Chile and Friedman...

[RDR]

Bret Stephens: How Milton Friedman Saved Chile - WSJ.com

Cato Scholar: Private Accounts the Only Answer on Social Security, Pensions | NewsBusters.org

[RDR]

Americans have been so bombarded with the word "crisis," it appears to have lost all meaning. But according to a distinguished scholar at the Cato Institute, there is a real, serious crisis pending in America's addiction to entitlement programs, government-dependence, and imaginary "rights" to live off future generations.

"You will have to look into the future, do the responsible thing, and begin moving toward a system of personal accounts. That is the only long-term solution," said Jose Pinera of America's social security and pension system.

Pinera knows what he's talking about - he's the architect of social security reform in Chile. Introducing a recent interview with Pinera, Fox Business Network's Brian Sullivan said, "Thirty years ago, the social security system of Chile was broke, flat-busted. Entitlement reform was just destroying the nation's finances. In walks the Harvard-educated Jose Pinera. He pushed through by force of will a plan to privatize their entire entitlement system and social security - there is no government social security in Chile now - and everybody has a private account."



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In the Cato Institute's 1975 Economic Freedom of the World Report, Chile ranked 71 out of 72 nations evaluated. And while Latin American countries like Venezuela, Nicaragua, and Ecuador have become more centralized and destitute, Chile now has the highest per-capita income in Latin America - largely because it embraced free trade and pension privatization.

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