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The Dictatorship

Scott Bessent just got a little too honest about the GOP’s plan for Social Security

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Scott Bessent just got a little too honest about the GOP’s plan for Social Security

I’ll say this for Republicans: they play the long game.

The latest evidence for this comes from the mouth of Treasury Secretary Scott Bessent. Speaking at an event Wednesday, Bessent told the audience that so-called Trump Accounts — that is, the $1,000 the “big beautiful bill” put in an investment account for every child born between 2025 and 2028 — would serve as “a backdoor for privatizing Social Security.”

The pushback was so fierce that Bessent backpeddled immediatelyboth on cable news and social media. The Trump Accounts, he told CNBCwould be a “supplement to Social Security, not a substitute.”

But Bessent was far from unclear in his original remarks. “Social Security is a defined benefit plan paid out,” he told the audience at Breitbart. “To the extent that if all of a sudden these accounts grow, and you have in the hundreds of thousands of dollars for your retirement, then that’s a game changer.”

Bessent’s insistence that he didn’t say what he said calls to mind Michael Kinsley’s classic description of the Washington gaffe — “a gaffe is when a politician tells the truth — some obvious truth he isn’t supposed to say.”

Let’s be clear: Social Security is not going belly up.

Many Republican politicians have pushed back against Social Security for almost the entirety of its 90-year existence. They can’t seem to stop themselves, despite its enduring popularity. And make no mistake, privatization is just another attack on the program.

Because it polls so well, Republicans need to claim their changes — which would weaken the program — are actually a good thing. Usually, they claim that Social Security is going bankrupt, or that it’s a Ponzi schemeas Elon Musk recently did on Joe Rogan’s podcast. Fearmongering primes people for cutbacks. As Ronald Reagan’s budget director, David Stockman, said more than 40 years ago, if people believe the program is in imminent danger, politicians can “look like they are doing something for the beneficiary population when they’re doing something to it.”

Before we go further, let’s be clear: Social Security is not going belly up. True, the program’s finances need shoring up. But that easily could be covered by raising the payroll tax cap, currently set at $176,100, and taxing capital gains, dividends and interest income, as Democrats like Sens. Bernie Sanders and Elizabeth Warren are forever pointing out.

Privatization, on the other hand, is a sneak attack. It has the appeal of not sounding like a cutback — instead, advocates say, your money will do better than if you just left it in that lousy Social Security system!

But Americans are quite aware privatization isn’t as good as it sounds. First, those promised stock market returns are hardly a guarantee. Second, taking money out of the government Social Security system weakens the overall system. It leaves fewer dedicated funds to pay current and future retirees their guaranteed benefits — benefits they contributed toward over the course of their entire working career.

Just about the only place privatization is popular is Wall Street.

After George W. Bush won a second term in the 2004 presidential election, he made a major push to allow younger workers to divert a portion of their mandatory Social Security contributions into private investment accounts. The plan proved so unpopular that it was quickly shelved, and likely contributed to the Democrats retaking Congress in the 2006 elections.

Just about the only place privatization is popular is Wall Street, which would love to get their hands on even more of America’s retirement savings. Privatization would fit neatly with the Trump administration’s other efforts to make Wall Street happy, including opening up individual 401(k)s, and the billions of dollars saved and invested within, to private equity and other risky and inappropriate investments.

Privatization’s unpopularity hasn’t discouraged proponents. Just last year, Sen. Mike Lee claimed Franklin Roosevelt sold the American public on “a bill of goods” when he enacted Social Security during the Great Depression, and called for privatizing it. “Do the math: with Social Security, you’re looking at a return that’s pathetic compared to market averages. It’s not even an investment; it’s a tax,” he wrote. “We need real genuine reform … Americans should be able to invest in their own future.”

Finally, Bessent’s remarks need to be considered in the context of the actions of the second Trump administration. After he returned to the Oval Office, Trump falsely told Congress that Social Security goes to “millions of dead people.” Among his administration’s first actions was a DOGE-led attack on the Social Security Administrationwith disastrous consequences for service. As critics warned that a system outage would be catastrophic, billionaire Commerce Secretary Howard Lutnick claimed only a “fraudster” would complain if their Social Security check didn’t arrive as scheduled. And the Republican budget bill piled on, doling out so many tax cuts that the Social Security Trust Fund is on track to run out of money in 2034a full year earlier than prior projections.

In his 2000 book, The America We Deserve, Trump endorsed privatizing Social Security and cutting benefits. Since his first campaign for president, though, Trump has claimed he will protect Social Security. The latter pledge, like most Trump promises, is a mirage, and Bessent’s comments are just the latest proof of that.

Helaine I am

Helaine Olen is a managing editor at the American Economic Liberties Project. She is the author of “Pound Foolish: Exposing the Dark Side of the Personal Finance Industry” and a co-author of “The Index Card: Why Personal Finance Doesn’t Have to Be Complicated.” She has been a columnist for The Washington Post and Slate, and her work has also appeared in numerous other publications, including The New York Times and The Atlantic.

