Off-Topic: Could this happen in U.S.?
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Name:
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4691
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Subject:
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Could this happen in U.S.?
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Date:
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11/1/2008 9:56:59 AM
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You betcha! If liberals control the legislative, executive, and judicial branches leaving the govenment with no checks and balances. All that spending money has to come from somewhere. There is a lot at stake with this vote impacting the short and long term health of the nation.
BUENOS AIRES, Argentina — Argentina's ruling party wants $23 billion in private pension funds brought under government control by the end of November — and given congressional sentiment, some kind of nationalization seems a sure bet.
Seizing the money seemed a foregone conclusion as lawmakers began debating the proposal on Tuesday. The main question was how to manage the investments it takes over from 10 private companies that currently manage retirements for one in four Argentines.
While most lawmakers agree on state control, opposition leaders want the money spent exclusively on retirees — not on public works projects or payments to service $28 billion in debt that comes due over the next three years, even as tax and export income falls.
Tomada also promised that retirements would not be pillaged to replace falling revenues, saying "this is workers' money for the retirees of today and tomorrow."
But some lawmakers aren't so sure.
"The pension funds aren't going to the state, they're going to fall in the hands of a bunch of thieves" in the administration, said opposition lawmaker Elisa Carrio, who wants a congressional commission to propose the best way to nationalize the funds.
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