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