A Tale of Four Countries- Part 2: Chile and Social Security
Reform  One of the biggest programs enacted under Roosevelt’s
New Deal was Social Security. Since then, the system has been
sacrosanct in American politics. However, Social Security as the
be-all-end-all of retirement security was never the goal nor the
intentions of Roosevelt. When enacted in 1935, there were about
44 working age Americans for every retiree. At that time, more
than 50% of seniors were living in poverty, a situation made
worse by the Great Depression. Like any insurance program,
however, it was never intended to become an entitlement, yet
that is what it has become.  Conservatives need to get back to
their core principles and cease falling in line when liberals
and Democrats bring up the subject of Social Security. Both
sides have, at various points, used social security to curry
favors and votes from senior citizens. Growing a spine and
stressing the need for fundamental reform now is a necessary
start.  Roosevelt’s own actuaries no