When Jair Bolsonaro won Brazil’s presidential election in October, he defeated the socialist Workers’ Party and shocked the establishment. That was the easy part. To deliver on promises to make Brazilians better off, President Bolsonaro needs to shrink the gargantuan state. That starts with reforming the Brazilian public-sector pension system, which is insolvent.

Source: Wall Street Journal April 14, 2019 19:18 UTC