"Privatizing Social Security will take dollars out of young folks' pockets"

This quote by Max Baucus is referring to the idea of privatizing Social Security, which is a government-run program that provides retirement benefits to people. By privatizing Social Security, the federal government would no longer be accountable for supplying these advantages, and instead, people would be accountable for investing their own money into personal accounts. This would mean that young people would need to utilize their own cash to fund their retirement, rather than relying on the federal government to supply them with benefits. This would take money out of their pockets, as they would have to use their own funds to purchase their retirement. Ultimately, this quote is cautioning young people that privatizing Social Security might have a negative effect on their monetary future.