"Perry did call for a national dialogue on the matter. But Cain went much further, at least three times in debates calling for "The Chilean Model" to replace Social Security, bringing the idea to as many as 15 million viewers.
Chile's system, enacted in 1981, took government out of the pension business altogether and replaced it with a system of personal retirement accounts.
It outperforms Social Security on returns, yielding about 9.23% compounded annual returns over 30 years under private management.
That means Chilean retirees take home pension checks four times what they would have gotten if they had remained in their old Social Security system.
[IBD]
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