“Chile has had the most advanced social security program in the world,” Newt Gingrich said this morning during a Florida event, touting the Chilean model as a solution for the future of Social Security in the United States.
Gingrich explained to the audience that Chileans put their money in personal savings accounts, which produce a strong return for each individual.
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Gingrich added he spoke with Dr. José Piñera, the creator of the Chilean system who explained that his government had a safety net for citizens but they have never had to use it, due to the strength of the program.
If the United States ran a similar program, Gingrich noted, it would reduce the wealth disparity by 50 percent. “Every American worker when they first started would become a saver and investor and would have an estate of their own.” Gingrich said.
Before Newt Gingrich, Herman Cain mentioned the Chilean model frequently on the campaign trail before he ended his run for president.
