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Linda Benesch, 240-342-4301, lbenesch@socialsecurityworks.org
The following is a statement from Nancy Altman, President of
WASHINGTON - The following is a statement from Nancy Altman, President of Social Security Works, in reaction to reports that Donald Trump will be signing an executive order on retirement savings this afternoon during a campaign trip to North Carolina:
"Americans are facing a looming retirement income crisis. Using that very real crisis as a pretext, Donald Trump reportedly plans to allow the wealthiest among us to shelter their retirement savings from taxes for a longer period. He will also reportedly seek to make it easier for small businesses to offer 401(k) plans.
This executive order, issued during a campaign swing right before Labor Day, appears to be an effort to benefit wealthy campaign donors and confuse the electorate into thinking Trump's action will benefit them. In reality, it is nothing more than a cruel joke on American workers.
Currently, nearly two-thirds of Americans have less than $1,000 in savings of any kind. Lack of access to tax-favored savings accounts is not the reason. Workers without access to 401(k) plans can already accumulate tax-favored retirement savings in individual retirement accounts.
But, decades of stagnating wages, rising healthcare costs, and skyrocketing inequality have left workers struggling just to keep their heads above water. Families approaching retirement have a median amount of $17,000 in their retirement accounts, and nearly half have $0.
Individual saving for retirement has proven itself to be a failure. The primary beneficiaries from this executive order will be wealthy donors and Wall Street.
Revealingly, Trump reportedly will not be calling for employer matches. Nor has he ever called for increasing the minimum wage or strengthening the right of workers to collectively bargain. These are proposals that would actually increase worker pay, allowing a greater ability to save.
What is needed for retirement security is not individual savings, but Social Security, which is the most universal, efficient, fair and secure form of retirement income. Unlike savings, it provides monthly benefits that cannot be outlived. Expanding it involves no start-up costs, no money going to Wall Street, and no tax subsidies going to the wealthiest among us.
Unlike additional tax breaks for private savings accounts, which will increase income and wealth inequality, expanding Social Security combats inequality through its progressive benefit structure -- and it can be even more progressive if we pay for expanding benefits by demanding that the wealthy contribute their fair share.
Yet Republicans have signaled their desire to cut, not expand, Social Security. They will inevitably use this executive order as an additional excuse to cut Social Security because, they will claim, people should take responsibility and save for themselves now that Trump has given them the option.
The executive order implicitly blames the victims of the retirement income crisis by acting as though they are simply not saving enough. The obvious solution to the retirement income crisis is to expand Social Security. If Trump truly wanted to stand with the American people, that is the policy he would support. Instead, he is standing with Wall Street."
Social Security Works' mission is to: Protect and improve the economic security of disadvantaged and at-risk populations; Safeguard the economic security of those dependent, now or in the future, on Social Security; and Maintain Social Security as a vehicle of social justice.
"The capture of our global economy by a privileged few has reached heights once considered unimaginable," said the executive director of Oxfam International.
An Oxfam report published Monday shows that the combined wealth of the world's billionaires surged three times faster in 2024 than the previous year, rising by $2 trillion as efforts to combat global poverty remained stagnant.
The findings come hours before the U.S. is set to inaugurate President-elect Donald Trump, a billionaire whose campaign for a second White House term was backed by the world's richest man and whose proposed Cabinet is stacked with billionaires. The report was also released as business and political elites gathered in Davos, Switzerland for the annual World Economic Forum summit.
According to Oxfam, an average of nearly four new billionaires emerged every week in 2024, and billionaires saw their wealth grow by roughly $5.7 billion per day.
"The capture of our global economy by a privileged few has reached heights once considered unimaginable," said Amitabh Behar, Oxfam International's executive director. "The failure to stop billionaires is now spawning soon-to-be trillionaires. Not only has the rate of billionaire wealth accumulation accelerated—by three times—but so too has their power."
"The crown jewel of this oligarchy is a billionaire president, backed and bought by the world's richest man Elon Musk, running the world's largest economy," Behar added. "We present this report as a stark wake-up call that ordinary people the world over are being crushed by the enormous wealth of a tiny few."
"Untaxed billions of dollars in inheritance is an affront to fairness, perpetuating a new aristocracy where wealth and power stays locked in the hands of a few."
Oxfam's new report—titled Takers, Not Makers—estimates that 36% of billionaire wealth is inherited and 18% stems from monopoly power accrued by corporate behemoths such as Amazon. Every billionaire under the age of 30 inherited their wealth, according to Oxfam.
