al Fine]

Insurances directly provided by the State are much better.

Could you elaborate a little bit? Does something like Social Security or Canada Pension Plan, where the state forces you to pay into the plan which they administer meet your definition of "provided by the state"? Or do you mean this sort of thing should be paid out of general revenues?