Private Social Security System a Big Success – Who Knew?!
Hat Tip to Doug Powers via Twitter @ThePowersThatBe
In the USA, if you promised bigger checks (any kind) from private industry to Liberals, they’d still choose to get theirs from the government. For various reasons, Libs are either a) part of the elite class who look only for more power over b) those who have little, as in money, education, drive to improve themselves, self-esteem and pride. The term Privatization is misused constantly by the Left when the Right refers to allowing some self-control over SS funds. Libs want you to believe that your money will disappear if any of it were allowed to be privately invested.
Here’s proof that personal accounts is the answer to Social Security woes.
Unlike the United States and most European nations, Chile does not face a long-term Social Security crisis. This is because lawmakers shifted to a system of personal accounts almost 30 years ago. As a result, Chile’s economy is much stronger, the financial system is healthy, workers are better off, and taxpayers are protected. It also turns out that a system of personal accounts has a positive impact on the labor supply of older workers. Instead of getting lured into retirement by a punitive tax-and-transfer government system, they remain active to reap the rewards of a system that rewards them (rather than tax collectors) for continued work.