They Lie That Social Security Privatization In Chile Has Been A Success

[norml]

Here are the Google News Results for the words "chile social security privatization crisis" ...... http://news.google.com/news?hl=en&lr=&tab=wn&ie=UTF-8&q=chile+social+security+privatization+crisis&btnG=Search+News Wall Street's Eyes On Social Security Loot
Executive Intelligence Review (EIR), VA - Feb 18, 2005
... existence the Cato Institute's Project on Social Security Privatization, taking over ... architect of the destruction of social security in Chile under Pinochet ...

The new deal on Social Security
The Keystone - Feb 20, 2005
... Chile led the way by instituting a privatized system in 1981, and so far it has ... Surprisingly, Liberals still oppose the privatization of Social Security. ...

Letter: Can we honestly debate social security?
Easton Journal, MA - Feb 18, 2005
... by Augusto Pinochet in Chile and Margaret ... Strategists are proposing Social Security "reform" not because it ... once the principle of privatization is established. ...

Bush is Out to Unravel the New Deal
Political Affairs Magazine, NY - Feb 17, 2005
... for him – some form of full or partial privatization. The brutal Pinochet dictatorship in Chile did this as ... We could say that social security was a social ...

Wrecking Social Security
Working for Change - Feb 15, 2005
... The current social security tax of 6.2% on workers (with a ... In Chile, the model program Bush often cites ... In Britain, the partial privatization scheme led to a ...

Nations offer lessons on taking pension systems private
Arkansas Democrat-Gazette (subscription), AR - Feb 20, 2005
... A British social security overhaul in the late 1980s promised ... by scandal, and many now seek the security of state ... Now Chile’s returns are coming back to earth ...

Bush pension plan is doomed
Toledo Blade, OH - Feb 19, 2005
... on wealthy citizens to pay to transform Social Security. Yet what happened in Chile and Britain must ... minimum pension.' In other words, privatization would have ...

Cato: They're Running White House War
Executive Intelligence Review (EIR), VA - Feb 12, 2005
... Security privatization, from Chile to the ... panel on the "Social Security crisis." Michael Tanner ... director of Cato's Social Security Privatization Project (which ...

Cato Institute: Anti-Capitalist Clique Leads the Attack on Social ...
Executive Intelligence Review (EIR), VA - Feb 23, 2005
... Security: Averting the Crisis (1982). ... gear, establishing the Project for Social Security Privatization. ... the butcher of Chile's Social Security system, José ...

Bush ‘reform’ creates Social Security crisis
Quad City Times, IA - Feb 8, 2005
... Law student who favors the privatization of Social ... have so far been tried in Chile, Argentina, Bolivia ... course, Bush’s plan cuts Social Security benefits, both ...



When will someone call the right wing media whores on their lie that Social Security Privatization has been a success in Chile, or anywhere else it's been tried?

[paineinthearse]

1. DCCC has just launched a new website to counter the rethug flip-flops.

GOPCaughtOnTape.com

See seperate post in GENERAL.

[leftyandproud]

4. If it failed, why has 97% of the population OPTED IN to the private plan?

[Lydia Leftcoast]

5. Because they had to after a certain date, I believe

:shrug:

[leftyandproud]

6. actually nope

It's because those who opted in were making out like bandits, with a 10%+ average return.

[Lydia Leftcoast]

7. Do you have a source for that?

Because that's not what I've read. It sounds like Cato Institute propaganda.

What I've heard is that the people who went into the system are ending up with monthly retirement checks much lower than people just a few years older, who were under the old system.

[norml]

8. Cato and the Chile Model

Cato and the Chile Model
The Cato Institute is the most important institution organizing for privatization. Between 1921 and 1945, certain wealthy oligarchical families built the world Synarchist fascist movement until it was defeated by the World War II coalition led by President Franklin Roosevelt. In 1947, they relaunched that same fascist movement by creating the Mont Pelerin Society in Vevey, Switzerland. In 1977, the Mont Pelerin Society created as an offshoot, the Cato Institute.

Cato has been funded by seven of the 19 principal financial institutions named above: American Express; American International Group; Citicorp/Salomon Brothers; Fidelity Investments; JP Morgan Chase; Prudential Securities; and Charles Schwab.

In 1995, Wall Street set up at Cato a command center to coordinate privatization in America: the Cato Project for Social Security Privatization. It appointed José Piñera as one of the Project's two co-chairmen. Under the direction of George Shultz, Piñera, as a minister in the Chilean fascist dictatorship of Gen. Augusto Pinochet, privatized Chile's social security system in 1981. The Chile model is a catastrophic failure: The bank managers of the privatized accounts charged fees as high as 33% of the value of the accounts, while more than half of Chile's 6.6-million-strong workforce will retire on benefits so small they will be plunged into poverty. Cato's stated objective is to pattern U.S. Social Security privatization after the "Chile model."

Through Cato, Wall Street took control of President Bush's misnamed Commission to Strengthen Social Security (CSSS), which was formed in 2001, and had 16 members. Three members of the Cato Institute or its Project were made members of the CSSS Commission (Sam Beard, Tim Penny, and Leanne Abdnor); another two members were people who are ideologically and personally very close to Cato, and frequently work on joint ventures with it. Finally, Robert Pozen, the vice chairman of Fidelity Investments, was made a CSSS member. The banks had 40% of the seats on the Commission, and dominated the proceedings. Andrew Biggs, the chief researcher for the CSSS, was Cato's lead Social Security analyst. By this process, Wall Street wrote the parameters and the specific recommendations of the CSSS's final report, published in December 2001, which President Bush adopted with minor changes in his Feb. 2, 2005 State of the Union address.

Small wonder Wall Street likes the plan. Wall Street wrote it.

snip http://www.larouchepub.com/other/2005/site_packages/ss_privatization/3208wall_st_memo.html

[whistle]

2. The U.K. also is having its problems with their version of ....

...National Pension. I believe this link is to a site that displays Bush's sourse for the privitization plan he wants to follow. It is a consultant's report and as far as I can tell, it has left out a lot of the problem areas, focusing primarily on what this consultant sees as benefits. It makes lots of assumptions about doing it "right", but fails to assess the real risks associated with the whole concept of privatization regardless of who is in control. It is a PDF format, so hopefully this link works:

<link> http://unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN007122.pdf


Here's the link to the text version:
<link> http://64.233.161.104/search?q=cache:TMsnD8XmoEwJ:unpan1.un.org/intradoc/groups/public/documents/APCITY/UNPAN007122.pdf+UK+privatization+of+social+security/national+pension&hl=en

[gratuitous]

3. Oddly enough, Stupidhead hasn't put forward a plan yet

Although that hasn't stopped the usual suspects at the mighty Republican Wurlitzer from playing the tired old tune of Democrats being the party of "no," as in, "Well, the Democrats haven't put forth their plan for saving social security!"

So far, the Democrats have wisely kept silent, and should continue to do so until Bush puts his scheme forward. After all, it's the Republican position that social security is in dire trouble, not the Democratic position. If they think the situation's in bad shape, let's see what they have to say.