Security will mark its 90th anniversary. On that date in 1935, President Franklin D. Roosevelt signed the landmark program into law as a safeguard against the hazards and vicissitudes of life.
For a federal program to endure for 90 years and maintain an extremely high level of popularity among the American people is truly extraordinary, says the National Committee to Preserve Social Security and Medicare (NCPSSM). It is an achievement that should be celebrated far and wide.
Yet this milestone comes amid growing political controversy that could shape the program's future.
Privatization Concerns Emerge
Just 15 days before the anniversary, U.S. Treasury Secretary Scott Bessent made remarks that sent shock waves through the aging advocacy community. Speaking at a Breitbart News-sponsored event, Bessent described President Trump's newly enacted Trump accounts (also referred to as Child Savings Accounts or Child IRAs) as potentially serving as a backdoor for privatizing Social Security. His comments, made during a Breitbart policy panel on the evening of July 30, were quickly picked up by national media outlets.
Bessent elaborated: If these accounts grow and you have in the hundreds of thousands of dollars for your retirement, thats a game-changer too. He suggested that the success and expansion of these individual retirement accounts - created under President Trump's One Big Beautiful Bill Act -could eventually reduce Americans' reliance on traditional Social Security benefits.
The law, signed by Trump on July 4, creates a new tax-deferred investment account for children under the age of 18, born in the U.S. between January 1, 2025, and December 31, 2028. These accounts are seeded with $1,000 in federal funds and allow additional contributions of up to $5,000 annually from parents, family members, or employers. Structured similarly to IRAs, the funds must be invested in low-cost mutual funds or exchange-traded funds (ETFs) that track a U.S. stock index.
Max Richtman, NCPSSM President and CEO, quickly issued a public response, calling on Trump to denounce Bessent's suggestion of a backdoor to privatization. President George W. Bush tried it after his re-election in 2004 - and failed miserably. The American people didn't buy it then, and they won't buy it now, Richtman said.
He urged the former president to issue a clear and unequivocal statement: Make a clear, unequivocal statement (as only you can) that your administration will not try to privatize Social Security.
John Hishta, Senior Vice President of Campaigns at AARP, also issued a statement and condemned Bessent's comments. We have fought any and all efforts to privatize Social Security, and we will continue to, he said. President Trump has emphasized many times that Social Security wont be touched, and that he is not going to touch Social Security. This must include any and all forms of privatization.
Privatization is a terrible idea, says Nancy Altman, President of Social Security Works in a statement, noting that unlike private savings, Social Security is a guaranteed earned benefit that you can't outlive. It has stood strong through wars, recessions, and pandemics. The American people have a message for Trump and Bessent: Keep Wall Streets hands off our Social Security!, she says.
Following the backlash, Bessent attempted to clarify his remarks in a post on X (formerly Twitter) the next day: Trump Baby Accounts are an additive benefit for future generations, which will supplement the sanctity of Social Security's guaranteed payments. This is not an either-or question. Our administration is committed to protecting Social Security and making sure seniors have more money.
During her Thursday press briefing, White House Press Secretary Karoline Leavitt emphasized that President Trump remains wholeheartedly committed to protecting Social Security, even as Bessent's earlier comments appeared to contradict that position. What the Secretary of the Treasury was saying - and what this administration believes - is that these Trump newborn accounts, which are an incredibly creative and positive provision in the One Big Beautiful Bill, are meant to help supplement, not substitute, Social Security, Leavitt told reporters.
Democrats and Advocacy Groups Push Back
Last Thursday, amid hundreds of events scheduled this month throughout the nation to celebrate SSA's 90th anniversary, the Washington, D.C.-based Social Security Works hosted a press conference to warn against what they called Trump administration efforts to undermine and dismantle Social Security.
Moderator Nancy Altman, President of SSW, opened the Town Hall by emphasizing the importance of celebrating Social Security's milestone anniversary and the need to protect and defend the program. Throughout the event, Altman introduced each speaker, describing them as champions dedicated to safeguarding Social Security.
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