Tuesday, February 23, 2010
Another Day Older & Deeper in Debt
Jose Pinera is given credit for having privatized the Chilean social security system. Chileans put money into accounts that are protected constitutionally from the politicians.
In the U.S., FICA taxes go into a trust fund which is then raided by politicians with pork to pay for. The result is truly scary as you will hear if you listen to the Pinera interview.
There simply is not enough money to pay for the Social Security, Medicare, and prescription drug program commitments that have been made. Eligibility ages will have to be raised and benefits cut. Turmoil will ensue.