ABSTRACT
Theideaofinvestmentassuperiortoconsumptionisaprinciple longrecognizedinbusinessandindividualfinancialaffairs,but strangely,ithasnotbeenrecognizedinwelfarepolicy.Welfarepolicy forthepoorhasimpededratherthanpromotedinvestment.Incomebasedpolicyhassustainedtheeconomicallyweak,butithasnot helpedstrengthenthem.Therefore,anewwelfarepolicyisrequired,a policybasedonassetaccumulation.Thisnewasset-basedpolicy wouldcomplementexistingincome-basedpolicy.
