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

Treasury Secretary Scott Bessent said that the Trump administration was committted to protecting Social Security hours after he described a children's savings program in President Trump's recent tax package as a “back door 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,