Michelle L. Price and Lisa Mascaro
WASHINGTON (AP) — The children’s savings program included in President Donald Trump’s Tax Violation and Expense Reduction Act is “a back door to privatizing Social Security,” the Treasury Department Scott Bescent said Wednesday.
Beast’s remarks he made at a forum hosted by Breitbart News were impressive after Trump repeated promises not to cut Social Security. Democrats quickly seized comments as a sign that GOP wanted a revival to privatize dormant but unpopular retirement programs.
“Donald Trump’s Treasury Secretary Scott Bescent said he just yelled out the quiet part. The administration plans to privatize Social Security,” Democratic National Committee spokesman Tim Hogan said in a statement.
The White House did not immediately respond to messages about Bessent’s remarks.
GOP’s “Big, Beautiful Bill” created a new child savings program, Trump Account, to be called the law.
Accounts can grow over time, and in college savings plans and other account ways, accumulated funds may ultimately be tapped in adulthood.
However, Wednesday Bessent allowed another option for the account.
“In a way, it’s a back door to privatizing Social Security,” Bescent said while talking about the program.
Bessent’s comments were impressive for the casual revival of the polarization issue.
Since the George W. Bush administration considered a proposal to privatize Social Security more than 20 years ago, Republicans have been publicly escaping politically popular and quickly abandoned issues.
Democrats at the time used the GOP plan to privatize Social Security in the preparations for the 2006 midterm elections, gaining control of both the House and Senate in Congress.
Democrats warned Wednesday that Republicans were once again trying to dismantle their long-term retirement program.
“It wasn’t enough to just have millions of people kicked out of health care and take food from hungry children. Trump is now coming after his seniors in America to steal the profits they’ve earned in the ‘backdoor’ scam,” DNC’s Hogan said in a statement.
Original issue: July 30th, 2025, 3:25pm EDT
