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in collaboration with Spotlight on Poverty and Opportunity

Privatize Social Security (like Chile has)

File under: personalfinance, taxes

0 (0 votes)

From: Adakin V., Charleston, SC

Please note that "poverty" is relative. According to "The Economist" magazine, what is called poverty in the United States is equal to the same standard of living that the "average" worker in Europe has.

Take a look at this:

http://www.etftrends.com/2009/06/7-reasons-like-chile-its-etf/

Please note item six: "Chile boasts a poverty rate of 13%, down from 39% in 1990."

So what happened in Chile over the past 20 years?

What happened was the maturity of Chile's social security paradigm, where individuals own their accounts -- they invest what would have gone to government-run Social Security into a private retirement account. And when a worker dies, the lifetime of accrued contributions and compounding interest is part of his or her estate, going to heirs and favorite charities.

Just think of the macro-economic benefits to a young family when grandparents die and leave them with enough to pay off their mortgage, or fund their kid's college, or allow them to buy that business franchise, or invest in whatever opportunity avails itself. Just think of the young couple whose grandparents die when they are in their 20s or 30s, and whose parents die when they are in their 50s or 60s. These periodic slugs of capital are outside of this couple's normal earnings. And it's these slugs of capital that blossom into real wealth creation once that family's normal everyday needs are satisfied.

The Chilean Social Security paradigm is the best solution to systemic poverty, because it allows multi-generational wealth accrual.


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American RadioWorks |
Photo: Daniel Buchanan

How to help students hope

A polling expert finds students less engaged with school as they get older. Brandon Busteed from Gallup Education says if schools taught to strengths instead of weaknesses, more students would be successful in school and in life.

Recent Posts

  • 10.21.14

    Making it stick

    Why do we remember some things, and forget others? That's what author Peter Brown and psychologists Henry Roediger and Mark McDaniel set out to answer in their new book Make It Stick: The Science of Successful Learning.
  • 10.14.14

    What teachers need

    Education correspondent Emily Hanford talks with author Elizabeth Green about her new book, Building a Better Teacher: How Teaching Works (and How to Teach It to Everyone).
  • 10.07.14

    Intelligence is achievable and other lessons from The Teacher Wars

    Education correspondent Emily Hanford continues her conversation with Dana Goldstein, author of The Teacher Wars.
  • 10.01.14

    Teaching: The most embattled profession

    Education correspondent Emily Hanford talks with bestselling author Dana Goldstein about her new book, The Teacher Wars.