Wednesday, January 19, 2005

Social insecurity: The Chilean experience 

Knight Ridder has a few choice details:

To sell privatized pension plans to workers, Chile's fund managers hired miniskirted marketers to troll outside factories and office buildings. The marketers' wages got passed on to workers who signed up, however, and dragged down returns.

Poor initial oversight allowed fund managers to lure workers into switching plans, then charge them for the switch.
(via Knight Ridder)

(Some statistics too, but, lies, damned lies, and...)

You know, I always had the picture that after Bush phased out Social Security in favor of private pension plans, I'd be sitting down with a broker; sure, I'd get ripped off, but by a professional, or at least someone in a suit.

After Chile, it looks like dealing with privatized social security is going to be more like dealing with cable weasels, or with telemarketers trying to get you to switch your long distance carrier.

Our operators are standing by!

NOTE I like the AARP's gambling idea, but it we could put across the meme that dealing with the privatized system (we've got to reframe "private accounts") is like dealing with the cable company... Well, victory would be ours.

corrente SBL - New Location
~ Since April 2010 ~

~ Since 2003 ~

The Washington Chestnut
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