From: Bill Lucy 

In article , nomail{at}hotmail.com says...
> While I don't know anything about this guy, he seems to be laying out the
> facts reasonably (the side of the story that the Times might have used in an
> article if they supported SocSec reform):
>
> http://www.josepinera.com/icpr/pag/pag_tex_deconstructing_larry.htm

> First mistake Larry. A defined-contribution system of personal retirement
> accounts (PRAs) makes no "promises" about benefits levels, either in
> absolute or relative terms.

Actually, Chile's plan does "make promises". So that's *his* first mistake.

> False Larry. Nobody has yet retired with a full working life in the
> PRA system, since the system is only 24 years old.

Here, the gentleman misstates the way the Chilean plan was set up. It made
no mention of some specific time frame. It does provide for some
guarantees, which have not been met.

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