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Author: thsu Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75797  
Subject: Re: Part 3: Fixing Social Security...No! Date: 10/22/1998 8:27 PM
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I have to agree with rustedSoul and TMFRaleigh on this SS discussion.

I'm tempted to blast Al Levin's proposed plans, but instead I'll point out that other nations, like Chile and Peru, have already changed their social security system (I'm tempted to say "solved the SS problem," but not enough time has passed to make that statement).

As a background, Chile under went the transformation from a USA style social security system in 1980 to a system that looks almost identical to a self directed IRA by 1983, with private investment firms competing with each other for business. The transition period was (and still is) handled by vouchers that make up the difference should the IRA not grow enough to cover the lowered social security income.

Here's a link to both the pro and the con side of the successful Chilean privatization system.

http://www.policy.com/issuewk/98/0601/060198j.html
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