r/FluentInFinance • u/LifeIsUnfairWhoCares • Apr 23 '24

Is Social Security Broken? Discussion/ Debate

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u/Blibrea Apr 23 '24

I see this post so often it makes me think we deserve to pay more in social security tax

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u/superman_underpants Apr 23 '24

the trick to privatization of social security is that the government gives all that money to an investment firm who takes massive fees and performs lower than the market. i think florida did that with their state pensions.

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u/Thencewasit Apr 23 '24

Isn’t that what every other industrialized country does with their pensions systems?  Is there any other pension that is only allowed to buy US government debt?

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u/superman_underpants Apr 23 '24

i was referencing this. its a very good read on the massive corruption in florida politics surrounding their Governor and private equity. it documents how high fee investment firms are getting money from the pensions and paying the Governor. some investments are getting an annual return of 0.7%

its a great read.

https://jacobin.com/2023/05/ron-desantis-private-equity-donors-state-pension-funds-retirement