House Republicans have been notably silent following Treasury Secretary Scott Bessent’s recent admission regarding the One Big Beautiful Bill Act. The Secretary suggested that the proposal to set up brokerage accounts for newborns might serve as a covert step towards the privatization of Social Security.
The statement was made by Bessent during a Breitbart News event on July 30, where he referred to these accounts as “Trump accounts.” He stated, “In a way, it’s a backdoor for privatizing Social Security.”
Social Security, a program highly regarded for its crucial role in preventing poverty among 16.3 million Americans aged 65 and above, remains a sensitive topic in U.S. politics. Its popularity is well-documented, making any changes to it a contentious issue. Read more about its importance here.
Efforts to contact 31 out of the 35 most vulnerable House Republicans, as identified for the 2026 elections, were met with silence, as none responded to inquiries regarding their stance on Bessent’s remarks.
Bessent attempted to clarify his statement later, but it highlights a long-standing Republican interest in altering Social Security since its establishment nearly 90 years ago. In 1935, Rep. John Taber (R-NY) criticized the program, claiming it was designed to hinder business recovery and reduce employment opportunities.
The concept of privatizing Social Security is not new. In 2005, President George W. Bush proposed a plan for individuals to invest in index funds as an alternative, similar to the current “Trump accounts.” The proposal was met with significant opposition and is believed to have contributed to Democratic victories in the 2006 midterm elections. More details on this historical proposal can be found here.
Despite assurances from President Donald Trump to safeguard Social Security, his administration has overseen the reduction of staff at the Social Security Administration, potentially affecting the efficiency of benefit distribution and new retiree enrollment. For more information on the impact of these staff cuts, visit this article.
Nancy Altman, president of Social Security Works, expressed strong opposition to Bessent’s idea, labeling it as a “terrible idea.” She emphasized the reliability of Social Security, stating, “Unlike private savings, Social Security is a guaranteed earned benefit that you can’t outlive. It has stood strong through wars, recessions, and pandemics. The American people have a message for Trump and Bessent: Keep Wall Street’s hands off our Social Security.”
The original article can be found at American Journal News.
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