Treasury Secretary Sparks Social Security Privatization Debate

Treasury Secretary Scott Bessent has reignited the debate over the privatization of Social Security with comments about a new savings program under President Donald Trump. Speaking at a Breitbart News forum, Bessent hinted that the program serves as a 'back door' to privatize the long-standing federal retirement system.

The remarks were surprising given Trump's earlier promises to safeguard Social Security, and they quickly became political fodder. Senate Democratic leader Chuck Schumer criticized the statements as an inadvertent revelation of GOP plans to privatize the retirement program, which millions of Americans rely on.

Despite attempts to clarify, the Treasury Department insisted the new Trump Accounts complement, rather than replace, the federal safety net. However, Democrats warned that such measures could undermine Social Security, a program facing financial challenges but historically unpopular to change.

(With inputs from agencies.)