The Jaker

Mostly rational politics, with occasional rants about how a few crazy Republicans are ruining the country.

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Thursday, January 27, 2005
Still think it's a good idea?
Remember how some Republicans cite Chile as a successful model for privatization of social security? Might want to read this NYTimes article: Chile's Retirees Find Shortfall in Private Plan

Dagoberto Sáez, for example, is a 66-year-old laboratory technician here who plans, because of a recent heart attack, to retire in March. He earns just under $950 a month; his pension fund has told him that his nearly 24 years of contributions will finance a 20-year annuity paying only $315 a month.

"Colleagues and friends with the same pay grade who stayed in the old system, people who work right alongside me," he said, "are retiring with pensions of almost $700 a month - good until they die. I have a salary that allows me to live with dignity, and all of a sudden I am going to be plunged into poverty, all because I made the mistake of believing the promises they made to us back in 1981."
Nathan Newman

posted by CB @ 11:01 AM  
  • At 2:21 AM, Blogger gecko said…

    Wow, this is the third drag out of the "Chilean Model" I've read today! Here is my previous comment on the subject...

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