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Still think privatizing social security is a bad thing? Chile took Milton Friedman's advise 30 years ago and privatized it.

Conservative in California 2010/12/30 17:19:08
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"If head-scratching pols are looking for a way out of the Social Security swamp, Chile has a suggestion. Privatize it. Thirty years ago, on the advice of Nobel economist Milton Friedman, Chile became the first country to privatize its national pension system. Today, Chile's system is rocking along with wild popularity, a 9 percent rate of return (those signing up for U.S. Social Security today will see a negative return), and pension debt at just 6 percent of GNP (compared with 100 percent in the U.S.)."

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  • Don Leuty 2010/12/30 17:42:40
    Privatizing social security is a great idea--Milton Friedman was right!
    Don Leuty
    +7
    Socialist Security is a money pit. The more money they throw into it, the harder it pulls on everyone's wallet. Privatizing makes good sense, that is why it is so unlikely to be adopted by our government..

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  • Bob Jones 2011/01/16 13:26:17
    Privatizing social security is a bad idea
    Bob Jones
    The dictator Augusto Pinochet was the one who gave Chileans the option to contribute 10% of their income to a private fund.

    Chilean public pensions are set up differently from Social Security. Workers contribute 10 percent of their wages to an individual account and choose a fund in which to invest it, earning a market rate of return. In retirement, workers can receive inflation-protected annuities or withdraw the money gradually. Workers can receive payments early (and stop contributing), once their retirement accounts are large enough to provide a pension that is at least 70 percent of their average wages and 150 percent of the government-guaranteed minimum benefit. But a man under age 65, or a woman under 60, who has not reached this target replacement rate cannot receive benefits — and therefore must keep working.

    I love how you Teabaggers just reas schitt on the Intertubes and then think it's real. If Chile is so freaking great, then freaking move there, morons.
  • wtw 2010/12/31 06:12:14
    Privatizing social security is a great idea--Milton Friedman was right!
    wtw
    +1
    Peru has done it as well and my wife and I have had a 50% return in 4 years.
  • Bob Jones wtw 2011/01/16 13:27:24
    Bob Jones
    +2
    Oh really? You had a 50% return during the financial crisis? What did you do, short the Peruvian economy?
  • wtw Bob Jones 2011/01/16 20:44:10
    wtw
    That was it--the Peruvian Economy just went wild--of course we had the money in a good place!
    We are cautiously optimistic!
  • NidStyles 2010/12/31 03:39:07
    Privatizing social security is a great idea--Milton Friedman was right!
    NidStyles
    +2
    Chile has the most stable economy on the planet as well.
  • Bob Jones NidStyles 2011/01/16 13:27:35
  • NidStyles Bob Jones 2011/01/16 22:28:54
    NidStyles
    So odd that you'd never think that eh?
  • Ken 2010/12/31 03:21:27
    Privatizing social security is a great idea--Milton Friedman was right!
    Ken
    +1
    Anything to get it out of the control of Government.
  • Lily Blooms Eternal 2010/12/31 03:05:55
    Privatizing social security is a great idea--Milton Friedman was right!
    Lily Blooms Eternal
    +2
    I never did thing it was a bad idea. Making Social Security an entitlement in the first place was the bad idea.
  • SickOfBigGov 2010/12/31 01:01:51
    Privatizing social security is a great idea--Milton Friedman was right!
    SickOfBigGov
    +2
    It's a great idea, but the policitians don't like it because they won't be able to dip their sneeky little hands into it..
  • Ken SickOfB... 2010/12/31 03:22:38
    Ken
    +1
    Finally we would be picking their pockets.
  • Conserv... Ken 2010/12/31 03:50:05
    Conservative in California
    +1
    of our own money?
  • Ken Conserv... 2010/12/31 03:54:09
    Ken
    +1
    But it would return to us.
  • RTHTGakaRoland 2010/12/30 21:29:35
    Privatizing social security is a great idea--Milton Friedman was right!
    RTHTGakaRoland
    +3
    This question is too easy.

