An Ownership Society or a Society For Those Who Already Own?

Beginning with his convention acceptance speech, President Bush has been calling for an ‘‘ownership society’’- ‘‘a path to greater opportunity, more freedom, and more control over your own life.’’ Republicans and Democrats alike should welcome this call since in one form or another most have already embraced proposals emphasizing ownership, asset development, and greater opportunity. In particular, we should start looking at the way that hundreds of billions of dollars of ownership subsidies--in particular, for housing and pensions--are already being spent.