Maybe We Should Be Like Chile

I’m intrigued by this:

Next, economist Jose Pinera, Chile’s Labor and Social Security Minister, privatized social security. The plan … let workers choose between personal retirement accounts or the bankrupt state-run pension system. Workers could keep their own money, invest it, decide when to retire, and, best of all, owned their pensions as property they could leave to heirs. Some 97% of Chileans switched.

Pinera’s privatized accounts not only outperformed the state system by a factor of 10, but the savings they created provided capital to rebuild the country.

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8 Responses to Maybe We Should Be Like Chile

  1. Bram says:

    As long we aren’t like Argentina – Chile’s disfunctional neighbor. They “nationalized” (stole) private pension and retirement funds a few years ago.

  2. The only problem being…what happens to the oldsters who are currently receiving (or will soon retire and receive) SS benefits?

    If, say, 75% of current workers under the age of 40 deciding to pull out and go for the DIY retirement plan, Social Security would collapse, since it’s really not a pension fund, just welfare for` old people. And that’s one huge voting bloc.

    This is one big argument for not allowing folks who receive income from the public treasury to vote.

  3. Bram says:

    You call yourself a Heartless Libertarian?

    Generational warfare is coming.

  4. Rivrdog says:

    Bram +1

    At the range yesterday, over 3/4 of the shooters (about 15-20 average during the time I was there) were geezers. Geezers CAN shoot, know how to face death, don’t HAVE to go home to the wife and kids. Generational warfare would give the geezers a force-multiplier of at least 3. That’s IF the youngsters try to steal the votes. If they don’t, they’ve already lost, that’s been proven over and over.

    Geezer Power, yeah (raises cane and shakes it!).

  5. Mollbot says:

    Being able to move is a pretty big multiplier too…

  6. Bram says:

    Rivrdog – Are you going to make my kids work and pay a 75% tax rate to cover your SS and medical bills at gun-point?

    I raised them to be smarter than that – and they can shoot also – and like Mollbot said, they can move.

  7. Kyle says:

    All we have to do is refuse to pony up and the money is gone.

    Look, it sucks – the “original plans with the original promises” have changed so many times that they are based on nothing and money is leaking like a sieve. I will make sure that my parents and my wife’s parents are taken care of… but beyond that, I don’t see how making payments that I will never see a dime of, and saddling my children with that debt, is a good plan?

    Are you implying that the geezers are going to go house to house, sticking up the young folks?

    The reason you didn’t see the young folks at the range is that they are at work or spending time with their families.

  8. Mollbot says:

    I go to the range on the weekend, when I’m not working overtime… or spending time with my family… hm, Kyle may have hit the nail on the head.

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