Posted on 02/23/2010 9:42:44 AM PST by 198ml
Americans have been so bombarded with the word “crisis,” it appears to have lost all meaning. But distinguished scholar the Cato Institute, there is a real, serious crisis pending in America’s addiction to entitlement programs, government-dependence, and imaginary “rights” to live off future generations.
“You will have to look into the future, do the responsible thing, and begin moving toward a system of personal accounts. That is the only long-term solution,” said Jose Pinera of America’s social security and pension system.
Pinera knows what he’s talking about – he’s the architect of social security reform in Chile. Introducing a recent interview with Pinera, Fox Business Network’s Brian Sullivan said, “Thirty years ago, the social security system of Chile was broke, flat-busted. Entitlement reform was just destroying the nation’s finances. In walks the Harvard-educated Jose Pinera. He pushed through by force of will a plan to privatize their entire entitlement system and social security – there is no government social security in Chile now – and everybody has a private account.”
(Excerpt) Read more at businessandmedia.org ...
Might work in Utah and in some small towns in rural America. Not in large cities or Blue states; populations there are too conditioned to the dole.
Does anyone know how Singapore runs its version of social security? I remember reading it was not a ponzi scheme and citizens had actual private accounts.
Yes. I’ve asked a lot of bay area people if they pay attention to their 401k’s.....and most of them don’t. They need someone to do it for them. Thus the government or someone else has a market.
We’re a long way off from REAL personal responsibility.
Just exactly who will pass this idea? When conservative republicans and President GW Bush had control of government this idea did any republicans bring this idea up for a vote? Thanks Tom Delay and Denny Hastert.
If I remember right when George Bush brought this subject up the usual suspects in the Demonic party assured us there was nothing wrong with Soc-sec and this was nothing more than a ploy by GWB to raid the coffers. Apparently the Dems were lying. I’m shocked.
ping for later
Moreover, economists have lauded Singapore for avoiding the pitfalls of erecting an expensive welfare state that diverts government funds from economic development. Social security is largely financed by mandatory savings accounts for each citizen. The requirement that workers must contribute to personal savings accounts has meant that Singapore has among the highest saving and investment rates in the world."
~~ http://singaporeelection.blogspot.com/2007/03/singapores-social-security-system.html
Personally, I don't believe that Government should FORCE people to save for retirement at all -- look, I'm a HUGE fan of saving and investing; the wife and I aren't rich, but we save and invest what we can. But what if we have a baby next year, and need to spend a few extra dollars on infant care, if (God forbid) the baby gets sick or something? Every government mandate deprives an individual of their own free choices -- choices which may actually be matters of life or death, but which aren't factored into the one-size-fits-all Government mandate.
That being said, privately-funded accounts do make for a more solvent social security system than our own pay-go ponzi scheme. It's not the ideal of economic freedom for which we should strive; but it's maybe a little bit less economically insane than what we have now.
Thanks.
My pleasure.
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