Speaking at an event hosted by a conservative news site, Treasury Secretary Scott Bessent said the newborn savings accounts that are part of the Big Beautiful Bill are a “back door for privatizing Social Security.”
The program is one of more popular components of the legislation, which Trump signed into law July 4, and borrows from proposals made for years by Democrats.
As reported by the Washington Post, “Bessent said the accounts will improve economic outcomes for babies and children and said the Treasury Department will use them to increase financial literacy among young people.”
Numerous elected officials and organizations issued statements in response. The following was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans:
“Today, Treasury Secretary Scott Bessent let the cat out of the bag: this Administration is coming for Social Security.
Speaking at a Breitbart News event, Bessent described the so-called ‘Trump Accounts’ for children as ‘a backdoor to privatizing Social Security.’
We’re not surprised — but we are alarmed because this Administration has already taken multiple steps to weaken and dismantle Social Security:
- They’ve gutted the Social Security Administration, making it harder for seniors and people with disabilities to file claims or even get basic information about their earned benefits.
- President Trump and Elon Musk repeatedly spread false claims about fraud in the program, undermining public confidence and leading record numbers of Americans to claim benefits early.
- The “One Big Ugly Bill” gave away massive tax breaks to the wealthy and corporations — shrinking the Social Security Trust Fund’s solvency by a full year, from 2033 to 2032.
Social Security isn’t a handout. Americans work a lifetime to earn our modest benefits. We will not let this or any Administration cut or privatize Social Security without a fight.”
--30--
Comments
