Blackrock CEO Larry Fink New York Times Summit speaks in New York, November 30, 2022.
Michael M. Santiago | Getty Images News | Getty pictures
The efforts of the President Donald Trump spent on the spending of the Federal Government ignited a new controversy about the future of social security.
A previously educated idea – privatization Now the social program – receives new attention.
Blackrock CEO Larry Fink said he supported his personal property in social security on Wednesday, although he would not use the term privatization because it was toxic compounds.
“Now we have a problem that is not available, we have a social security that does not grow with the economy,” said in Washington, the Blackrock Retirement Summit in the DC
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Social Security is a system you have a payment – Today’s salary tax contributions usually finance the benefits for current retirees and other beneficiaries.
According to the Social Security Administration, any money that is not used to pay administrative costs of the program or the fund is put on the power of software. According to this money, the agency, the market interest rate is laid on special treasury bonds, which gained interest rate and guaranteed by the US government.
Privatization of the program can provide a way to invest in the name of individual employees, according to the supporters of the idea, potentially earning a higher turn.
“If we create a plan that every American can grow with our economy, we will feel more attachment to our economy,” Fink said.
‘Real Battle’ is brewed on the future of social security
Opposition groups say they can prevent the forecast for the security of privatization and social security benefits.
“There are many people there in the private sector, ‘You give me $ 2.7 trillion and invest more from the treasury bills,” John Larson, D-Cong said on a CNBC on Tuesday.
When investing in more aggressively, it also opens the risk of poor performance and losses, providing better return.
Larson fell in 2008 with the Stock Exchange 401 (k) plans. However, public safety has never missed a fee.
The Americans have now encountered decisions on capitalism or the government to retire.
Larson said he thinks that the goal of the Trump Administration is to privatize the social security.
When asked the White House CNBC wanted a comment release “President Trump will always protect social security,” Tuesday. This document does not mention the program privatization.
On Wednesday, the Home Roads and Media Committee, on Wednesday, in question, asked to vote for the resolution of the survey that demanded that the authorities in question. In court, Larson, Trump management said he was concerned that he could try to privatize the program.
“I think we were a real fight here, and in many ways, in many ways, Roosevelt’s war, Roosevelt first,” said Larson on Tuesday.
Privatization of social security previously reviewed
The Social Security Act, which created the program, signed the law by President Franklin D. Roosevelt in 1935.
In 2005, President George W. Bush offered to privatize the program.
Finick, the Americans, who said that he was successful, will see that during this period, according to the income of the S & P 500 index, they will have pensions increased four times.
“I think that more Americans will be a little more hopeful today with pension deposits, it will be more hopeful than getting this bond payment,” Fink said.
Bush’s proposals passed, the Americans were a great collaborator today at the Institute of American Institute, Director of the National Economic Council of the National Economic Council of the National Economic Council of the National Economic Council of the National Economic Council today.
Biggs said the question, Biggs, which Americans did not invest in pension money in government bonds or capital.
If someone is not rid of money for retirement, it is not relevant because there are no dilemma. The same thing is the truth of the federal government, this is currently a significant surplus for the payment program.
Moreover, if individual accounts have a social security transition, it will be necessary to have additional money to finance transition expenses to continue the benefits for current retirees.
“It’s a matter of saving more,” Biggs said.
In general, social security reform discussions are aimed at increasing changes to improve the current system – increase taxes, benefits or combinations.
Larson has a proposal to raise taxes in raising dreams about improving social security.
However, the democrats who do not want to reduce the republican and democrats against tax growth are an open question that can compromise a bipartisan.
Biggs said that reform discussions based on the current structure of the program are limited.
“You really have a failure of social security reform,” Biggs said. “I think Larry Fink said, ‘Let’s think big on it.’ I think he is absolutely correct at this point. “
