Reply #9: Can we look at Argentina while we're at it? [View All]

[mcscajun]

The partial privatization of their Social Security program in 1994 precipitated a financial crisis from which they have yet to recover. The cause was simple -- the privatization deprived the government of revenue. Argentina was forced into round after round of borrowing, and ultimately, their debt level became unsustainable.

When the bailout came, finally, part of the agreement was to reduce Social Security benefits by 13%. So, the solution became the problem.

Yes, by all means, let's look to other countries' examples. Let's just be sure we know what we're looking at...