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| Wednesday, December 01, 2004 |
| Social Security Reform |
Jose Pinera, former secretary of social security in Chile, which moved in the 1980s to private accounts much like GWB wants to, has written a very thorough piece in the Times discussing Chile's transition.
My reaction is as follows: The principal is good. Workers having a stake in their own retirement is a positive thing for many reasons. But clearly Chile thought about this very seriously and came up with a 5-point plan to pay for the transition, including previously built-up surpluses. That is thoughtful government. Ours, on the other hand, wants to just borrow the entire sum, and move it off-book, meaning not even counting it against the deficit.
If we are going to undertake a huge change, we need thoughtful leadership and intricate policy study - not blind zealotry and pursual of grand ideas independent of their policy implications.
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posted by CB @ 5:10 PM   |
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