Larson: The Trump Administration Just Admitted They Are Out to Privatize Social Security

East Hartford, CT –Today, House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) released the following statement after Treasury Secretary Scott Bessent admitted the new ‘Trump Accounts’ created in the Republican tax plan are a ‘back door to privatizing Social Security.’ 

“Secretary Bessent just admitted what we have been saying for months – Donald Trump and ‘DOGE’ are out to privatize Social Security,” said Larson. “These so-called ‘Trump Accounts’ are their veiled attempt to replace Social Security and hand your earned benefits over to Wall Street. Secretary Bessent’s statement has made that abundantly clear. The truth is that Trump’s cuts to the Social Security Administration have already slashed services for our seniors and are undermining the public’s confidence in the system. They are cutting 7,000 workers at Social Security, decimating phone services, and still have plans to close offices around the country. What Americans of all political stripes – Democrats, Republicans, and independent voters – know is that Social Security is a guarantee that has never missed a payment. These ‘Trump Accounts’ are not. No matter how much the Trump Administration and their billionaire buddies salivate over the $2.7 trillion in the Social Security Trust Funds, Democrats on the Ways and Means Committee will join with me to never let them get their hands on the people’s money. We will continue to fight to protect and enhance Social Security, and stand up to these continued attacks.”