Tuesday, April 10, 2012

The Fantasy Of The Investor Society

Over at Salon, Michael Lind has an excellent article on why Americans must reject attempts to replace public social insurance programs like Social Security with risky private investment schemes. A must read.


  1. I might be hazy on the details, as pension policy is a bit dry for my tastes, but I think the same thing has happened here in Poland.

    A decade or so ago the governmnet launched an 'open pension fund' to replace the traditional social security. the launch featured adverts showing Polish pensioners lazing in hammocks under palm trees.

    Now, the government is trying to raise the retirement age to 67 for men and women. The system failed completely.

  2. Hello Czarny Kot,

    Thanks for the comment. Your example of pension "reform" in Poland sounds typical. Most of these schemes fail, sometimes spectacularly so, as was the case in Chile, for example.