Varieties of Lifehours Accounts

As explained in "An Honest and Responsible Currency," a variety of lifehour accounts are needed to keep people and politicians from living beyond their means. The lifehour accounts are ranked in a hierarchy based on accounts role in basic survival. People primarily and daily steal from others and their future because they live beyond their means: credit cards, massive cars and modern homes.

The purpose of the hierarchy is to allow people to transfer lifehours from non-essential accounts to essential needs. This happens today when people take money from their vacation savings to an emergency car repair or emergency room visit. The problem is too many people don't have rainy day funds for emergencies. Lifehour accounts will help these irresponsible people.

  1. Timetax, Variable (4 hours minimum) ... Dollar is Dead .
  2. Food (2 lifehours)
  3. Housing: (2 lifehours) We having saving accounts for home purchases.
  4. Healthcare (4 lifehours): Healthcare lifehours--if we can have medical savings accounts then we can have lifehour medical accounts.
  5. Retirement (4 lifehours): Lending agency to reduce time cost of basic goods and services so lifehour is worth more in old age--compare to wealth dilution of social security
  6. Bankruptcy: The bankruptcy account is one which requires time savings if one uses bankruptcy--see Constitutional Amendment, Bankruptcy .
  7. Insurance: Lloyds of London Model
  8. Travel: Americans got themselves into the Bush diplomacy mess because they don't travel enough to realize that other people and countries are every bit as good as Americans in the right to the pursuit of happiness.
  9. Debts: As the economy shifts to from dollars to lifehours with a goal of 24 in 4, debts will be converted into lifehours with debts periodically rescheduled to maintain personal liquidity and discretionary funds (next accounts). Creditors are paid accordingly. Refinancing Humanity with lifehour debt accounts should not be a license to go further in debt and live beyond one's means as was the case with the home refinancing boom after the collapse of the stock market boom crashed. The stock market crashed in part, because the rich insiders pulled their money out to put into real estate.
  10. Discretionary: Clothing, Transportation. The discretionary account is very important, for that is where excess lifehours accumulates. All lifehours accumulated before the leverage buy out of the political system are in the discretionary account. This allows one to use or transfer lifehours. As lifehours are phased in, the transfer from the discretionary account to higher accounts is reduced.
  11. Petty Lifehours

If a person does not have sufficient accumulation of lifehours in their account, they can either work more in private industry or in the National Universal Service Agency aka New United States of Ameria--NUSA. If a person does not work to increase their margins, then their payroll taxes will be increased to make the transfer. As one can see, this is an aspect of requiring self-responsibility so people don't become a time and money drain on others through the business and tax system.

A person can move lifehours from the non-essential discretionary account to the essential via the lifehour trading. Moving lifehours: from wants to needs, from unnecessary to necessary, from non-essential to essential. And what should be the basis of determining these poles? The value to sustaining life:

Other than the LBO lifehours--some of which can be purchased--all lifehours are earned lifehours. You cannot use unearned cash to buy lifehours. The creation of better democracy and capitalism requires an end to unearned income.

Profitable Life: One aspect of these lifehour accounts is that a person cannot increase their discretionary spending by more than 50% a year. A lot of people get in trouble when they have an increased income from which they thing income will rise at an exponential rate forever. They overspent and overborrow with a day of reckoning. In 2003, America has the highest rate of personal bankruptcy in history.

Quality Control Tools for Higher iCube ... Frog Leaping.
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