From: Dave 

On Thu, 10 Feb 2005 08:55:14 -0600, Bill Lucy 
wrote in message :

| From the NYT, January 25, 2005:
|
| Chileans find that pension privatization plan launched 25 years ago, |
which Pres Bush has cited as model for his plans to overhaul Social |
Security, is falling far short of what was originally advertised under |
authoritarian government of Gen Augusto Pinochet; under program, | millions
of people have been paying 10 percent of their salaries to | private
investment accounts that they control; many lower-paid workers' |
contributions were not large enough to ensure even minimum pension of |
$140 a month; others--those working in underground economy, self- |
employed or working only seasonally--remain outside system altogether; |
even middle-class workers who contributed regularly are finding that |
their private accounts--burdened with hidden fees that may have soaked | up
as much as third of their original investment--are failing to deliver | as
much in benefits as they would have received under old system; | government
continues to direct billions of dollars to safety net for | those whose
pensions are below minimum

Was this scheme, by any chance, the brainchild of the Chicago School?

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