Finance Minister Scott Bessent said on Wednesday that the Trump government had committed itself to the protection of social security for hours after he said in an interview that a new one had said Children’s savings program President Donald Trump signs in the law “is a back door for the privatization of social security.”
Bessent said on Wednesday evening that the accounts created under Trumps Tax Advaction Act “Will complement the holiness of the guaranteed payments of social security.”
“This is not either or a question: Our administration is obliged to protect social security and ensure that seniors have more money” X.
Beselted comments on the privatization of social security, What he did in a forum Organized by Breitbart News, were after the repeated promises of Trump on the campaign path and in office that he would not touch social security. It also sparked a problem that the Republicans have followed for years.
The White House did not respond to a request for comments.
Democrats quickly confiscated the comment as a sign that the GOP would like to revive a resting but unpopular advance of privatizing the long -term pension program.
“A breathtaking admission,” said the democratic chairman of the Senate, Chuck Schumer, in a speech by the Senate. “Besser has actually slipped, said the truth: Donald Trump and government want to privatize social security.”
The idea of privatization of social security has already been collected by Republicans, but was quickly abandoned. Millions of Americans rely on the certainty of the federal program in which they pay in the system in their working years and then receive monthly checks at their older age.
Privatization proposals would shift responsibility for the age saving system from the government and the Americans themselves. People would have to manage their own means through personal savings accounts, which may be sufficient or not to live with age.
According to the “big, beautiful law” of the GOP, the Republicans, like the law, started a new children’s savings program, Trump Accounts, which can be created for babies who were born in the USA and can be delivered from the finance ministry with a potential down payment of 1,000 US dollars.
Similar to an individual pension account, the Trump accounts can grow over time with a contribution after taxes of $ 5,000 per year and is expected to be treated similar to the rules for an IRA and can ultimately be mapped for the distribution in adulthood.
But Besser allowed another reason for the accounts on Wednesday, which indicates that they could finally be the way Americans save on retirement.
“In a way, it is a back door for the privatization of social security,” said Bessent while talking about the program.
The financial department later made an explanation in which Trump accounts were an additive government program that works in connection with social security to expand and increase the savings and wealth of the Americans. Social security is a critical security network for Americans and will always be. ”
Since the government of George W. Bush took into account proposals to privatize social security more than 20 years ago, the Republicans have publicly held out of talking about the topic that proved to be politically unpopular and was quickly abandoned.
In the run-up to the 2006 Midterms, the Democrats used GOP plans to privatize social security, and warned that the program that would be relying on millions of Americans in old age. They won control over the house and the Senate in the congress.
On Wednesday, the Democrats warned that Bessent’s comments showed that the Republicans want to move the government led to a private program, and try again to dismantle the pension program on which millions of Americans depend.
“The finance minister of Donald Trump, Scott Bessent, said that the quiet part is going out loud: The government is pursuing the privatization of social security,” said Tim Hogan, spokesman for the Democratic National Committee.
“It wasn’t enough to step out of people from their health care and remove hungry children. Trump is now coming to American seniors with a” back door “fraud to take the advantages they deserve,” said Hogan.
The social security program has been faced with poor financial projections for decades, but changes have long been politically unpopular.
The trust funds of the social security, which cover the recipients of age and disability, cannot pay the full benefits from 2034, according to the latest report by the trustee of the program.
These officials have stated that these results underline the urgency and make changes to programs.
Trump, who was prepared for the popularity of social security, repeatedly said that he would protect it.
During his 2024 presidential campaign, Trump repeated that he “would always protect social security” and said, his democratic opponents, President Joe Biden and Vice President Kamala Harris, would destroy the program.
During the area code in 2024, he accused other Republicans who expressed support for the increase in age for the social security of the program.
Trump said in an interview with NBC’s “Meet the Press” in December after winning the presidential elections that “we do not touch social security except that we could make it more efficient”.
His white house said this year that Trump “will always protect social security”.
Frank Bissignano, a veteran of Wall Street, at his hearing in March, whether social security should be privatized, was asked when he was confirmed. He said he had “never heard a word of it” and “never thought about it”.
