: If they come for Social Security and your retirement accounts, this is how they will do it

by | Aug 3, 2023 | Stock Market

A new document from the federal government helps lay the groundwork for a likely plan to fix Social Security by filling the $20 trillion hole in its accounts. The report, produced by the Government Accountability Office in response to a request from Sens. Bernie Sanders, a Vermont independent, and Sheldon Whitehouse, a Rhode Island Democrat, is titled “Older Workers: Retirement Account Disparities Have Increased by Income and Persisted by Race Over Time.” 

But nowhere in the document does the GAO suggest investing some of the $2 trillion Social Security trust fund in the stock market — something every other pension plan in the U.S. and around the world does. That simple move alone would have filled the $20 trillion hole, and then some, long ago. Nor does the report mention actually imposing taxes on the vast pool of untaxed or undertaxed trillions quietly owned by the political donor class. Instead, it argues that those who benefit from a current retirement system that is grossly unfair are “higher earners,” meaning those who work for a living and earn a couple hundred thousand dollars per year. First, the GAO reports that higher earners are the main beneficiaries of “tax expenditures,” which is a term the political class uses for mone …

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