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Ted Cruz Admits Trump Accounts Are Designed to Privatize Social Security Over Time | Common Dreams
(www.commondreams.org)
this post was submitted on 08 May 2026
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Just think what Bush's privatization was. They tried to borrow, tens of trillions, to pump into a stock market they knew was on the brink of collapse, and force people to use money managers that get paid regardless of their clients' fortunes.
Gains would only be recognized for 8%, the rest kicked back in the pot, losses would be 100%. It was such a shit system, on top of trying to foist all of this have to invest money into a market to allow the rich to sell off on a high note and leave workers holding the bag, to die in the street with stolen retirement.
What was this called?
Edit: found it in here https://en.wikipedia.org/wiki/Social_Security_debate_in_the_United_States
No mention of the 8% gains cap though which would really be the infuriating part
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.
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.
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.