    If you want to give us a challenge, you should ask us to find a case where privatizing is not a great idea and or Friedman was wrong.
  • Conserv... RTHTGak... 2010/12/30 23:54:44
    Conservative in California
    +3
    there is none.
  • ὤTṻnde΄ӂ 2010/12/30 20:49:39
    Privatizing social security is a bad idea
    ὤTṻnde΄ӂ
    They didn't have a recession like we have. Too many people already lost their 401ks when the stocked marked took a deep dive. I would be so pissed off if my investment was traded away for some hedge funder.
  • Conserv... ὤTṻnde΄ӂ 2010/12/30 23:53:45
    Conservative in California
    +2
    government has already spent your social security money years ago. If it were privatized, you'd have in your own account all the money you and your employer had ever put in, plus all the dividends and increased value of the 40 years of your working career, which has always increased on average 10%/year.
  • SickOfB... ὤTṻnde΄ӂ 2010/12/31 01:03:09
    SickOfBigGov
    +2
    and guess what, 401k's are back...your SS dollars will never come back because they spent it on pet projects
  • NidStyles ὤTṻnde΄ӂ 2010/12/31 03:43:56 (edited)
    NidStyles
    +1
    They didn't have a recession, because their Monetary system is the closest to a Free-Market system in the world. It work's, and work's so well that their economy is rock solid stable, and predictable.

    The US economy is heavily manipulated by the Federal Reserve that we share more in common with a Fascist country than a free-Republic at this point in time. We haven't had anything truly close to a Free-Market Capitalism in almost 100 years.

    Despite what most people think, we live in the most regulated country in the Western world right now. Only France and Spain come close.
  • 2010now 2010/12/30 18:48:03
    Privatizing social security is a great idea--Milton Friedman was right!
    2010now
    +4
    Galveston vs. Social Security
    http://jutiagroup.com/2010071...
  • Conserv... 2010now 2010/12/30 18:59:47
    Conservative in California
    +3
    great article! Too bad all Americans can't have this freedom of choice.
  • Don Leuty 2010/12/30 17:42:40
    Privatizing social security is a great idea--Milton Friedman was right!
    Don Leuty
    +7
    Socialist Security is a money pit. The more money they throw into it, the harder it pulls on everyone's wallet. Privatizing makes good sense, that is why it is so unlikely to be adopted by our government..
  • Conserv... Don Leuty 2010/12/30 17:58:25
    Conservative in California
    +5
    it would deprive the government of power and control over the American People. Statists and Marxists are opposed to freedom.
  • ☆Hitler was a community org... 2010/12/30 17:26:30
    Privatizing social security is a great idea--Milton Friedman was right!
    ☆Hitler was a community organiz☆
    +5
    If I could scratch together close to 1 million I would be moving to Chile...I heard Argentina is a nice place too
  • NidStyles ☆Hitler... 2010/12/31 03:45:30
    NidStyles
    +1
    Argentina is a Communist hell hole.
  • ☆Hitler... NidStyles 2010/12/31 04:30:15
    ☆Hitler was a community organiz☆
    we do have some missionaries from there...but they are no longer there so you may have a point
  • NidStyles ☆Hitler... 2010/12/31 04:31:57
    NidStyles
    +1
    You can read some of the first hand account's about what happened there after the collapse in 2001. The IMF literally brought them down, and sold them out.
  • ☆Hitler... NidStyles 2010/12/31 05:46:07
    ☆Hitler was a community organiz☆
    link?
  • NidStyles ☆Hitler... 2010/12/31 17:08:59
  • Conservative in California 2010/12/30 17:19:58
    Privatizing social security is a great idea--Milton Friedman was right!
    Conservative in California
    +6
    Better yet, give every American the Freedom to Choose whether they want to buy in to social security insurance.

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