Treasury Secretary warns new savings program could privatize Social Security.

Treasury Secretary Scott Bessent has described a new children's savings program in President Trump's recent tax package as a "back door for privatizing Social Security." The program, known as Trump Accounts, offers a $1,000 government contribution and allows for up to $5,000 in annual private contributions. Critics fear it could shift retirement responsibility from the government to individuals, while the administration insists it aims to supplement, not replace, Social Security benefits.