White House Summit on Social Security
A White House Summit on Social Security, sponsored by Gene Sperling and the White House National Economic Council, with comments by José Piñera, Distinguished Senior Fellow, Cato Institute. President Clinton called upon a bipartisan group of congressman and interest groups to discuss solutions to America's looming social security crisis. In these remarks, Piñera recounts his experiences 18 years after instituting a fully funded pension system in Chile based on individual retirement accounts. He stresses that the Chilean model enhances worker dignity, choice, and empowerment and has generated a real return of 11 percent per year. Citing an already existing investor class, superb capital markets, and the onset of the technology revolution, Piñera asserts that the United States is particularly well-suited to adopt a similar system rooted in private retirement accounts.