Chile's Private Social Security System Turns 30

http://www.investors.com/NewsAndAnalysis/Article/570629/201104291742/Chiles-Private-Accounts-Turn-30 ^ | 29 Abril 2011 | Monica Showalter

[IBD editorial writer]

May Day — socialists' paean to class warfare — evokes memories of Soviet tanks in Red Square and leftist radicals rioting. But Chile celebrates the actual empowerment of workers.

May 1 marks the 30 years since Chile became the first nation to privatize its social security system. By turning workers into investors, the move solved an entitlement crisis much like the one America faces today.

"I like symbols, so I chose May Day as the birth date of Chile's 'ownership society' that allowed every worker to become a small capitalist," wrote Jose Pinera, former secretary of labor and social security and the architect of this pension revolution. He is now a senior fellow at the Cato Institute in Washington, D.C.

[mandaladon]

You hit the nail in the head. The left will use Pinochet’s name to pound anyone proposing this. They did it to Sharron Angle.

[Vigilanteman]

GWB's half hearted proposal was to allow young people just entering the system or in it a few years to invest some small portion like 5% in their own retirement.

He got shellacked when all the AARP and SEIU flunkies stormed the town hall meetings in protest. He then headed for the tall grass and the discussion never got off the ground.

[CPT Clay]

amen

[Nuc 1.1]

Here's hoping!

[Nuc 1.1]

I wouldn't either but we seem to be running out of choices. I fear we will go the way of Venezuela.