Monday, January 5, 2009
Italian Pensions Sapped by Private Funds Bush Backed
"Italy did for retirement financing what President George W. Bush couldn’t do in the U.S.: It privatized part of its social security system. The timing couldn’t have been worse. The global market meltdown has created losses for those who agreed to shift their contributions from a government severance payment plan to private funds meant to yield higher returns."
How ironic. Italy of all places, long known for its entrenched socialism, embraces what many U.S. leaders have been promoting--privatizing social security--and it proves to be a horrific failure.
This won't stop conservatives from trying to foist the same disastrous scheme upon Americans.