Chile’s Great Pension Raid
Because the policies they produce are so ludicrous, populist cycles eventually crash against reality and come to an end. Sadly, for too many Chileans, the crash may come when they reach old age with no retirement savings.
LONDON – How should families pay for the costs of the pandemic? The conservative government’s finance minister proposes that the state should help. Thanks but no thanks, retort members of the country’s congress. Families can use their own accumulated pension savings, and the government should give them access to those funds.
Experts of all political stripes point out that the government is not heavily indebted and could afford to spend more. This country has had enough of experts, reply progressive parliamentarians. People want their money, and they want it now!
When the evil empire is finally forced to open the pension lockbox, the do-gooders’ leader sprints across the congressional hall in a magenta superhero cape. Her followers cheer.