Chile's Retirees Find Shortfall in Private Plan

[whosinpower]

Before you ask - but what does this have to do with the US - read the article BECAUSE Bush uses Chile's system of privatization of Social Security as a success story and a reason why the US shoud adopt such a system....a system that was implemented by Pinochet. - A great read.

Here is the link - http://www.nytimes.com/2005/01/27/business/worldbusiness/27pension.html?hp&ex=1106888400&en=82af08c4c479186f&ei=5094&partner=homepage

snip - Under the Chilean program - which President Bush has cited as a model for his plans to overhaul Social Security - the promise was that such investments, by helping to spur economic growth and generating higher returns, would deliver monthly pension benefits larger than what the traditional system could offer.

But now that the first generation of workers to depend on the new system is beginning to retire, Chileans are finding that it is falling far short of what was originally advertised under the authoritarian government of Gen. Augusto Pinochet.

[papau]

1. another DU thread on this

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=101377&mesg_id=101377&page=