Britain's SS privatization, how's that going? "A BLOODY MESS."

[LynnTheDem]

Britain's 20-year experience with privatization is a cautionary tale Americans should know about.

The U.S. news media have provided readers and viewers with little information about how privatization has worked in other countries. Now my colleagues have even fewer excuses: there's an illuminating article on the British experience in "The American Prospect," www.prospect.org, by Norma Cohen, a senior corporate reporter at The Financial Times who covers pension issues.

Her verdict is summed up in her title: "A Bloody Mess." Strong words, but her conclusions match those expressed more discreetly in a recent report by Britain's Pensions Commission, which warns that at least 75 percent of those with private investment accounts will not have enough savings to provide "adequate pensions."

http://www.nytimes.com/2005/01/14/opinion/14krugman.html

And bush is the stupidest, dumbest, most incompetant MFer on the planet, so for sure he'll fuck up SS just like he's fucked up everything he's ever touched. Only freepofascist rightwingnuts are dumber; they worship their incompetant little bush-god.

[Why Syzygy]

1. day traders

who carries that insurance policy?

Does it start with an "H"?

[newyawker99]

8. Hi votesomemore!!

Welcome to DU!! :toast:

[izzie]

2. World wide I do not thing they are working well.

I have both and I get more from SS but I will say this. The other will end up with my children. I set it up so I can not use principal. I would hate to tell you what the bank takes to run it. I will say this. Last year they sent me a little extra after the year was over as they said they took to much. They got more than I did. I do not believe that a firm running a plan will ever be happy with less than one percent. Some one should look into the Texas college plan for teachers etc. that Bush re-did. I think that worked out bad also but his friends got very rich. I read about that years ago so will have to hunt it up once more.

[Why Syzygy]

3. imagine that

gwb's friends got rich .. that's not the first or last time, is it?

[McKenzie]

4. plenty people got hit by the shift towards private pensions

in the 80's over here. Thatcher encouraged people to take out private schemes. 20 years on there are serious doubts if it can deliver.

Public sector workers are strongly advised to stay within the public scheme because of the unfortunate experiences of those who took out their own cover.

Interesting commentary on the issues here >>>

http://www.sundayherald.com/44802

[Brian_Expat]

5. I live in Britain

And the privatisation is going so badly here that insurance companies -- under legal obligation to provide their customers with the best advice OR ELSE -- are advising most people to return to the government pension system (similar to social security) and ditch the private savings accounts, if they want to get anything in their old age.

[Stella_Artois]

6. Thats strange

My brother in law is an IFA and he's saying nothing of the kind.

[Taxloss]

7. "A bloody mess" pretty much sums it up for me.

I know my pension, which was only a few years old, has already been screwed to nothingness.