Trump Treasury Secretary Works to Walk Back ‘Privatizing Social Security’ Comment: ‘A Complement, Not A Substitute’

President Donald Trump’s Treasury Secretary, Scott Bessent, appeared on CNBC’s Squawk Box Thursday and attempted to clear up comments he made at Wednesday’s Breitbart panel about the “Big Beautiful Bill’s” potential to “privatize social security.”

“It was ridiculous,” Bessent told co-host Joe Kernen of the criticism he received. “The Democrats hate [the Trump Accounts] because it brings capitalism and markets to every American, not just their constituents at the upper end.”

“It is a complement, not a substitute,” Bessent said of the “Trump Accounts,” which consist of a one-time deposit of $1,000 from the federal government for all children born in the U.S. from 2025 to 2028. Funding for the program was included in July’s massive tax and spending package.

“Social security will continue as it is. It is intact. Everyone will check their check every month,” he continued.

“I believe that the reason you guys have the mess in New York — Caracas on the Hudson — is because people have given up on a market-based system. The Trump administration is going to make every newborn a shareholder. They will have a stake in the system,” Bessent told Kernen.

He ended by saying that Democratic senators who criticize him “are the ones who take the most advantage” in terms of insider trading. “If [Senator Ron Wyden (D-OR)] were a private citizen, the SEC would be knocking on his door.”

“We want you to understand it,” said Bessent on Wednesday, referencing the accounts. “I’m not sure when the distribution date should be, whether it’s 30 and you can buy a house, should it be 60… but in a way, it is a backdoor for privatizing social security.”

A spokesperson from the Treasury Department released an additional statement on Bessent’s comments, saying, “Trump Accounts are an additive government program that work in conjunction with Social Security to broaden and increase the savings and wealth of Americans. Social Security is a critical safety net for Americans and always will be. This Administration has not just fought tirelessly for seniors, but is also fighting for the next generation. Under President Trump’s leadership, more Americans will reap the benefits of our booming economy than ever before.”

Watch the clip above.

New: The Mediaite One-Sheet "Newsletter of Newsletters"
Your daily summary and analysis of what the many, many media newsletters are saying and reporting. Subscribe now!