Newsweek - Treasury Secretary Scott Bessent has said new investment savings accounts for young Americans could help privatize Social Security.
Speaking at an event hosted by right-wing news outlet Breitbart on Wednesday, Bessent described the president's new "Trump accounts"—which offer a one-time $1,000 government contribution paid into a special account—as a "backdoor for privatizing Social Security."
Social Security—often referred to as the "third rail" of American politics due to its fundamental importance—is a federally administered social insurance system that pays out benefits, mostly for retired and disabled Americans.
The comments have sparked fierce reaction from Social Security advocacy groups and Democratic lawmakers.
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