Here’s a Better Plan for Retirement Than Social Security

Treasury Secretary Scott Bessent raised some eyebrows on Wednesday when he referred to the new kids’ retirement accounts in President Donald Trump’s One Big Beautiful Bill Act as “a backdoor for privatizing Social Security.” He later backtracked, writing on X that the accounts “supplement the sanctity of Social Security’s guaranteed payments” and that the administration “is committed to protecting Social Security and to making sure seniors have more money.”

Bessent was more right the first time, only I would suggest tackling Social Security head on. If done right, private retirement accounts for kids could provide a far more dignified retirement than what Social Security can offer. But to get there, Trump’s new accounts require some tweaks.