Herman Cain and Chilean social security

Republican presidential candidate Herman Cain’s praise for Chile’s private pensions system is getting more critical coverage in the U.S. media, with an article by the Associated Press,  “Fact Check: Closer look at Cain’s retirement model”  http://news.yahoo.com/fact-check-closer-look-cains-retirement-model-172348908.html appearing in several major newspapers.

Business Week says that Cain’s Chilean social security model risks miring the United States deeper in debt and notes that Argentina attempted a similar program in 1994 in which workers paid pension contributions into private accounts, causing the government to lose $37 billion in revenues. The Argentine government later nationalized the system in 2008.    http://www.businessweek.com/news/2011-10-17/cain-s-social-security-model-risks-miring-u-s-in-deeper-debt.html

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