Savings Accounts: Their Characteristics And Usefulness - Consumer: Fill & Download for Free

Full disclosure: I am not a Dave Ramsey fan by any stretch of the imagination.Let’s start with the good aspect of debit cards:You can use them in the same ways you would use a credit cardIt is not possible to over-spend with a debit card, because the money is withdrawn from your checking account immediatelyYou are able to avoid having to carry cash or find an ATM when you need to make a purchaseDebit cards do offer a measure of fraud protection.The last characteristic may seem to offer some security, but keep in mind that if someone manages somehow to steal your debit card or its information, they now have access to all the funds in your checking account. Possibly more, if you have tied your savings account to your checking account for overdraft protection.In case of fraud, the bank will indeed protect you—but the money will have been withdrawn from your account at least temporarily until the bank can get matters straightened out. They will cancel the card, which means you won’t have card access to your funds until they get the new card to you. If you happen to be traveling, this could be a major hardship.A credit card offers a sort of “firewall” between your spending and your liquid assets. If someone manages to steal your credit card information, you can notify the credit card issuer and get an immediate credit to your account while they are investigating. They’ll cancel the card and issue a new one—but in the meantime, you can simply use a different card while waiting for the new one to arrive. The cash in your bank account will remain secure.There is a reason Dave Ramsey advocates the use of debit cards: he doesn’t believe you can be trusted with a credit card. He says, “Responsible use of a credit card does not exist,” then goes on to talk about how people make more impulse purchases when they have credit cards, spend more in restaurants, and generally get themselves into trouble. While this is certainly true for some people—and those are many of Ramsey’s adoring fans—it is by no means true of every consumer.Using a debit card and not having any active revolving accounts (credit cards) will increase the likelihood that one will have no credit score. Ramsey refers to the FICO score as an “I-love-debt score” and states proudly that he has a FICO score of zero. This is simply not possible; he may have no credit score at all, but there is no such thing as a FICO score of zero (the minimum is 300). This can be an issue when one wants to get a mortgage to buy a home. Furthermore, it is not necessary to owe any money at all in order to have a high FICO score; all that is necessary is to have active accounts in good standing.Contrary to what Ramsey claims in his books, syndicated radio programs and $99 “Financial Peace University,” it is quite possible to use credit cards responsibly and intelligently. The smart (and responsible) consumer can take advantage of the many rewards and cash back programs, financial protection and convenience—all without every paying a single penny of interest. Paying the balance in full before the end of the typical 25-day grace period will avoid any interest charges.In the world of Dave Ramsey, consumers are incapable of managing their finances (including credit cards) without his paternalistic guidance. Thoughtful people should know better.

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Because this question actually contains three substantial questions, I will answer them separately in order.1) Is universal healthcare socialist?Universal healthcare isn’t a defining characteristic of socialism, and ensuring universal healthcare coverage does nothing to change the fundamental characteristics and dynamics of the economic system.Socialism is an economic system based on social ownership and operation of the means of production, which at the minimum means the returns to social production accrue to the entire society. A universal healthcare system that consists of either collective or publicly-owned and operated hospitals, primary care facilities, and pharmaceutical and medical equipment manufacturers could be components in a socialist system. But universal healthcare in the form of social insurance has nothing to do with socialism; a socialist economy could very well achieve universal coverage by selling healthcare services as a commodity because healthcare costs would be kept to a minimum and incomes would be relatively egalitarian in a socialist economy, so affordability wouldn’t be an issue. That being said, many socialists view universal healthcare as a positive reform under capitalism because it improves the lives of the working class by reducing dependency on employers, enhancing individual autonomy, and improving quality of life by granting them some peace-of-mind.Universal healthcare in most countries isn’t administered by the state or collectively-owned entities, in many instances it is simply funded by social insurance and in some cases subsidized by taxes to make it affordable for consumers. Moreover, universal healthcare exists within the framework of a capitalist economy - an economy driven by the accumulation of capital, private ownership and the wage-labor relationship.(Also see Sean Ahluwalia's answer to Is Medicaid socialism? for an overview of what socialism actually implies for the broader healthcare industry and why public insurance has nothing to do with it.)2) Does Singapore have universal healthcare?Singapore - like virtually all developed countries in the world - has a universal healthcare system administered by a combination of public and private hospitals financed by a mixture of government subsidies, compulsory savings plans and national insurance. All citizens are covered by a basic health insurance plan called MediShield, administered by the Central Provident Fund. This covers costly hospital expenses. Primary care is covered by the MediSave system, a compulsory personal medical savings account financed by employee and employer contributions.3) Does Singapore have a socialist economy?Singapore’s economy is embedded in a global capitalist system and is very liberal in orientation (note by “liberal” I mean open to free-trade and a reluctance to intervene in price formation). Moreover, the profit system guides the production of goods and services in Singapore’s economy and the social relations of capitalism including wage labor persist; so we can immediately disqualify it from being a classical socialist economy or a planned economy.However some economists have described it as an example of market socialism, or at least a quasi-market socialist system. Almost 40% of Singapore’s market capitalization (between 2008–2013, likely higher now) is produced by government-linked companies, with the state exercising its ownership through the SWF Temasek Holdings. The government also maintains a separate investment fund for foreign investments. These investments are used to build national reserves for the Singapore government that are now increasingly being used to finance social spending. Additionally, land is state-owned and leased, generating another source of income for the public. Housing is produced by a state entity, the Housing Development Board, which sells them to consumers at market prices and but subsidizes consumers. Up to 80% of Singapore’s population resides in publicly-produced and subsidized housing. Note that public housing in Singapore is not merely a program to help the economically disadvantaged; it refers to publicly-produced housing ranging from affordable to luxury flats sold to consumers in a housing market.So in some respects, Singapore can be considered a quasi-market socialist economy where a substantial portion of its domestic economy is under public ownership and the returns on commercial public assets accrue to benefit the entire population. This isn’t surprising given that Singapore’s founder, Lee Kuan Yew, defined himself as a “democratic socialist” and the ruling People’s Action Party once had a socialist orientation.But generally speaking, most economists and socialists - myself included - would consider Singapore to be an example of state capitalism rather than a truly market socialist economy. What Singapore’s economic model does have is the potential for a transition to market socialism as a means to hedge against employment insecurity caused by mass automation: by building up national wealth through state-owned investment funds, the Singaporean government could potentially disburse a portion of the returns to each citizen as a social dividend, effectively making each citizen a share-owner in the publicly-owned economy, eroding away at the institution of wage-based labor and the class system which characterizes capitalism.For an explanation of socialism and for clearing some of the misconceptions surrounding it, see:What is the difference between capitalism and socialism?What are the most common misconceptions about socialism?Why do socialist economies fail in a capitalist world? (Using Singapore’s economy as an example of market socialism and the limits placed upon it by the global capitalist system)