Bessent linked new Trump calculations to the privatization of social security

• Bessent stated that the new calculations could serve as a pathway to the privatization of social security.
• Republicans created calculations for newborns, which are related to state contributions.
• Democrats emphasize the threat of reduced social benefits for Americans.

Washington — Secretary of State Scott Bessent believes that the new calculations, created under Trump's law, could serve as a "backdoor" to the privatization of social security. This comment was made during a speech at a forum organized by Breitbart News.

Under the new law, referred to as the "big beautiful law," calculations were established for children that could be opened for newborns in the USA. The government contributes $1,000 to these accounts, and parents can add up to $5,000 annually. The funds can be used for education, purchasing a home, or starting a business.

Bessent asserts that these accounts could also help Americans understand investments and savings for retirement. He noted that if these accounts accumulate significant sums, it could change the rules of the game for social security.

Bessent's comments elicited negative reactions from Democrats, who have long accused Republicans of wanting to privatize social security. Tim Hagan, a representative of the National Democratic Committee, stated that the Trump administration aims to reduce social benefits for Americans.

Republicans in recent years have avoided discussing the privatization of social security due to negative public reaction. This issue has become politically sensitive after attempts to privatize it during the administration of George W. Bush.

Tags: USA/Politics/Well-being