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Trump Accounts: 'The backdoor for privatizing
Social Security'

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Posted By: Judy W., 8/1/2025 7:22:36 AM

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, (Snip) Now President Trump has picked up the torch.

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Reply 1 - Posted by: philsner 8/1/2025 7:39:39 AM (No. 1985191)
Actually doing the right thing by your citizens? What a concept!
25 people like this.

Reply 2 - Posted by: Muguy 8/1/2025 8:32:44 AM (No. 1985215)
Another great article by Monica Showalter! You can hear it now-- When W.Bush was elected, he wanted to work on making Social Security solvent seeing the bridge out ahead down the road. The howls and obstruction of the Dems were to keep his damn hand off of it, because it was THEIRS. Fast forward to DOGE, and the crisis seems unavoidable, even if the "retirement age" is raised to keep things afloat for a few years. President Trump floats the idea of giving a foundation to new babies born to use compound interest in investing money in the private sector and the Herman Cain proposal of doing something different is dismissed out of hand since there is no way to plunder the money to pay for things. The statement is that the government will print money to resupply what was used for pet projects, but the dollars put in will be worth much less in purchasing power so as to be virtually useless to the annuitant. This is an idea whose time has come.
12 people like this.

Reply 3 - Posted by: BeatleJeff 8/1/2025 9:35:32 AM (No. 1985247)
I'm not against this, it's a good idea, but I have to ask, where is mine? $1000 with 60 years of retroactive interest would be nice.
11 people like this.

Reply 4 - Posted by: slipstik 8/1/2025 9:48:44 AM (No. 1985264)
Social Security is mostly a jobs program for otherwise unemployable people. It should have ALWAYS been private, but failing that it should have been phased out 50 years ago. Especially after LBJ stole all the money. The Dems just don't wanna take the hooks out of everybody's noses. They'd lose way too much power.
13 people like this.

Reply 5 - Posted by: JHHolliday 8/1/2025 9:56:46 AM (No. 1985273)
Never happen now. The Dems and media would scream that we want to throw old ladies out in the street and half the population is too ignorant of basic financial concepts to understand the benefits of privatization.
8 people like this.

Reply 6 - Posted by: RuckusTom 8/1/2025 12:45:31 PM (No. 1985380)
I oftentimes wonder (and run through the numbers in my head) how much more I'd have had for retirement if I'd had an extra 6.2%-7.5% of each of my paychecks over the years to invest how I see fit or put into a 401k with a tax incentive to do it. As it is, a DMV like government entity invested it for me.
1 person likes this.

Reply 7 - Posted by: DVC 8/1/2025 6:06:30 PM (No. 1985495)
Too bad these weren't available 70 years ago.
0 people like this.

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