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Privatize Social Security?

Barbella

Barbella

Senator
Worked for Chile and several other South American Countries. Are they smarter than the average American?

"In 1980, the government of Chile faced similar problems with its retirement system. However, we eschewed the usual short-term fixes and turned instead to a privately administered, national system of Pension Savings Accounts. After 15 years of operation, pensions in the new private system already are 50 percent to 100 percent higher than they were in the state-run system. The pool of internally generated capital in private pension funds now amounts to $25 billion. Privatization also has been a key driver in increasing the savings rate, decreasing the unemployment rate, and spurring the growth rate in the economy."

http://findarticles.com/p/articles/mi_m4070/is_n117/ai_18926692/
 
"We decided to save the idea of a retirement plan by basing it on a completely different concept -- one that links benefits and contributions.

Chile allowed every worker to choose whether to stay in the state-run, pay-as-you-go social security system or to put the whole payroll tax into an individual retirement account. For the first time in history we have allowed the common worker to benefit from one of the most powerful forces on earth: compound interest.

Some 93% of Chilean workers chose the new system. They trust the private sector and prefer market risk to political risk. If you invest money in the market, it could go up or down. Over a 40-year period, though, a diversified portfolio will have very low risk and provide a positive rate of real return. But when the government runs the pension system, it can slash benefits at any time.

The Chilean system is run completely by private companies. We now have 15 mutual funds competing for workers' savings.http://www.cato.org/pub_display.php?pub_id=5981
 
But again, you're talking about people putting their Social Security pay-ins ...into mutual funds...i.e. the Stock Market, right?
 
GordonGecko said:
But again, you're talking about people putting their Social Security pay-ins ...into mutual funds...i.e. the Stock Market, right?
Click to expand...

How could that be? ... you libs want the USA financial system destroyed and total socialism where the government takes care of your every need. It works well in Cuba so Michael Moore the ultra rich hypicrite tell you gullible libs.
 
...how about we first stop allowing politicians from using social security funds as their piggy bank? After that we can see how "solvent" the program can become...
 
There sure is. I've decided not to answer ANY of your questions. Why should I? Have you EVER answered any of MINE?
 
To go ahead and reveal the trap.....here, barbella is endorsing a plan to privatize Social Security by allowing it to be put into mutual funds...i.e. the Stock Market.

Earlier this morning, she was ATTACKING the Stock Market as "gambling".....which means combining this post and that means....she wants to GAMBLE with SocSec by putting it into the Market as they do in Chile.



Barbella

--------------------------------------------------------------------------------
Join Date Sep 2011
Location NJ
Posts 127
Jack Bucks 1,084
Investing in stocks is akin to gambling...

no, wait...it IS gambling. People are gambling that their stocks will rise. Now...

Who can I complain to about the money I lost gambling in the Casinos and at the racetrack??

Does anyone know?
 
Barbella said:
Worked for Chile and several other South American Countries. Are they smarter than the average American?

"In 1980, the government of Chile faced similar problems with its retirement system. However, we eschewed the usual short-term fixes and turned instead to a privately administered, national system of Pension Savings Accounts. After 15 years of operation, pensions in the new private system already are 50 percent to 100 percent higher than they were in the state-run system. The pool of internally generated capital in private pension funds now amounts to $25 billion. Privatization also has been a key driver in increasing the savings rate, decreasing the unemployment rate, and spurring the growth rate in the economy."

http://findarticles.com/p/articles/mi_m4070/is_n117/ai_18926692/
Click to expand...

Well, long term investing in solid stocks and funds has produced many weathy people and driven huge returns ... using the government as an investment to provide individual wealth has produced none - except Dem politicians of course.
 
As usual, you miss the point entirely...the point being

Chile allowed every worker to choose whether to stay in the state-run, pay-as-you-go social security system or to put the whole payroll tax into an individual retirement account. For the first time in history we have allowed the common worker to benefit from one of the most powerful forces on earth: compound interest.

Some 93% of Chilean workers chose the new system
 
NCmusicman said:
Look it up yourself... it seems you are hopeless when finances are involved. (duh)
Click to expand...

You leaped into the wrong thread, NCMusic. Barbella has totally contradicted herself in this post and her one this morning. Your attempt at a "defense" just came off as lame.
 
Barbella said:
As usual, you miss the point entirely...the point being

Chile allowed every worker to choose whether to stay in the state-run, pay-as-you-go social security system or to put the whole payroll tax into an individual retirement account. For the first time in history we have allowed the common worker to benefit from one of the most powerful forces on earth: compound interest.

Some 93% of Chilean workers chose the new system
Click to expand...


So they chose what YOU call "gambling"? Is that what YOU would choose if it happened here?
 
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