Watchdogs Say World's Richest Man Elon Musk Has 'Declared War on Social Security' | Common Dreams
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"Elon Musk's commission is a plot to destroy our Social Security by giving it to Wall Street executives—so that you get nothing and they get everything," warned one advocate.

Summary

Elon Musk amplified Senator Mike Lee’s calls to overhaul Social Security, labeling it a “nightmare.”

Lee, known for advocating the elimination of Social Security, Medicare, and Medicaid, criticized the program as deceptive and mismanaged.

Musk, co-chair of Trump’s advisory commission on cutting federal spending, faces accusations of aligning with GOP efforts to privatize or gut Social Security.

Advocacy groups denounce these moves as a threat to seniors and disabled Americans, warning that Republicans aim to shift earned benefits to Wall Street, despite broad public opposition to cuts or privatization.

  • disguy_ovahea@lemmy.world
    27·
    21 days ago

    The most powerful people in the US acquired their power from privatizing Social Security in the form of retirement accounts.

    The largest retirement account management companies are Vanguard, Blackrock, and State Street. They consolidate all of the power of the shares from all of the retirement accounts they manage, to give them board control of 89% of the S&P 500.

    Those faceless firms are actually the ones who control the hardship index (price of food, housing, clothing, other essentials) that earned Trump so many “bad economy” votes.