Newborn savings accounts a ‘back door for privatizing Social Security,’ Bessent says

The newborn savings accounts created as part of President Donald Trump’s massive new tax and immigration law are a “back door for privatizing Social Security,” Treasury Secretary Scott Bessent said Wednesday. The so-called “Trump accounts” enacted as part of the “One Big Beautiful Bill” give newborns a $1,000 savings account that can be invested with tax deferred treatment. Families or their employers can make $5,000 contributions to the accounts each year until the beneficiary turns 18 years old. The program is one of more popular components of the legislation, which...