Another 6% of global billionaire wealth can be attributed to "crony sources" such as "lobbying, funding political campaigns, and creating revolving doors between the private sector and civil service," the new report finds.
All told, "most billionaire wealth is taken, not earned—60% comes from either inheritance, cronyism and corruption, or monopoly power," the report estimates.
"The ultra-rich like to tell us that getting rich takes skill, grit, and hard work. But the truth is most wealth is taken, not made," said Behar. "So many of the so-called 'self-made' are actually heirs to vast fortunes, handed down through generations of unearned privilege. Untaxed billions of dollars in inheritance is an affront to fairness, perpetuating a new aristocracy where wealth and power stays locked in the hands of a few."
If current trends persist, Oxfam estimates that the world is on track to see at least five trillionaires within a decade.
"Last year we predicted the first trillionaire could emerge within a decade, but this shocking acceleration of wealth means that the world is now on course for at least five," said Anna Marriott, Oxfam's inequality policy lead. "The global economic system is broken, wholly unfit for purpose as it enables and perpetuates this explosion of riches, while nearly half of humanity continues to live in poverty."
In the face of such staggering wealth accumulation at the very top, Oxfam called on governments to abolish tax havens, tax the inheritances of the ultra-rich, more strictly regulate corporations to "ensure they pay living wages and cap CEO pay," and provide debt relief to economically struggling nations to "end the flow of wealth from South to North."
"Taken together, today's levels of extreme wealth concentration are based not on merit," said Oxfam. "These are takers, and not makers."
"We now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate... those sectors in a way to just blatantly profit off his own presidency."
U.S. President-elect Donald Trump faced a flood of criticism throughout the weekend for launching a cryptocurrency token as the world prepared for his Monday inauguration and policies expected to benefit the industry that helped Republicans take control of the White House and Congress.
"It is literally cashing in on the presidency—creating a financial instrument so people can transfer money to the president's family in connection with his office," Campaign Legal Center executive director Adav Noti toldThe New York Times. "It is beyond unprecedented."
Jordan Libowitz, vice president for communications at Citizens for Responsibility and Ethics in Washington, also contrasted Trump's move with behaviors of past presidents, tellingPolitico, "It is absolutely wild."
"After decades of seeing presidents-elect spend the time leading up to inauguration separating themselves from their finances to show that they don't have any conflicts of interest, we now have a president-elect who, the weekend before inauguration, is launching new businesses along with promises to deregulate... those sectors in a way to just blatantly profit off his own presidency," said Libowitz.
The president-elected announced the $TRUMP meme coin, hosted on the Solana blockchain, via his Truth social media platform and X—owned by Elon Musk, his ally and the richest person on the planet—on Friday, declaring that "it's time to celebrate everything we stand for: WINNING!"
He linked to a website that explains "there are 200 million $TRUMP available on day one and will grow to a total of 1 billion $TRUMP over three years." It also states that "Trump Memes are intended to function as an expression of support for, and engagement with, the ideals and beliefs embodied by the symbol '$TRUMP' and the associated artwork, and are not intended to be, or to be the subject of, an investment opportunity, investment contract, or security of any type."
Forbesreported that "the remaining 80% of tokens that have yet to be publicly released are owned by the Trump Organization affiliate CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware on January 7, according to state filings, and both companies will receive an undisclosed amount of revenue derived from trading activity."
The president-elect's son Eric Trump, who helps run Trump Organization, told the Times that "this is just the beginning."
"I am extremely proud of what we continue to accomplish in crypto," he said in a statement. "$TRUMP is currently the hottest digital meme on Earth."
In an article simply headlined, "Donald Trump, crypto billionaire," Axiosnoted that by Sunday morning, "Trump's crypto holdings were worth as much as $58 billion on paper, enough—with his other assets—to make him one of the world's 25 richest people."
Responding to Axios' report, Wa'el Alzayat, who served as a Middle East policy expert at the U.S. Department of State for a decade, said that "when I was in government I couldn't accept a lunch over $20. Now anyone can give our next president millions."
Predicting that "this is going to end VERY badly for everyone except Donald Trump and his cronies," journalist Jeff St. John said that "it is a scandal and an outrage."
The meme coin announcement came as "the elite of the crypto world" gathered in Washington, D.C. for the first-ever Crypto Ball.
