Chile is a good model for what we should do; the problem is to get the Left to listen to facts, rather than their ideological fantasies.
Originally posted on International Liberty:
I wrote back in July about the remarkable transformation of Chile into a prosperous market economy.
In that post, I noted that Chile was a pioneer in the shift from unsustainable tax-and-transfer entitlement schemes to savings-based personal retirement accounts. And with good reason. That system, which has been in place for more than three decades, is hugely successful.
We should do the same thing in America, and we should do it yesterday, if not sooner.
But Chile’s success is driven by more than just pension reform. And I want to mention something remarkable about what’s happening with school choice in that country.
First, some background. I’m currently at a Cato Institute donor retreat, where I had the chance to talk to Jose Pinera, who is now the Co-chairman of Cato’s Project on Social Security Choice, but who also was the person who implemented the pension reforms in his…
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