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Old 12-13-2011, 12:50 PM
TwinSwords TwinSwords is offline
Join Date: Dec 2006
Location: Heartland Conservative
Posts: 4,933
Default Re: Cylons and Voltron and Zombies! Oh My!

Originally Posted by sugarkang View Post
Fiscal cons don't like it because they fear a huge inefficient bureaucracy that provides worse care
We're not talking about anything that provides care. We're talking about pension or retirement programs that provide money.

Originally Posted by sugarkang View Post
Whether you like Chile's plan or not, the thing that's clear is that they do not have an impending fiscal crisis on their hands.
Yeah. The American Social Security program isn't facing an impending fiscal crisis, either, unless you mean modest shortfalls decades in the future that can be fixed fairly straightforwardly -- but that's not what anyone except libertarian alarmists would call "a crisis."

From Wikipedia:

The performance of the Chilean pension funds is not very good compared with the performance of private pension funds of developed countries, but that performance is partly attributed to special factors.[14] Also the expectable amount of benefits not only depends on the performance of pension funds but also on the amount of withdrawn administrative costs. The amount of administrative costs is considered a problem of the Chilean pension system.


The number of workers who actually pay into the pension system decreased from 64% in 1980 (before the reform) to 58% by 2006 [18]According to Patricio Navia an Diego Portales University professor, most people perceive the costs of pensions and the pensions themselves as unfair. Therefore they try to evade pension contributions.

Andras Uthoff, the director of the Social Development Division of the United Nations Economic Commission for Latin America (ECLAC) states that the reformed Chilean pension system does not work with the reformed Chilean labor market because only a small percentage of workers are able to finance meaningful pensions.

A big part of the Chilean population is not able to finance meaningful pensions, because many workers are not able to regularly contribute a higher amount of money. Additionally many workers have difficulties to achieve the 20 years of contributions to at least qualify for minimum pension. Since the pension funds charge high fixed administrative costs per insured person and only a small portion of the administrative costs depend on the amount of the capital account, capital accumulation by pension funds is very unprofitable for workers with lower incomes.

Chile's social security system requires deep reforms in all sectors, because half of Chileans have no pension coverage, and of those who do, 40 percent are going to find it hard to reach the minimum level. This has to be confronted now, and we agree with Michelle Bachelet and will, I hope, join forces behind this large undertaking.
— Sebastián Piñera in a televised debate with Michelle Bachelet in 2006
"All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind." -- Adam Smith
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