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Bessent Admits Republican "Big Beautiful Bill" Offers 'Backdoor for Privatizing Social Security' (www.commondreams.org)

submitted 2 days ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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"In a way, it is a backdoor way for privatizing Social Security," the billionaire former hedge fund manager said of the accounts. "Social Security is a defined benefit plan paid out—that to the extent that if all of a sudden these accounts grow, and you have in the hundreds of thousands of dollars for your retirement, that's a game-changer."

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[–] Asafum@feddit.nl 15 points 2 days ago (1 children)

Absolute fucking scum. Bad enough wall street can fuck it all up and lose our retirement money, 401ks aren't mandatory taxes. This is a mandatory payment to fucking Wall Street so some disgustingly wealthy asshole can make themselves more disgustingly wealthy with no skin in the game... Just pure profit

[–] HubertManne@piefed.social 6 points 2 days ago

And it absolutely is the kind of thing that causes a spike then crash. What happens to all the destitute left in the dust. Many are fucked but also taxes will have to deal inadequately with the fallout. Current system is fine we just need to remove the income cap.