Treasury Secretary Scott Bessent reiterated that “Trump Baby Accounts” would “supplement the sanctity of Social Security’s guaranteed payments,” adding that the Trump administration is “committed to protecting Social Security.”
“Trump Baby Accounts are an additive benefit for future generations, which will supplement the sanctity of Social Security’s guaranteed payments,” Bessent wrote in a post on X. “This is not an either-or-question: our Administration is committed to protecting Social Security and to making sure seniors have more money.”
Bessent continued to note that President Donald Trump’s One Big, Beautiful Bill “gave tax cuts to those receiving these Social Security benefits.”
The post from Bessent comes after he told Breitbart News Washington Bureau Chief Matthew Boyle on Wednesday that “Trump Accounts,” which provide a $1,000 investment “for every newborn American and allows up to $5,000 in annual private contributions,” would help to “foster financial knowledge.”
The Trump Accounts initiative, launched as part of President Trump’s signature One Big Beautiful Bill, provides a $1,000 seed investment for every newborn American and allows up to $5,000 in annual private contributions. Bessent emphasized that the initiative is meant to foster financial knowledge and give younger generations a lasting role in free-market prosperity.
“We’re making people part of the system. We are increasing financial literacy,” Bessent explained. “if you get a pet, you understand everything about your pet. So if you had these accounts — why are you investing in this way? How are you doing it? How can you understand the power of compound interest?”
Several news outlets, such as The New Republic, released articles claiming that the “Trump Baby Accounts” were a way to “backdoor” privatizing Social Security.
The FactPost, which is the “rapid response page of the Democratic Party” also claimed that the Trump Accounts were a “backdoor for privatizing Social Security.”
Boyle noted in a post on X that the FactPost had taken “Bessent comments” to him “out of context.”
“Of course the Democrats and wacko establishment media took @SecScottBessent comments to me today completely out of context,” Boyle wrote in a post on X. “There is no secret plot against Social Security as President @realDonaldTrump has REPEATEDLY made clear. Shows just how desperate these psychos are.”
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