The president-elect did not attend the event, but House Speaker Mike Johnson (R-La.) and the nominees for commerce and treasury secretary, Howard Lutnick and Scott Bessent, were there. Reporting on the gala, Reuterspointed out that the Trump "courted crypto campaign cash with promises to be a 'crypto president,' and is expected next week to issue executive orders aimed at reducing crypto regulatory roadblocks and promoting widespread adoption of digital assets."
Trump is no stranger to ethics scandals. As Mother Jonesdetailed:
The meme coin is just the latest in a bizarre line of grifty, super-weird takes on "merch." Last February, Trump showed off gold "Never Surrender High-Tops" for $399 at Sneaker Con, which had Fox Newsapplauding his appeal to Black voters. In March, he began endorsing the $59.99 "God Bless the USA Bible," which includes the Constitution, the Bill of Rights, and handwritten lyrics to the chorus of Lee Greenwood's "God Bless the USA." (Trump's inaugural committee has confirmed that he will not be using one of these Bibles to swear the presidential oath of office on Monday.) In August, Trump released a new round of his "baseball card" NFTs.
S.V. Dáte, a senior White House correspondent at HuffPost, highlighted Sunday that during the Republican's first term, "Trump's D.C. hotel was a convenient way for foreign and domestic lobbyists to put cash directly into his pocket."
"This crypto thing is next level. Anyone on the planet can put money directly into his pocket. Huge," Dáte added. "The efficiency here is a thing of beauty. With a hotel, you have all the costs of owning the property as well as paying cleaning staff, front desk staff, and so on. This selling of fake money is almost pure profit."
The Trump Organization sold the D.C. hotel in 2022, but The Wall Street Journalreported earlier this month that his "real estate company is in talks to reclaim" the property.
"The Democratic Party setting up Trump to play the part of the zoomer savior after Trump got this all rolling in the first place is... the sort of self-inflicted wound that only the Democratic Party could accomplish."
After starting Sunday with a Truth Social post declaring " SAVE TIKTOK!" U.S. President-elect Donald Trump announced plans for an executive order delaying a nationwide ban on the global video-sharing platform—which some political observers framed as a "win" for the Republican that was made possible by Democrats in Washington, D.C.
Trump actually kicked off efforts to force TikTok's Chinese parent company ByteDance to divest with an August 2020 executive order, citing national security concerns. Three months later, he lost an election to Democratic President Joe Biden, who ultimately reversed the order. However, Biden then signed the legislation currently impeding the platform's availability in the United States.
"Congratulations, Democrats," said Nina Turner, a former Democratic congressional candidate from Ohio, as the platform began informing U.S. users that it was no longer available late Saturday. "This could've been avoided had you listened to progressives last year when this bill was being forced through Congress."
U.S. Reps. Mike Gallagher (R-Wis.) and Rep. Raja Krishnamoorthi (D-Ill.) last March
led a bipartisan coalition that introduced a bill targeting TikTok's parent company—the Protecting Americans from Foreign Adversary Controlled Applications Act—in the House of Representatives, where it swiftly approved in a 352-65 vote.
A version of the bill—which forces ByteDance to sell TikTok to a non-Chinese company or face a U.S. ban—ultimately passed both chambers with bipartisan support as a rider to a $95 billion military assistance package for Ukraine, Taiwan, and Israel, as it waged a genocidal war against Palestinians in Gaza. Biden signed it in April.
The resulting legal battle reached the U.S. Supreme Court, which on Friday unanimously upheld the law, "giving the executive branch unprecedented power to silence speech it doesn't like, increasing the danger that sweeping invocations of 'national security' will trump our constitutional rights," in the words of ACLU National Security Project deputy director Patrick Toomey.
The court's decision meant TikTok would "go dark" on Sunday without action from Biden, who declined to give ByteDance a 90-day extension to sell or accept the ban, despite pressure from First Amendment advocates like the ACLU, the platform's 170 million American users—including content creators and small businesses facing financial impacts—and some lawmakers.
In a Friday statement, White House Press Secretary Karine Jean-Pierre
pointed to Trump's Monday inauguration, saying that "given the sheer fact of timing, this administration recognizes that actions to implement the law simply must fall to the next administration."
Late Saturday, TikTok users in the United States began seeing a pop-up message that the platform was unavailable, stating: "A law banning TikTok has been enacted in the U.S. Unfortunately, that means you can't use TikTok for now. We are fortunate that President Trump has indicated that he will work with us on a solution to reinstate TikTok once he takes office. Please stay tuned!"
