Saturday, May 07, 2005

More on Chilean Social Security

More from John Tierney Place Your Bets - New York Times:
"Chilean workers kept mentioning to me. The best part of their private accounts, they said, was that they'd put 'la plata donde mis ojos la vean' - the money where my eyes can see it. They knew they might lose some of it in the stock market, but they preferred that to watching it all disappear into politicians' hands...
President Bush offered a progressive compromise last week to Democrats: protect the poor while moderating the growth of benefits for higher-income workers. Democrats refused to bite, denouncing his "cuts" without offering a plan of their own, and members of both parties wondered why any politician would jeopardize his party's chances in 2006 by tackling an unpleasant future problem.

You can call the Democrats irresponsible obstructionists, but they're just following the first rule of politics: get re-elected. It's the same rule followed by the politicians from both parties who have spent the baby boomers' retirement money. Why set aside money for 2017 if it could be used to woo voters and campaign contributors for the next election?"
A well written column making multiple points in favor of PRAs. I miss Bill Safire but I am really liking the start John Tierney is having with the NY Times.

No comments: