Treasury Secretary Scott Bessent said Wednesday the accounts created by President Donald Trump's "One Big, Beautiful Act," are a "backdoor for privatizing Social Security."
Speaking at a policy event organized by Breitbart News in Washington Wednesday, Bessent said, "If you get a pet, you understand everything about your pet. So if you have accounts, [you'd understand] why are you investing that way. Understand the power of compound interest."
"Social Security is a defined benefit plan paid out to the extent that ... if all of a sudden these accounts grow, and you have hundreds of thousands of dollars for your retirement, then that's a game changer too," Bessent added.
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The secretary's remarks led to criticism on social media, including from Democratic lawmakers.
Sen. Jeanne Shaheen (D-N.H.) wrote on the social platform X: "@SecScottBessent is saying the quiet part out loud by admitting that the Trump admin is seeking a "backdoor for privatizing Social Security." They're already ripping health care away from millions on Medicaid and now they've made it clear that your social security is next."
Rep. Nydia Velazquez (D-N.Y.) said in a post on X: "First, they gutted Medicaid. Now they’re coming for Social Security, and they’re not even trying to hide it. We won’t let them rip away a benefit that millions of Americans have worked their whole lives to earn."
Democratic strategist Tim Hogan wrote: "Have never seen a more textbook saying the quiet part out loud? BESSENT: 'In a way, it is a backdoor for privatizing Social Security.'"
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Economic analyst Michael Linden wrote: "They just cut Medicaid (while lying about it) despite massive public opposition. They think they can apply the same tactics to Social Security next."
Tax analyst Brendan Duke wrote: "I assumed this was a paraphrase but Secretary Bessent literally says 'In a way, it is a backdoor for privatizing Social Security. Social Security is a defined benefit plan paid out...'"
The X account "Social Security Works" wrote: "BREAKING: Trump's Treasury Secretary admits the Big Ugly Bill is a "backdoor to privatizing Social Security". The means handing your hard earned benefits over to Wall Street!"
Watch the video of Bessent's comments below, or by clicking this link.
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