http://www.fightbacknews.org/2005/01/ssengarg.htmStop Attacks on Social SecurityGovernment Pension Privatization Causes Disasters in Britain and ArgentinaCommentary by Adam Price
George Bush is trying to scare the American people into privatizing Social Security by claiming that there will be a crisis 40 years from now. Before jumping on the privatization bandwagon, it would be a good idea to look at two countries that already partially privatized their government pension programs: Britain and Argentina.
Following their reelection in 1984, Britain's Conservative Party passed a law allowing workers to opt out of the guaranteed government pension program and into private investment accounts. The Conservatives had already reduced the government pensions by linking them to prices instead of workers wages (another idea the Bush administration is throwing around). The result of privatization? "A bloody mess," according to the Financial Times, a major business newspaper in Britain.
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http://www.fightbacknews.org/2005/01/ssengarg.htm