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The Dictatorship

US sanctions China-based oil refinery and 40 shippers over Iranian oil

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US sanctions China-based oil refinery and 40 shippers over Iranian oil

WASHINGTON (AP) — President Donald Trump’s administration is placing economic sanctions on a major China-based oil refinery and roughly 40 shipping companies and tankers involved in transporting Iranian oil.

The move, announced Friday and first reported by The Associated Press, makes good on Trump’s threat to impose secondary sanctions on companies and countries that do business with Iran. It’s also part of his Republican administration’s overall ramped-up campaign to cut off Iran’s key source of revenue — its oil exports.

Concurrently, the U.S. this month imposed a physical blockade on the Strait of Hormuzthe Persian Gulf waterway that is crucial to global energy supplies.

The sanctions, which cut off the companies from the U.S. financial system and penalize anyone who does business with them, come just a few weeks before President Donald Trump and China’s Xi Jinping are due to meet in China.

Included in Friday’s sanctions is Hengli Petrochemical’s facility in the port city of Dalian, which has a processing capacity of roughly 400,000 barrels of crude oil per day, making it one of the biggest independent refineries in China.

The Treasury Department says Hengli has received Iranian crude oil shipments since 2023 and has generated hundreds of millions of dollars in revenue for the Iranian military.

The advocacy group United Against Nuclear Iran said in February 2025 that Hengli is one of dozens of Chinese purchasers of Iranian oil.

China is the biggest buyer of Iranian oil, importing 80% to 90% of Iranian oil before the U.S.-Israeli war with Iran broke out, though the crude — transported by a shadow fleet of vessels — often has its origin obscured but arrives in China as oil from countries such as Malaysia. Smaller refineries, known as teapot refineries, typically are the buyers of Iranian oil.

Iran has previously said that its demands for ending the war include the lifting of sanctions.

Treasury Secretary Scott Bessent said Friday that his agency “will continue to constrict the network of vessels, intermediaries and buyers Iran relies on to move its oil to global markets.”

Earlier this month, Bessent’s department sent a letter to financial institutions in China, Hong Kong, the UAE and Oman threatening to levy secondary sanctions for doing business with Iran and accusing those countries of allowing Iranian illicit activities to flow through their financial institutions.

Bessent said during a White House press briefing on April 15 that the administration has told countries “that if you are buying Iranian oil, that if Iranian money is sitting in your banks, we are now willing to apply secondary sanctions, which is a very stern measure.”

The sanctions come as the global energy trade is in turmoil as war around the Persian Gulf chokes off oil and natural gas shipments, causing prices to soar.

Treasury has tried to quell the impact of rising oil prices issuing temporary sanctions waivers on Russia oil and a one-time waiver on Iranian oil already at sea.

The AP was making efforts to contact Chinese officials for comment on the sanctions.

China has disagreed with previous U.S. sanctions, but its major companies and banks still comply with U.S. sanctions because they are more exposed to the U.S.-dominated financial system.

After the U.S. earlier this month sanctioned a Chinese refinery accused of buying Iranian oil, Liu Pengyu, a spokesperson for China’s embassy in Washington, said the use of the sanctions “undermines international trade order and rules, disrupts normal economic and trade exchanges, and infringes upon the legitimate rights and interests of Chinese companies and individuals.”

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DNC Chair says releasing full 2024 election autopsy would cause ‘navel-gazing’

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Democratic National Committee Chair Ken Martin on Saturday defended his decision not to release a full autopsy of the party’s 2024 election losssaying it would “allow people to point fingers, place blame” instead of focusing on this year’s midterm elections.

Speaking to MS NOW’s “The Weekend,” Martin argued that “re-litigating” the 2024 presidential election would distract Democrats from their goal of winning the midterms in November and the 2028 presidential race.

He said Democrats are planning for what they expect to be an “unprecedented assault on our elections” from President Donald Trump, who has already signaled his intention to have federal officials “take over” the elections.

The party’s focus, Martin said, should be on protecting free and fair elections and defeating Republicans and Trump, rather than “engaging in a back and forth” over where it went wrong in 2024.

After then-Vice President Kamala Harris lost to Trump, the DNC ordered a review of where the party fell short. But 10 months later, Martin said the committee would not release the full 2024 autopsya decision that has prompted still-grieving Democrats — including potential 2028 candidates — to prescribe their own solutions to winning over voters.

Martin has repeatedly said that releasing the full report would distract Democrats from taking on Trump. But a growing number of DNC members, Democratic leaders and elected officials are urging him make those findings public, NBC News reported last week.

Martin said Saturday that he wants to keep the party’s focus on “the top lines” and that a 200-page report “allows people to sort of engage in navel-gazing.” He said it would not be helpful for people to harp on “what ifs” over the last election when “none of us have a time machine.”

“I’m not here to protect anyone, right? What I’m here to do is win elections,” he said, adding, “What we’re focusing on right now is the future, not the past.”

Clarissa-Jan Lim is a breaking news reporter for MS NOW. She was previously a senior reporter and editor at BuzzFeed News.

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Trump is preparing White House Correspondents’ Dinner jokes — while the real comedians stay home

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Breaking with decades of tradition, the White House Correspondents’ Association will not feature a comedian at its annual gala this Saturday night. Instead, “the world’s most celebrated mentalist,” Oz Pearlmanwill entertain the throngs of journos, politicos, corporate overlords and Beltway influencers at the Washington, D.C. Hilton.

