The Argentinean government recently announced that they would send a proposal to the Congress by which the Pension and Retirement Plan Administration or AFJP in Spanish (also known as mutual funds in the US) would become nationalized. The AFJP privately manages millions of Argentineans' retirement funds, and under the proposal, their funds would now go to the State. The political debate will go to National Congress, but many blogs have commented on the possible changes.
On the side of those who oppose, there are two quite evident arguments: that this is a sacking of a lot of Argentineans' retirement contributions, and the only reason for this change is to increase the government's revenues in the short term. Guillermo Riera of Demasiada Información [es] states:
De seguir con el sistema de reparto, en veinte años el Estado estará imposibilitado para pagar jubilación alguna, sencillamente porque habrá tantos jubilados que no habrá recaudación que alcance.
By staying in the public system, twenty years from now the government will be unable to pay any retirement benefits at all, simply because there will be so many retired people, that there won't be enough funds for them all.
SOUND FAMILIAR ????
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