The private pension system in Chile, the same program Bush hails as a model to emulate in his War on Social Security, is forcing retirees into poverty because… IT DOESN’T WORK!
From the NY Times:
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.
Mr. Saez goes on to state:
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.”
Might this be a common lament in America, fifteen years from now?