US EditionBessent Says Child Savings Accounts in Trump Law Are 'a Back Door for Privatizing Social Security'
UNITED STATES, JUL 30 – Treasury Secretary Scott Bessent described "Trump Accounts," a new savings program for children, as a potential backdoor to privatizing Social Security, sparking bipartisan debate and criticism.
- On Wednesday, Treasury Secretary Scott Bessent described a children's savings initiative included in President Trump's tax and spending legislation as a covert method for privatizing Social Security.
- The program, called Trump Accounts, was created under a GOP domestic policy law to offer tax-deferred savings accounts seeded with $1,000 for U.S. children born between 2025 and 2028.
- Democrats, including DNC spokesperson Tim Hogan and Rep. Richard Neal, cautioned that Republicans appear to be renewing efforts to undermine the longstanding Social Security program through this new initiative.
- Bessent explained that the program effectively turns all individuals into shareholders, indicating it could advantage Wall Street while challenging the conventional Social Security system.
- The remarks reignited debates over privatizing Social Security, a politically unpopular plan Republicans distanced themselves from for decades but seem poised to revive.
78 Articles
78 Articles
Bessent Says Trump Accounts for Kids Are Backdoor ‘For Privatizing Social Security’
Treasury Secretary Scott Bessent said in an interview on July 30 that the Trump Accounts, which are aimed at helping parents save for their children’s future, are “a back door for privatizing Social Security,” before later clarifying that the administration remains committed to protecting Social Security. Trump Accounts are tax-advantaged investment vehicles created as part of President Donald Trump’s One Big Beautiful Bill Act. Under the bill, …
Bessent Says Trump Accounts for Kids Are Backdoor ‘For Privatizing Social Security’ - The Thinking Conservative
Treasury Sec Scott Bessent said Trump Accounts are “a back door for privatizing Social Security,” but the admin is committed to protecting Social Security. The post Bessent Says Trump Accounts for Kids Are Backdoor ‘For Privatizing Social Security’ appeared first on The Thinking Conservative.
The Times of Northwest Indiana
The Grand Island IndependentBessent touts making Social Security private
WASHINGTON — Treasury Secretary Scott Bessent said Wednesday that the children's savings program included in President Donald Trump's tax break-and-spending cut law "is a back door for privatizing Social Security," reigniting an issue that dogged Republicans for years.
Bessent says Trump accounts could pave way to privatizing Social Security - Hawaii Tribune-Herald
WASHINGTON — Treasury Secretary Scott Bessent said Wednesday that the so-called Trump accounts Republicans created for children in their tax and spending bill are a “backdoor for privatizing Social Security.”
‘A Back Door for Privatizing Social Security’
Treasury Secretary Scott Bessent said the newborn savings accounts created as part of President Trump’s massive new tax and immigration law are a “back door for privatizing Social Security,” the Washington Post reports.
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