Life is not a defined benefit

Life is not a defined benefit - Life is not a defined...

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Life is not a defined benefit By Star Parker - Monday, November 5, 2007 The U.S Comptroller General and head of the GAO, Government Accountability Office, has  described the entitlements crisis facing this country as a "tsunami" that approaches while we  continue to party on the beach.  What GAO head David Walker is talking about are the massive upcoming obligations under  Social Security and Medicare that we have no funds to meet. Tens of trillions of dollars of  supposed commitments, promises made to us by our government, that today we have no clue  how we'll pay.  In those rare moments when our political "leaders" screw up sufficient courage to  acknowledge this dark and ominous fiscal cloud hanging over us, the discussion is invariably  technical. Proposed tax increases, cap increases, retirement age increases, benefit cuts,  indexing -- all geared to "save the system."  But who has considered that, despite all the discussion about unfunded liabilities, what we  really have on our hands is, at root and core, a moral crisis?  No one explains this better than my friend Jose Pinera.  And no one has better credentials to  talk about this problem.  Twenty seven years ago, in November 1980, Chile, Dr. Pinera's home country, approved  Social Security reform in which a tax-based, pay-as-you go government retirement system -- 
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This note was uploaded on 04/01/2008 for the course ECN 221 taught by Professor Roberts during the Spring '07 term at ASU.

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Life is not a defined benefit - Life is not a defined...

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