Sen. Ted Cruz (R-Texas) said Trump Accounts for children born from 2025-28 could open the door to Americans paying their payroll taxes into personal accounts invested in the stock market instead of to the federal government, which has borrowed from the Social Security trust fund for years. Cruz suggested at a panel discussion at the Milken Institute’s Global Conference in Los Angeles earlier this week that Trump Accounts could pave the way to transforming Social Security, which faces a $230 billion cash shortfall in 2026. “Here’s the dirty little secret: Trump Accounts are Social Security personal accounts,” Cruz said, arguing that the establishment of Trump Accounts represents an important conservative victory in taking a step toward privatization of Social Security, something that former President George W. Bush attempted but failed to do during his second term. “How did we get it done? You remember George W. Bush tried this in his second term and, sadly, Congress ran for the hills in a display of extraordinary cowardice. How did we get it done this time? It’s because we gave the money to babies so the old people didn’t get p‑‑‑ed,” Cruz said. “But babies grow up,” he pointed out. “That little girl who is born this year, she’s going to be 70, and the math is if you contribute regularly to it, by the time she’s 18, she’ll have $170,000 in that account. By the time she’s 35, she’ll have $700,000 in that account,” Cruz added. “This will become Social Security personal accounts,” he predicted.
That’s the quote, dude. She could conceivably start working at 14. So this hypothetical girl is gonna have to contribute a LOT in 4 years, 14+4 being 18, in order to hit that hypothetical $170,000 at age 18.
Literally the entire point the entire conversation of “trump accounts” is they were started at birth…
She is not contributing regularly to it before she is 14, her parents are
Rather than invest in your own retirement (because you know it won’t happen) they want parents to start in eatment accounts for their children at birth and save for their retirement.
How the fuck can people both not remember this from previous news and not be able to figure it out from the context? One or the other should work for anyone, hell everyone should be able to do both, this is not difficult.
I keep hearing about the literacy crisis, is this that?
Quick edit:
Like, not just that you misunderstood it, but that presumably at least 5 other people did…
I legitimately thought just quoting the context would make it obvious, but seemingly no one got it because I didn’t explicitly type it out …
It’s just fucking depressing man
I think, and I’m not the op so this is conjecture, the point is/was that (most) parents are already broke, and most adults are as well. Someone else did the math and at a 10% yearly compounding it would still take $300/mo or more to hit that hypothetical $170k.
With everything else spiking in cost, broke people aren’t going to magically have $300 extra for their kids’ “trump accounts” to hit these targets.
Friend, I think part of the attitude of response you got was the tone you gave out.
Yeah, this is where I’d put the “first time?” meme. Sorry dude.
How the actual fuck do you think I’m the one that needs anything explained?
Every single comment you’ve been wrong…
I’m sorry, I can’t deal with this shit, like I said, it’s too frustrating and waaaaay too depressing.
I hope someone with more patience helps, if not, Reading Rainbow is still effective, and that way personality won’t negatively effect how long a helper hangs out with you.