ABSTRACT
KEYNOTE: Social Equity Through Social Insurance An anonymous Washington wit once observed that the federal government is basically just a large insurance company with a defense business on the side. While seemingly outrageous on the surface, this comment becomes more and more reasonable if its implications are closely examined. The reality is that most-far more than half-of the federal budget goes to insurance programs: Social Security, Medicare, Medicaid, welfare, and food stamps are the most obvious. But the federal government also runs insurance programs for banks (Federal Deposit Insurance Corporation), for pensions (Pension Benefit Guaranty Corporation), and for home mortgages (Department of Housing and Urban Development), among others. In terms of money, these programs represent more than 60 percent of the federal government. Defense-that business on the side-accounts for only 20 percent.
