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POLITICS: Bush Model for Social Security a Failure

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posted on Jan, 27 2005 @ 11:15 AM
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President Bush calls Chile's partially privatized social security system a "great example" for the USA and also touts it as "a great example" for other countries. On the surface, Chile's system appears to be generating high returns, but it costs much more than was estimated, and many Chileans are far worse off than they would have been with the old system. The main drain on contributors is the high fees on corporate Pension Funds. A government official specializing in pension issues fears retaliation from corporate interests, and only would speak anonymously, "If people really had freedom of choice, 90 percent of them would opt to go back to the old system."
 



www.nytimes.com
...Nearly 25 years ago, Chile embarked on a sweeping experiment .....Rather than finance pensions through a system to which workers, employers and the government all contributed, millions of people began to pay 10 percent of their salaries to private investment accounts that they controlled.

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.

Only half of (Chile's) workers are captured by the system. ...Even many middle-class workers who contributed regularly are finding that their private accounts - burdened with hidden fees that may have soaked up as much as a third of their original investment - are failing to deliver as much in benefits as they would have received if they had stayed in the old system.

"What we have is a system that is good for Chile but bad for most Chileans," said a government official who specializes in pension issues and who spoke on condition of anonymity, fearing retaliation from corporate interests. "If people really had freedom of choice, 90 percent of them would opt to go back to the old system."

This leaves many Chileans in a situation that has led to the coining of a phrase: "pension damage." There is now even an Association of People With Pension Damage, ....."They come to us in desperation," said Yasmir Farina, the group's president, "because those who stayed in the government system are often retiring with monthly pensions twice as large as everyone else's."




Please visit the link provided for the complete story.


The Bush plan for privatized Social Security paves the road for America's official return to serfdom and peasant-dom. Only the middlemen have changed: instead of kings and aristocrats, our masters are the new corporate nobility. The bankers still call the shots, control the game and reap the real profits. And once again, working people bear the real burden.

George Orwell predicted the regression and summed it up best in Animal Farm:




"Let us face it: our lives are miserable, laborious and short. We are born, we are given just so much food as will keep the breath in our bodies, and those of us who are capable of it are forced to work to the last of our strength; and the very instant our usefulness has come to an end we are slaughtered with hideous cruelty."



...With our permission, "democratically" contrived.



Related News Links:
www.iht.com
www.sfgate.com
www.mises.org
www.businessweek.com



[edit on 27-1-2005 by Banshee]




posted on Jan, 27 2005 @ 11:23 AM
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Privatisation of anything involving public money is always going to be open to misuse and corruption, no matter how flowery you paint it.
And the biggest culprits will always be those that privatised it in the first place and the losers are those whose money will be syphoned off.



posted on Jan, 27 2005 @ 11:33 AM
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Nice job, soficrow. I stumbled on a little tidbit a few days ago that would be appropriate in this context. An article in the Texas Observer back in '99 states that Dubya was looking to privatize Social Security as far back as his run for Congress in the 1970s.


Bush criticized energy policy, federal land use policy, subsidized housing, and the Occupational Safety and Health Administration ("a misuse of power," he said), and he warned that Social Security would go bust in ten years unless people were given a chance to invest the money themselves.


Soc. Security is still alive and kickin', so it seems as if our boy was mistaken. Wrong then, wrong now.

full article here



posted on Jan, 27 2005 @ 12:43 PM
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Someone needs to put all of the Bush Administration in a box. That box needs to have every atomic bomb in the world attached to it. Then that box needs to be dropped in the middle of the atlantic ocean. We'ed be killing two birds with one stone. No Bush, No Nukes.



posted on Jan, 27 2005 @ 12:51 PM
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Ishes: Not in the Atlantic, were already getting short on sea food. But hook it several of Bush's missile defense missiles and blow somewhere above the van ellan radiation belt.



posted on Jan, 27 2005 @ 04:20 PM
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Another good source of information on this issue can be be found here at atsnn:
www.abovetopsecret.com...

Sorry Simulacra - it's a good thread.



posted on Jan, 27 2005 @ 04:59 PM
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Hey so, does any body has an Idea as who or which "Private investors" may be the ones to dip in the endeviour?

Or Bush plan to put the Social Security bill in E-Bay and see who is going to to higest bid.


I know
The Carlyle group is going to take over.



posted on Jan, 27 2005 @ 05:10 PM
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Of chorse, make a plan that helps docs, drug companies, the mega rich, and screws the rest of the public.
Can I move to mars now? Please? You know and become like an ambassador to Earth, not from the mega rich or goverment, but the people of...earth. B/c this planet is getting more, and more, and more, and more,etc. sad everyday because we let the gold holders control our world, instead of us, you know the "norms."/"peasents"?


Did you guys also think of the episode of "Anne" on Buffy? Freaky!


[edit on 1/27/05 by BSB2005] For other comment.
Forgot a word too, sorry.

[edit on 1/27/05 by BSB2005]



posted on Jan, 27 2005 @ 06:24 PM
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Yup, why should king Bush give the peasants free money?



posted on Jan, 27 2005 @ 07:12 PM
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Originally posted by Indigo_Child
Yup, why should king Bush give the peasants free money?


I don't understand what you mean. Bush will be giving us free money?

Every paycheck I received had social security deducted and my employer paid the same, also when in business myself I had to pay the total social security due with my income tax return.

Medicare works the same way. Half deducted from our paychecks and half paid by our employers. If you are a sole proprietor of a business (a few other entities also) You will pay the total due with your income tax return.

These deductions and payments paid the way for current retirees. I do know there are many taxpayers who think it is put in some kind of account and saved for us. Not so....

Now I am retired and receiving Social Security and Medicare. I feel that I have paid my dues and there is no "free money" involved.

edit for missing word

[edit on 1/27/2005 by Mahree]



posted on Jan, 28 2005 @ 03:30 PM
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I think Indigo Child was being sarcastic, Mahree....





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