We need a few answers yet:
Would the accounts be voluntary or mandatory? If they are voluntary, when would a worker decide whether to participate? Would the decision be irrevocable? Would workers be permitted to cash out their accounts when they retired, or would they have to buy annuities that pay a monthly sum for life? If a new market develops in private annuities, who would regulate it? What access would spouses and children have to the savings in private accounts? What happens in the case of divorce?
Meanwhile, down in Chile, "If people really had freedom of choice, 90 percent of them would opt to go back to the old system."
Isn't it a little frightening that Bush is citing a program set up in a third world dictatorship as our shining example to follow?
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