Two Senators have some tough questions for Social Security Commissioner nominee Bisignano.
14 comments:
Anonymous
said...
Will you be privatizing retirement and disability benefits? If so, please provide your plan and timeline. Are you discussing with Wall Street and any Financial Institutions plans to privatize retirement benefits? If so, please provide detail on these discussions. Are you discussing with current SSA leadership or any outside parties privatization of any or all of the SSA disability determination process? If so, please provide detail on these discussions. Have you received guidance from the Whitehouse, DOGE or Musk on privatization of SSA retirement and/or disability benefits? If so, please elaborate on that guidance.
There are no secrets here. There have always been just two stated objectives: 1. shrink the bureaucracy, and 2. privatize Social Security. More important questions might be, what data has DOGE secured to valuate the future Social Security Trust Fund in a Sovereign Wealth Fund that would be administered by a decentralized network of financial institutions, not unlike the states' 529s. Or, what steps is DOGE taking to break the agency in advance of a budget showdown where no budget is passed, the agency fails (IT systems, Operations, massive Restructuring without a plan) only to have private entities (Valor Ventures) swoop in to "save" Social Security. Maybe there's a line of questioning in there somewhere..
Pocahontas embarrasses herself yet again. Very dumb questions and he'll easily shoot down the false reports that originated in the comments of this blog that SSA is cutting 50% of the workforce.
Keep an eye on Bisignano, Steffensen, and Russo. All these politicos have financial background and are looking to privatize SSA retirement. Multiple options here. Each would require some a major shift in policy with Congress. The last option is the one they want as in one swift move it takes away all your hard-earn money. 1. Personal Retirement Accounts managed by private financial firms. Government might set limits on risky investments. 2. Adjust benefits & raise retirement age (reduce time people could collect benefits, potential means-tested, phased-in approach 3. Opt-out of Social Security. Let workers choose whether to stay in traditional Social Security or opt-out and invest on your own. 4. Phase out Social Security Retirement Benefits. Here you are entirely on your own. 5. Invest a portion of the special-issue Treasury bonds (~$2.8T in the Trust Fund today) in private markets (stocks, bonds, ...). Congress would need to change these special-issue Treasury bonds. This is the one to really watch. Wall Street really wants this option. Remember there is no waste, fraud and abuse on Wall Street and the Financial Institutions. Folks this is your money and they want to get ahold of it. This option has nothing about making it better you as the tax payer, this is all about putting money in Wall Street and the Financial Institutions hands.
Way to go starting with your racist undertones. The 50% was reported to multiple news sites from people in the room! It may have been BS by who uttered but looking at Trump and Elmo’s fantastic tariff plan it was another example of chaos by design.
The problem with the Trust Fund being invested, in whole or in part, in Stocks in particular is that this would make the Government a huge investor in private businesses. As and investor, like any other investor, they would have the right to use their shares to vote for particular policies they like, not just what might be in the Company's interest, but in the public interest. Republicans have always opposed that calling it Socialism. Frankly, it is closer to Socialism than Social Security or anything else they like to call the S word. Only by also limiting the investments or neutering the investments in terms of corporate governance, can they make it work but that also reduces the value of those shares.
14 comments:
Will you be privatizing retirement and disability benefits? If so, please provide your plan and timeline.
Are you discussing with Wall Street and any Financial Institutions plans to privatize retirement benefits? If so, please provide detail on these discussions.
Are you discussing with current SSA leadership or any outside parties privatization of any or all of the SSA disability determination process? If so, please provide detail on these discussions.
Have you received guidance from the Whitehouse, DOGE or Musk on privatization of SSA retirement and/or disability benefits? If so, please elaborate on that guidance.
I won’t be surprised when he refuses to reply to that letter
I like your questions better.
Nor would I. Modus operandi.
He’s going to lie just like all of Trump’s other appointees so this won’t make a difference. No one in Trump’s administration has any integrity.
Q: What does S-S-I stand for?
Frankie B: Uhh, SoCiAl sEcUrItY InCoMe?
Supplemental Security Income
5:15 knows….
There are no secrets here. There have always been just two stated objectives: 1. shrink the bureaucracy, and 2. privatize Social Security. More important questions might be, what data has DOGE secured to valuate the future Social Security Trust Fund in a Sovereign Wealth Fund that would be administered by a decentralized network of financial institutions, not unlike the states' 529s. Or, what steps is DOGE taking to break the agency in advance of a budget showdown where no budget is passed, the agency fails (IT systems, Operations, massive Restructuring without a plan) only to have private entities (Valor Ventures) swoop in to "save" Social Security. Maybe there's a line of questioning in there somewhere..
Pocahontas embarrasses herself yet again. Very dumb questions and he'll easily shoot down the false reports that originated in the comments of this blog that SSA is cutting 50% of the workforce.
Keep an eye on Bisignano, Steffensen, and Russo. All these politicos have financial background and are looking to privatize SSA retirement. Multiple options here. Each would require some a major shift in policy with Congress. The last option is the one they want as in one swift move it takes away all your hard-earn money.
1. Personal Retirement Accounts managed by private financial firms. Government might set limits on risky investments.
2. Adjust benefits & raise retirement age (reduce time people could collect benefits, potential means-tested, phased-in approach
3. Opt-out of Social Security. Let workers choose whether to stay in traditional Social Security or opt-out and invest on your own.
4. Phase out Social Security Retirement Benefits. Here you are entirely on your own.
5. Invest a portion of the special-issue Treasury bonds (~$2.8T in the Trust Fund today) in private markets (stocks, bonds, ...). Congress would need to change these special-issue Treasury bonds. This is the one to really watch. Wall Street really wants this option. Remember there is no waste, fraud and abuse on Wall Street and the Financial Institutions. Folks this is your money and they want to get ahold of it. This option has nothing about making it better you as the tax payer, this is all about putting money in Wall Street and the Financial Institutions hands.
Way to go starting with your racist undertones. The 50% was reported to multiple news sites from people in the room! It may have been BS by who uttered but looking at Trump and Elmo’s fantastic tariff plan it was another example of chaos by design.
The problem with the Trust Fund being invested, in whole or in part, in Stocks in particular is that this would make the Government a huge investor in private businesses. As and investor, like any other investor, they would have the right to use their shares to vote for particular policies they like, not just what might be in the Company's interest, but in the public interest. Republicans have always opposed that calling it Socialism. Frankly, it is closer to Socialism than Social Security or anything else they like to call the S word. Only by also limiting the investments or neutering the investments in terms of corporate governance, can they make it work but that also reduces the value of those shares.
6. Nationalize the Thrift Savings Plan (TSP)
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