Ranting and Raging

cognitivedissonance:

The ‘Chilean Model’ was enacted by decree in the early 1980’s, during the military dictatorship of Gen. Augusto Pinochet, to replace a Pay-As-You-Go public pension system (the sort of thing that has Rick Perry calling Social Security a “Ponzi scheme.”)
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However, despite the regime that originally imposed it, the overall system has ultimately met with at least some approval from the Chilean people, though it is far from perfect and remains a work in progress. Therefore, the Chilean system does merit at least a close examination on its own merits. But as it turns out, Herman Cain and his fellow Tea Partiers might not like what they find.
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In short, the “Chilean Model” so touted by Cain is the individual mandate. What “Obamneycare” is to health care, Chile’s pensions system is to Social Security, with a system of mandates, regulation and subsidies.

Under the Chilean system, workers must contribute 10% of their income, up to a certain limit — similar to Social Security taxes in this country — to a private pension fund administrator (the different funds are known by the Spanish initials “AFP,” for Administradoras de Fondos de Pensiones). As a 2001 OECD report makes clear, the Chilean Model actually does involve a significant amount of government regulation on AFP’s, in order to contain risks and ensure stability. 

Huh. Imagine that - a pension fund needing government regulation. Damn government, mucking up Herman Cain’s talking points.

not at all related to the post but NO MORE TAGS AUTOMATICALLY INCLUDED IN REBLOGS AWWW YEAHHH