You're basically replacing an insurance program that everyone pays into with safety guarantees with a savings account that each individual pays into with zero g

You're basically replacing an insurance program that everyone pays into with safety guarantees with a savings account that each individual pays into with zero guarantees and each individual now has to know how to save enough for themselves, oh and the government will take some of your money if you don't save enough of it. I can't imagine anything more regressive. The entire purpose of the Federal Reserve is to ensure our economy devalues our savings at about 5% a year. So every year those of us required to save are losing money to the people who have easy access to credit. And like every "plan" in this country it will be 100% based on W-2 income meaning the extremely rich won't ever be affected by it, just like they're not affected by insurance costs or social security insurance.