Trump Adviser Calls For The Privatization Of Social Security
Stephen Moore, President Trump’s former financial advisor, declares that social security should be privatized, according to Joe My God.
Social security, which was created out of President Franklin D. Roosevelt’s New Deal, provided a permanent system of universal retirement pensions and established a framework for the U.S. welfare system, something Republicans have dreamt of overturning for decades.
“This is an idea that I don’t know if the Trump administration is going to embrace, but it’s something, I think, for middle class people would be one of the best ways for every American to own stock in America,” Moore said on Fox & Friends.
“So instead --the idea would be, you know, rather than having to send your 10% of your paycheck into the black hole of Social Security, you would be able to put that into personal account, like an index fund.”
“And that means, Steve, everybody in American would benefit when the stock market goes up,” Trump’s financial advisor said.
Yet, Social Security is meant to provide a foundation of income on which workers can build to plan for their retirement and provides valuable social insurance protection to workers who become disabled and to disadvantaged families.
If this plan were enacted, most Americans would experience dire poverty in their retirement years.