Among those luminaries will be President Donald J. Trump who, in his capacity as president, has previously boycotted the event. This time around he’ll deliver an address. The president seems to be feeling confident about his performance, as evidenced by this social media post:

In honor of our Nation’s 250th Birthday, and the fact that these ‘Correspondents’ now admit that I am truly one of the Greatest Presidents in the History of our Country, the G.O.A.T., according to many, it will be my Honor to accept their invitation, and work to make it the GREATEST, HOTTEST, and MOST SPECTACULAR DINNER, OF ANY KIND, EVER!

According to his daughter-in-law Lara Trump, he’s even been working with joke writers to prepare for the occasion.

Last year the WHCA disinvited Amber Ruffin. Many felt the association was caving to pressure from MAGA world.

All of which raises three interrelated questions. First, as the New York Times wonderedwhat could possibly go wrong? Second, will Trump dump on the countless media figures in attendance whom he has already disparaged, threatened, and even sued? And third, why is it that Trump can crack jokes about everything from the pope to unloading sludge on No Kings protestors, but won’t stand for a little comedic ribbing himself?

As for the mentalist, maybe he’ll ask the WHCA’s members to think of a number — like the number of cowardly decisions they’ve made in Trump’s second term. The non-profit, which describes its mission as helping “to facilitate robust coverage of the presidency,” has already sacked a comedian; last year the WHCA disinvited Amber Ruffin. Many felt the association was caving to pressure from MAGA world.

Ruffin certainly thought so. In 2025, she claimed that her dismissal was due to  “talking s—” about Trump. “I think it’s a good thing that I lost the gig,” she added, “because I was going to show up there and act all the way out.”

The same strategy of appeasement appears to be in play this year, which would account for the unusual choice  of a mentalist as host. The press organization, presumably under pressure from the same White House it’s supposed to cover, has thus gone beyond merely cancelling a comedian — no, this feels like a move to cancel comedy itself at its signature event.

There are a number of important things that happen during the event, including bestowing awards and scholarships to members of the media. And I don’t mean to blow my nose in the First-Amendment-inscribed pocket handkerchiefs that some attendees plan to wear to protest the administration’s anti-free speech policies, but I will say this: If you remove comedy from the WHCA Dinner, that leaves the high-profile entertainment up to a lot of HR-non-compliant afterparties and a mushroom cloud of Trump’s Victory 45-47 cologne.

My point is that the country needs Ruffin’s “acting all the way out.” America needs comedians to poke the powerful right in their grimacing faces. A liberal democracy that permits that sort of subversion makes itself stronger.

Since 1983, the WHCA dinner has deputized assorted clowns to preside over this quirky but vital ritual (only in 1999, 2003 and 2019 did an entertainer other than a comedian perform at the event).

Most WHCA comic headliners have executed their patriotic duties with verve and venom. Liberal or left-leaning stand-ups have lit up Republicans. Stephen Colbert in 2006 reminded America that George W. Bush “stands for things,” but also, “on things like aircraft carriers and rubble, and recently flooded city squares.” In 2017, Hasan Minhaj joked he did “not see” (which he pronounced as “Nazi”) Steve Bannon. A year later, Michelle Wolf referred to an absent Trump as “the one p—- you’re not allowed to grab.”

Since 1983, the WHCA dinner has deputized assorted clowns to preside over this quirky but vital ritual.

But liberal or left-leaning comedians are comedians first. As such, they’ve rarely missed an opportunity to dunk on Democrats as well. In 2013, Conan O’Brien taunted Barack Obama that he only won the presidency because Mitt Romney was his opponent. In 2016, Larry Wilmore made everyone in the room extremely uncomfortable by directing a racial slur at the nation’s first Black commander in chief. Roy Wood Jr. in 2023 reflected upon how odd it was that 80-year-old Joe Biden was begging for four more years of work.

I can think of one way to rebut the charge that WHCA is canceling comedy: Invite a humorist with RedState street cred to entertain at next year’s “nerd prom.” The right-wing comedy sector is booming. Many conservatives are devoted fans of stand-up and they have no shortage of skilled humorists to follow. Instead of a manosphere-adjacent mentalist like Pearlman, the WHCA should have platformed a manosphere-adjacent stand-up like Shane Gillis, Tony HinchcliffeAdam Carolla or countless other seasoned acts that could have easily played the gig.

All of these more conservative comedians, I surmise, are also comedians first. Had the WHCA invited them, Trump and his crew would have invariably been rinsed and roasted, patriotically. No one would have claimed that “liberal bias” motivated the barbs — have you ever listened to Hinchcliffe? Had WHCA simply done that, a weird and sloppy democratic tradition would have persevered. Life would go on, as it always does.

So would Trump’s wars, deportations, voter suppression schemes, corruption, lies and so forth. But the jokes would linger like funny prayers to ironic gods, permitting us to at least collectively recognize how absurd our predicament has become.

Jacques Berlinerblau is a professor of Jewish civilization at Georgetown University.

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