Trump Official Floats Privatizing Social Security
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Treasury Secretary Scott Bessent suggested Wednesday that a newly created children's savings program may serve as a pathway to privatizing Social Security. Speaking at a forum hosted by conservative outlet Breitbart, Bessent said the program, established under the former president's sweeping tax cuts and spending law, could act "in a way, [as] a backdoor for privatizing Social Security."
The initiative, dubbed "Trump Accounts," allows for the creation of savings accounts for newborns in the U.S., each potentially seeded with a $1,000 contribution from the U.S. Treasury. While supporters frame the program as a bold new tool to promote long-term financial security, critics see a broader agenda.
Democrats swiftly condemned the remarks. "Trump is now coming after American seniors with a 'backdoor' scam to take away the benefits they earned," said DNC spokesperson Tim Hogan. The comments have reignited Democratic warnings that Republican plans could undermine the traditional Social Security system.
This article includes reporting by the Associated Press.
This is a breaking news story. Updates to follow.
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