The Trump Administration's Treasury Secretary has said straight up that the current Administration is creating a "backdoor for privatizing Social Security."
The Trump Administration's Treasury Secretary has said straight up that the current Administration is creating a "backdoor for privatizing Social Security."
17 comments:
https://www.bloomberg.com/news/articles/2025-07-30/democrats-assail-bessent-on-privatizing-social-security-remark?embedded-checkout=true
Glad they're admitting it. That worked out great for the GOP in the 2006 midterms.
Glad they're admitting it. That worked out great for the GOP in the 2006 midterms.
Project 2025's plan for SSA includes privatization of the 2.7 Trillion Social Security Trust Fund to a firm like Wells Fargo / Planatir with an administration rate of 15% compared to the governments 1.3% administration rate. Of course, there will be Wells Fargo type scams / excessive fees and probably a big oops - We lost the fund in crypto and can't find it!
A Blg Problem with Trump Accounts is that no one can time their retirement to the market and Trump accounts expire in 2028. A National Thrift Savings Plan modeled on the Federal Employee Thrift Savings Plan would be a great addition to Americans retirements but they are not a substitute for Social Security Benefits.
In regard to the Social Security Trust Funds solvency, Senator Sanders, Warren and Hoyle have proposed the S393 SSA Expansion Act. The legislation would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years by applying the Social Security payroll tax on all income above $250,000. Importantly, this legislation would not raise taxes by one penny on the over 91 percent of American households who make $250,000 or less.
Is it a back door or is it just blatantly blowing a hole in the foundation with dynamite
Almost every developed country has a social insurance system. I have no idea if any of them are privately administered, and if they are, how that is going for the beneficiaries.
Back door or blowing a hole in the foundation, either way they haven't exactly been quiet about their intentions.
Take the new Mega Reg they are apparently working on. This was originally proposed under the first Trump administration just before Biden took office. It was pulled back. But this Reg as it was written back then gets rid of the DOT and replaces it with ORS. In addition, as it was written back then, seeks to replace VEs with a software and judges will enter an RFC into the software. Whatever the software says will go. No questioning or cross examining, software says yes or on. Software also cannot address time off task, absenteeism, probationary periods, use of a cane/walker and so on.
But yeah, nothing to see here.
Yall there is another major re-org coming. Notice how quiet the COSS has been internally? OCIO is pausing website development, OrgCharts are blank and cleared out, OLCA was moved out of Comms…it’s coming.
No secret among government employees that politicians would love to get their hands on the Thrift Savings, our version of the 401k. Some ideas floating are declaring a financial emergency to "borrow" from it, forcing you to invest a fixed percentage into government bond funds and opening the TSP and other 401k plans to private equity firms.
Anything to bail out your already broke government and leave you poor.
A game plan to privatize agencies is by reducing the workforce. Some federal employees are getting paid for doing nothing.and that falls in the government waste category. Where is DOGE? Wait..they created this problem.
The government is paying more than 154,000 federal employees not to work as part of the Trump administration’s deferred resignation program, according to two administration officials.
The number, which has not been previously reported, accounts for workers at dozens of agencies who took offers from the government as of June to get paid through Sept. 30 - the end of the fiscal year - or the end of 2025 and then voluntarily leave government, significantly reducing the size of several major agencies, according to two Office of Personnel Management officials, who spoke on the condition of anonymity to disclose details of the administration’s plans to scale down government.
Cleanup on aisle six! Bessent was talking to his base and was being truthful.
"Trump Baby Accounts are an additive benefit for future generations, which will supplement the sanctity of Social Security's guaranteed payments," Bessent wrote on X. "This is not an either-or question: our Administration is committed to protecting Social Security and to making sure seniors have more money.
Amen to that!!! I'm with you! The dynamite has already been lit... it's just a matter of time if someone can't put that fuse out!
Gross! I just clicked on an "X" link... don't make me do that! I will NEVER support musk....ever. I'm grossed out now. My computer is tainted! ha! d;-)
Typical Republican "grooming" - build trust with its vulnerable victims, then exploit the hell out of them
Chile. Promised 70% of income in retirement. Delivered roughly 33%.
33% is roughly what we receive now.
Social Security is structured to be part of retirement income, along with pension and savings.
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