A whole new world of freedom and responsibility. Innovation in the grannycare space. Families brought closer together. Lots of good things, some bad. A net win.
You make it sound like it hasn't already been tried. As far as I know every time you remove the social safety nets you turn society into a Dickensian nightmare where the poorest in society struggle massively, not 'innovation' or 'freedom'.
“Remove the social nets”? Your family is the social net.
Oh it would be much better than what we have now. Not only would you get to keep much more of your money, you’d get to use it to support your family yourself — or even use it to plan for your own retirement, your way. It would, of necessity, bring families closer together and encourage forward thinking. By default the family is the social net: this experiment we are in of shifting that to the massive, bureaucratic state is immoral, and on top of that — not going well.
Now that not nearly as much of your wages have been garnished, you would have had all that money during your working years to invest for your retirement. You could even use a private ss-like setup if you like. Besides having more options, more people would pursue having a family for this reason, so the situation would be rarer. Beyond that, you’d have a much stronger charity network.
What happens today when the money supply is inflated so that SS becomes a lot less useful, or when the system either collapses or is ended due to spiraling costs?
The problem you mention would be tragic, but with the proliferation of charities I think there would be a lot more options.
And like Ron Paul mentioned at one point, when he was working at hospitals in the early 60s they weren’t required to treat anyone and yet turned away no one.