Bessent Says Trump Accounts are “Backdoor” to Social Security Privatization

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July 30, 2025

Bessent Says Trump Accounts are “Backdoor” to Social Security Privatization

The following statement was issued by Richard Fiesta, Executive Director of the Alliance for Retired Americans, regarding Treasury Secretary Scott Bessent’s comments on Social Security:

“Today, Treasury Secretary Scott Bessent let the cat out of the bag: this Administration is coming for Social Security.

Speaking at a Breitbart News event, Bessent described the so-called ‘Trump Accounts’ for children as ‘a backdoor to privatizing Social Security.’

We’re not surprised — but we are alarmed because this Administration has already taken multiple steps to weaken and dismantle Social Security:

They’ve gutted the Social Security Administration, making it harder for seniors and people with disabilities to file claims or even get basic information about their earned benefits.
President Trump and Elon Musk repeatedly spread false claims about fraud in the program, undermining public confidence and leading record numbers of Americans to claim benefits early.
The “One Big Ugly Bill” gave away massive tax breaks to the wealthy and corporations — shrinking the Social Security Trust Fund’s solvency by a full year, from 2033 to 2032.

Social Security isn’t a handout. Americans work a lifetime to earn our modest benefits. We will not let this or any Administration cut or privatize Social Security without a fight.”

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Contact: Lisa Cutler, 202/674-2052 or lcutler@retiredamericans.org