One advocate said the Texas Republican laid bare the "two-pronged strategy to push Social Security privatization: Creating the Trump accounts with one hand and gutting the Social Security Administration with the other."

In the not-too-distant future, Cruz envisioned, “we’re going to be able to go to parents and say, ‘Hey, you know that Trump Account your kid has? … Wouldn’t you like to be able to keep a portion of your tax payments that you’re paying already and, instead of sending it to Uncle Sam, wouldn’t you like to have a Trump Account just like your kid does?’'’

“My prediction is, within five years, that is going to have a really compelling constituency,” the Texas Republican added.___

    • teyrnon@sh.itjust.works
      2·
      19 hours ago

      I went to a local democratic rally of sorts where they went over the social security reform in detail, what was it, 2008 I think, right before the market was going to crash.

      The most infuriating part of it is they were trying to force people to dump their retirement accounts in a failing market to allow stockholders to sell out their shares on a high note, and wipe out a good share of all retirement income, leaving retirees destitute.

      They also had to pay a money manager, like a mutual fund kind of deal if memory serves. If it passed which it didn’t obviously, it really sank Bush’s popularity.

      • EvacuateSoul@lemmy.world
        2·
        18 hours ago

        Thanks for that, very interesting.

        What is baffling to me is they apparently were pitching it as a way of making social security solvent. If people can divert their SS tax dollars to private accounts, it makes the shortfall even worse. But sometimes that is their objective, I know.

        • teyrnon@sh.itjust.works
          2·
          18 hours ago

          The rich have been obsessed with killing the new deal from the start. Social Security is their prime target, they’ve been trying to kill it for 5 decades now.

          Everything they say is opposite land as with everything else. They borrowed tens of trillions of dollars to subsidize business multiple times, but are trying not to borrow the surplus social security payments they took and spent elsewhere our retirees entire lives.

          They borrowed that money, with the promise of paying it back when it was needed, and are now trying to default on America.