Democrats Assail Bessent on ‘Privatizing’ Social Security Remark

Treasury Secretary Scott Bessent is coming under fire for remarks about so-called “Trump accounts” being a “backdoor for privatizing Social Security,” with Democrats characterizing his comments as representing a secret plan to gut the program.

“In a way, it is a backdoor for privatizing Social Security,” Bessent said of the tax-advantaged investment accounts created by President Donald Trump’s signature domestic policy initiative, the One Big Beautiful Bill Act, which was signed into law on July 4.