I've never understood why Americans aren't allowed to buy private unemployment insurance policies. Public unemployment insurance is about to bankrupt many states, thanks to the recent recession. Much of this could have been avoided if workers had the option to buy private unemployment insurance, either directly or through their employers.
Speaking of employers, some of their costs of keeping people employed would be reduced if they didn't have to pay into the public unemployment insurance coffers. That would likely allow them to hire more workers, which would in turn make such private insurance less costly. That's because allowing employers to use more of their resources to hire additional workers would reduce the risk that any given worker would be unemployed at any given time.
To me, this would seem like a win-win situation all around. But don't look for it to become a reality anytime soon. It seems that our nanny-state form of government just can't relinquish control and allow the private sector to resolve its own matters.
Terry Mitchell is a software engineer, freelance writer, amateur political analyst, and blogger from Virginia, USA. He posts a least one article a day to his blog - http://commenterry.blogs.com - on subjects such as current events, politics, technology, society and culture, religion, health and well-being, self improvement, personal finance, trivia, and sports.
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