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Yo_Mama_Been_Loggin

(129,129 posts)
Thu Jul 31, 2025, 08:15 PM Jul 31

Bessent tries to walk back comments suggesting Social Security could be privatized.

Treasury Secretary Scott Bessent is trying to walk back his suggestion that the so-called Trump savings accounts for newborns could be a "back door" to start privatizing Social Security.

Bessent made the comments in an interview with Breitbart while he was speaking at length about the importance of financial literacy.

"But in a way, it is a back door for privatizing Social Security," Bessent said.

In a social media post on Wednesday evening, Bessent sought to clarify his remarks.

https://www.yahoo.com/news/articles/bessent-tries-clarify-comments-suggesting-164713122.html

He wasn't supposed to blab.

6 replies = new reply since forum marked as read
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Bessent tries to walk back comments suggesting Social Security could be privatized. (Original Post) Yo_Mama_Been_Loggin Jul 31 OP
Yeah, he knew EXACTLY who he was talking too. He even turned his head and looked at the camera when he said it n/t Cheezoholic Jul 31 #1
Social Security is NOT a savings program. Xolodno Jul 31 #2
I don't get the obsession with the "break even" stuff Skittles Jul 31 #3
It is a social insurance program. It isn't an investment program, valleyrogue Jul 31 #5
You know that... Xolodno Aug 1 #6
He should have shut up his fat trap. valleyrogue Jul 31 #4

Cheezoholic

(3,323 posts)
1. Yeah, he knew EXACTLY who he was talking too. He even turned his head and looked at the camera when he said it n/t
Thu Jul 31, 2025, 08:22 PM
Jul 31

Xolodno

(7,182 posts)
2. Social Security is NOT a savings program.
Thu Jul 31, 2025, 08:26 PM
Jul 31

It's a safety net and no matter how much you put into it, very likely you won't get what you "invested" into it. Congress can reduce benefits on a whim. Nor was it to be all and end all for retirement, it was a supplement to your current savings. Our problem, we didn't require pension's, 401k's, etc.

I know a number of people who will die never drawing from it as they don't have anything saved up and Social Security will not be enough to cover thier living expenses. It's a lie to say its a savings program that can be replaced.

Skittles

(167,742 posts)
3. I don't get the obsession with the "break even" stuff
Thu Jul 31, 2025, 08:52 PM
Jul 31

I honestly don't care if I get back all I put in - maybe disabled folk got that "extra money", for example

valleyrogue

(2,340 posts)
5. It is a social insurance program. It isn't an investment program,
Thu Jul 31, 2025, 10:20 PM
Jul 31

and it isn't a savings program.

Of course, millions of people rely solely on it. Things happen in life. Not everybody is privileged.

Xolodno

(7,182 posts)
6. You know that...
Fri Aug 1, 2025, 05:09 PM
Aug 1

...and I know that.

Problem is, most don't know that. And some put bare minimum into Social Security, my father died at 58 and my mom barely gets anything due to his limited contributions. His accountant was the one who forced him to put money in. The only reason we own two homes (technically I have a third, but I won't count Ark7 as an ownership) was because of me forcing to make long term investments.

Most just look at the near term and I get it. However, you still should put money away for longer term for yourself or family.

valleyrogue

(2,340 posts)
4. He should have shut up his fat trap.
Thu Jul 31, 2025, 10:17 PM
Jul 31

There is a reason why SS and Medicare constitute the "third rail" of US politics.

Furthermore, "libertarianism" has already been tried in this country and failed greatly with something called the Great Depression. What does this idiot think people did back then who were poor in old age? They had poorhouses then. My parents had lived through that time, and it was no picnic.

It's like these greedy, sociopathic dimwits have to be schooled again and again and again about history. There is a reason why a "mixed economy" was established. It had to do with preserving capitalism by reining in its worst impulses.

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