Social Security

CATO Institute/Washington Times - A Working Model

If you were asked to name one person who has enabled more people to gain wealth and security than any other person on the globe, who would you name?

In 1881, here in Berlin, Otto von Bismarck started the world's first modern pay-as-you-go social security system which served as the model for the U.S. Social Security system and that of many other countries, including setting the retirement age at 65. No, Bismarck is not the answer to the opening question, the answer is Jose Pinera, and here is why.