Trump Accounts: 'The backdoor for privatizing Social Security' By Monica Showalter

[mystery-ak]

July 31, 2025
Trump Accounts: 'The backdoor for privatizing Social Security'
By Monica Showalter

Herman Cain lives!

The late great Republican Tea Party leader, CEO, and former chairman of the Kansas City Federal Reserve was derided in his 2012 presidential campaign for his "Chilean Model" proposed during a debate -- a plan to replace the failing Social Security system with private accounts, as had been done in Chile in the 1970s.

In reality, he had an enduringly good idea that would have saved the rapidly depleting U.S. Social Security system just as it saved Chile's, and made every saver in the U.S. richer. But the left demonized it without a hearing, hating the idea of the little guy (instead of the government) controlling his own retirement funds.

Now President Trump has picked up the torch.

According to Politico:

    Treasury Secretary Scott Bessent on Wednesday framed the president’s new “Trump accounts” as a transformative tool for long-term wealth building and a “backdoor for privatizing Social Security.”
     
    Bessent said the new tax-deferred investment accounts, which were created by President Donald Trump’s sweeping tax law earlier this month, could be a way to boost financial literacy and young voters’ engagement in the economy.

It's the best idea of all to come out of the Trump administration.

more
https://www.americanthinker.com/blog/2025/07/trump_accounts_the_backdoor_for_privatizing_social_security.html

[Hoodat]

Could have had this in 2006, but Republicans couldn't get it done.

[LMAO]

In roughly a couple years, I’ll be able to apply for Social Security. Damn right I’m taking it.

Where would I be if I was  allowed to partially invest on my own just part of that money that was taken out of my check?

[Hoodat]

Where would I be if I was  allowed to partially invest on my own just part of that money that was taken out of my check?

Wealthy.  And free.

[jmyrlefuller]

Your taxes propping up the stock market. What could go wrong?

[jafo2010]

I believe the time has come for personal retirement accounts, and a plan to transition to that and end Social Security at some point far down the road.

First, no one expecting Social Security should be harmed.  However, I do believe we need to end the collection of Social Security at age 62.  That is nonsense.  Collection should not begin until Full Retirement Age, now 67.

And I believe personal accounts should be started, starting at 1%, and increasing every other year by 1% until such time 10% is being put away into a personal account.  Those starting on personal accounts will not be eligible for Social Security under a given age, say age 30.  35 years of saving 10%, invested in the market will end up with a large amount of money come age 65.

[Hoodat]

Your taxes propping up the stock market. What could go wrong?

My taxes?  More like MY INCOME which I EARNED.