Trump Treasury Secretary Says Big Beautiful Bill Includes ‘A Backdoor For Privatizing Social Security’

Scott Bessent, President Donald Trump’s Treasury Secretary, said at a Breitbart event Wednesday that the “Trump Accounts” created by the “Big Beautiful Bill” are a “backdoor to privatizing social security.”

“Trump Accounts,” included in the president’s massive tax and spending package, 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. Parents and others will be able to contribute up to $5,000 per year until the child turns 18.

“We want you to understand it,” said Bessent, 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.”

Critics have warned that after the beneficiary of the account turns 18, it will then adhere to IRA rules, meaning savers will need to pay a tax penalty on withdrawals before age 59.5.

Bessent went on to talk about seeing “young African American men” at the Circle K in Charleston playing the lottery, and wondering what would happen if they had invested that money in the “S&P or Bitcoin” instead.

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 below.