Angle On Private Social Security: Chile's Done It

Republican U.S. Senate hopeful Sharron Angle says the nation's Social Security system needs to be privatized, and she says it was done before in Chile.

Angle referred to the South American country on Thursday in North Las Vegas while explaining previous statements that the United States should phase out its current system.

However, the pension system established in 1981 by right-wing Chilean dictator Augusto Pinochet is no longer a fully private system. Chile's system was revamped in 2008 to expand public pensions for groups left out of its system, including low-income seniors.

The tea party favorite challenging Democratic Senate Majority Leader Harry Reid says the current U.S. system is broken.

Reid and Democrats say Angle's ideas about Social Security are extreme.