re of young workers is a system in which they can invest for themselves. A mandatory private savings account system would benefit everyone. The current SSI paycheck deductions are not only a frustration, but they distort the compensation sought by employees andreduce national savings and investment. Privatization would allow individuals to invest in theeconomy through the Stock Exchange and bonds. Not only would privatization allowindividuals to secure their future well-being, but it would also boost our economy. Imagine if onevery payday everyone was investing, pouring money into the economy. This would be a hugeboost in economic growth. In May of 1981, Chiles government-run-pay-as-you-go retirement system was replacedwith an investment based private system. This new system has been extremely successful, andhas been the perfect intervention to the problem the old system faced, which was fewer workershaving to pay the retirement benefits for more retirees. Chile has created a system which givesretirement investment rights to the people, which enhances not only economic growth, butpersonal freedom and dignity as well. According to Jacobo Rodriguez of the Project on GlobalEconomic Liberty at the Cato institute, more than 95% of Chilean workers have their ownpersonal savings accounts, assets have grown to more than $34 billion, and the average real rateof return has been approximately 11.3% per year, which has allowed workers to retire withbetter and more secure pensions. According to the Washington Times, a huge majority of Americans support the idea ofSocial Security privatization. The general population feels that they would benefit financially byhaving control of their own retirement funds, and they are right. A private system would give anaverage compound return of at least 7% annually, leaving sizeable retirement nest eggs muchlarger than the pea sized amounts that Social Security pays. Currently in San Diego, California...
