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August 2013: A look at Chile with Mr Horacio Marull

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A show from August 2013.   We spoke about Chile with Horacio Marull, the Honorary Consul of Chile in Dalas.

First, we spoke about Chile’s economic miracle.  

Second, we spoke about Chile’s retirement system, a program that we should look as we modernize Social Security.

The CATO Institute posted an analysis of Chile’s program:

“Chile allowed every worker to choose whether to stay in the state-run, pay-as-you-go social security system or to put the whole payroll tax into an individual retirement account. For the first time in history we have allowed the common worker to benefit from one of the most powerful forces on earth: compound interest.

Some 93% of Chilean workers chose the new system. They trust the private sector and prefer market risk to political risk. If you invest money in the market, it could go up or down. Over a 40-year period, though, a diversified portfolio will have very low risk and provide a positive rate of real return. But when the government runs the pension system, it can slash benefits at any time.

The Chilean system is run completely by private companies. We now have 15 mutual funds competing for workers’ savings.”

Let’s try that here.  Let’s give individuals the freedom to choose, from a retirement program to a school for their children.

P.S.  You can listen to my show (Canto Talk).  If you like our posts, click send, and drop a dime here.        Click here for our show:




Source: http://cantotalk.blogspot.com/2013/08/a-look-at-chile-with-mr-horacio-marull.html


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