Bessent says new Trump child savings accounts are ‘back door for privatizing Social Security’
July 30, 2025
Treasury Secretary Scott Bessent said that the Trump administration was committted to protecting Social Security hours after he described a children’s savings program in President Trump’s recent tax package as a “back door for privatizing Social Security.” Democrats seized on Bessent’s privatization comment, suggesting the GOP aims to revive efforts to privatize the retirement program that is used by millions of Americans. The new program, called Trump Accounts, allows for savings accounts for babies born in the U.S. with a potential $1,000 deposit. These accounts can grow over time. Bessent’s remarks have reignited debate over a politically sensitive issue that Republicans have largely avoided for years.
