The Treasury Secretary has described new savings account for young Americans as a "backdoor for privatizing Social Security."

Treasury Secretary Scott Bessent is facing heavy backlash from Democrats over a Wednesday remark in which he talked about “a backdoor for privatizing Social Security.” “In a way, it is a backdoor for privatizing Social Security,

U.S. Treasury Secretary Scott Bessent on Wednesday likened new savings accounts in a bill President Donald Trump this month signed into law to "a backdoor for privatizing Social Security," speaking at an event sponsored by Breitbart.