In response to former Obama administration staffer and podcaster Tommy Vietor calling TikTok's message an advertisement from the Chinese Communist Party, leftist political commentator Hasan Piker highlighted Trump's opportunity to restore access to the platform, saying that "the Democrats handed him the easiest w of all time if he's smart enough to seize it."
Others were also critical of the Democratic Party—which is wrapped up in debates over how to move forward from devastating electoral losses in November—with independent journalist Ken Klippenstein saying that "this reminds me of when Trump put his name on the stimulus checks but Biden didn't. Historic own goal by the Democrats here."
Jacobin podcast host Daniel Denvir similarly said on X—the platform owned by Trump ally Elon Musk, the world's richest person—that "the Democratic Party setting up Trump to play the part of the zoomer savior after Trump got this all rolling in the first place is... the sort of self-inflicted wound that only the Democratic Party could accomplish."
Lynese Wallace—who was the chief of staff for former Rep. Cori Bush (D-Mo.), a progressive who opposed the law— said that "the TikTok ban was always bad policy and bad politics. Let's not forget it was folded into a $95 billion foreign aid package passed in the last Congress—and has since paved way for Trump to now 'save' it, despite his own support for a ban during his first term. So dumb."
Seizing the opportunity, Trump said Sunday on his Truth social media platform that "I'm asking companies not to let TikTok stay dark! I will issue an executive order on Monday to extend the period of time before the law's prohibitions take effect, so that we can make a deal to protect our national security. The order will also confirm that there will be no liability for any company that helped keep TikTok from going dark before my order."
Although Trump can't take action before he is sworn in, he continued:
Americans deserve to see our exciting Inauguration on Monday, as well as other events and conversations.
I would like the United States to have a 50% ownership position in a joint venture.
By doing this, we save TikTok, keep it in good hands and allow it to [stay] up. Without U.S. approval, there is no TikTok. With our approval, it is worth hundreds of billions of dollars—maybe trillions.
Therefore, my initial thought is a joint venture between the current owners and/or new owners whereby the U.S. gets a 50% ownership in a joint venture set up between the U.S. and whichever purchase we so choose.
Responding with a statement on X, TikTok said that "in agreement with our service providers, TikTok is in the process of restoring service. We thank President Trump for providing the necessary clarity and assurance to our service providers that they will face no penalties [for] providing TikTok to over 170 million Americans and allowing over 7 million small businesses to thrive. It's a strong stand for the First Amendment and against arbitrary censorship. We will work with President Trump on a long-term solution that keeps TikTok in the United States."
Even before Trump's post, Musk—who is expected to co-lead a presidential advisory commission— said on X that "I have been against a TikTok ban for a long time, because it goes against freedom of speech. That said, the current situation where TikTok is allowed to operate in America, but X is not allowed to operate in China is unbalanced. Something needs to change."
ByteDance's Chinese version of TikTok, called Douyin, was introduced in China in September 2016. The New York Timesreported last April that "TikTok has more users on its platform, but Douyin is ByteDance's cash cow. Roughly 80% of ByteDance's $54 billion revenue in the first half of [2023] came from China."
Critics of bipartisan efforts to ban TikTok in the United States have blasted lawmakers for their priorities throughout the process.
"America: Where it's OK to ban TikTok, books, and abortions, but not OK to ban assault weapons, bombs for genocides, or student debt," said Warren Gunnels, Democratic staff director for the Senate Health, Education, Labor, and Pensions Committee under the chairmanship of Sen. Bernie Sanders (I-Vt.), who voted against the TikTok legislation.
Just hours ahead of a cease-fire taking effect in Gaza, Turner, who co-chaired Sanders' 2020 presidential campaign, also emphasized that "they really banned TikTok before they banned sending weapons to Israel during a genocide."
"If Congress actually gave a damn about our data privacy," she added, "they would've passed a sweeping data privacy bill, not a bill targeting TikTok."
In a Sunday email to supporters, Rep. Alexandria Ocasio-Cortez (D-N.Y.)—who also voted against the law—agreed, stressing that "the answer is not just playing endless whack-a-mole with apps."
"We should have real privacy legislation in the United States," she said. "We should help people have greater agency over their personal information so that they're not being spied on all the time, whether it's a domestic company or a foreign company."
"To which, of course, Big Tech and their lobbies are going to fight against," she warned. "So they just target an
app instead of targeting the problem."