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Democrats blast Bessent over Trump baby accounts ‘backdoor for privatizing Social Security’ remarks
UNITED STATES, JUL 31 – Treasury Secretary Bessent described new government accounts for newborns as a potential path to privatize Social Security, drawing criticism from Democrats and interest groups including AARP.
- On July 30, 2025, Treasury Secretary Scott Bessent appeared at a White House event in Washington where President Trump promoted a medical records proposal.
- Bessent previously suggested that Trump’s newborn investment accounts could serve as a “back door” to privatizing Social Security, prompting sharp criticism.
- The accounts deposit $1,000 into low-cost, tax-deferred index fund accounts for babies born between 2025 and 2028, with optional yearly contributions up to $5,000.
- Bessent called Baby Accounts an additive benefit supplementing Social Security and said company matching contributions would be a “great thing.”
- Democrats and AARP condemned Bessent’s remarks as confirming privatization fears, while the administration reiterated its commitment to protect Social Security for seniors.
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Bessent tries to clarify comments suggesting Social Security could be privatized
Al Drago/Getty Images (WASHINGTON) — Treasury Secretary Scott Bessent is trying to walk back his suggestion that the so-called Trump savings accounts for newborns could be a “back door” to start privatizing Social Security. Bessent made the comments in an interview with Breitbart while he was speaking at length about the importance of financial literacy. “But in a way, it is a back door for privatizing Social Security,” Bessent said. In a social…
Coverage Details
Total News Sources27
Leaning Left7Leaning Right3Center4Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 29%
R 21%
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