What do we really own?

David Morris makes a great case that President Bush’s “ownership society” actually turns the word “ownership” on its head:

"The debate about Social Security illustrates the kind of ownership Bush views as central to his vision of the ownership society. His proposed Social Security reform, the centerpiece of his second term in office, will enable Americans to own shares in huge mutual funds that hold a portfolio of shares in many corporations.

This is a trivial form of ownership. It's more like having a piece of the action than having any of the rights or responsibilities that we normally associate with genuine ownership.

There are, of course, many forms of business ownership. Some, like local ownership, cooperative ownership, worker ownership, or municipal ownership, allow individuals to participate directly in decision-making. These are structures where the loci of authority and responsibility merge. Bush's policies, on the other hand, vigorously support another less sanguine form of ownership — huge, absentee-owned, business structures where those who make the decisions are very distant from those who feel the impact of those decisions."

Morris is co-founder and vice president of the Institute for Local Self Reliance here in Minneapolis. His words are worth pondering.