Hong Kong’s Version of Unemployment Reform

Hong Kong Chief Executive Leung Chun-ying

Unemployment reform that benefits getting back to work makes sense to me. Hong Kong is taking that approach. It’s not a perfect solution that’s being offered by leftist Chief Executive Leung Chun-ying. But it’s better than what we’ve got in the U.S. The Wall Street Journal Asia Review and Outlook writes:

Chief Executive Leung Chun-ying announced an expansion of Hong Kong’s small welfare state in his annual policy address on Wednesday. That was no big surprise. His government has been under pressure, particularly from the pro-democracy opposition, to do more to help the working poor. Mr. Leung hails from the leftist community within Hong Kong that supported the Chinese Communist Party when that was decidedly not cool.

The shocker is that Mr. Leung’s new Low-Income Working Family Allowance promises to encourage work rather than subsidize poverty. The program deserves qualified praise.

Let’s stipulate that the best way to help the poor is to encourage entrepreneurial activity, which creates wealth and provides social mobility. Hong Kong remains a model on this score.

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E.J. Smith - Your Survival Guy

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E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.