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The Chilean Effect

Chile switched to a privatized pension system nearly 25 years ago, and millions of workers still fall through the cracks via LA Times Weary from dec

Chile switched to a privatized pension system nearly 25 years ago, and millions of workers still fall through the cracks

via LA Times Weary from decades of working nights and weekends at a public hospital, nursing assistant Inelia Pardo Acevedo recently retired.

But the 64-year-old plans to look for a part-time job to pad the nest egg in her personal retirement account. The $225 a month she draws under Chile's privatized system doesn't stretch far. And what galls her is that colleagues who stuck with traditional pension plans get three times as much, guaranteed for the rest of their lives.

The government "painted this wonderful picture of private accounts," Pardo said. "They fooled me. They fooled us all." ...read all

So is this the model that the RNM is using as their"example?" I find it hard to imagine that for the almost thirty years George W. Bush has had to ponder how to dismantle Social Security, he doesn't even have a plan to unveil to the American people. No wonder Speaker Hastert has his doubts.

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