Bessent: Trump child savings accounts 'a backdoor into privatizing Social Security'

Program Overview - A new savings plan called "Trump Account" is being created for children [1] - The program is similar to individual retirement accounts with some complex rules [2] - Children born between January 1st, 2025 and December 31st, 2028 will receive an initial deposit of $1,000 from the federal government [2] - Parents can contribute up to $5,000 per year in tax-deferred contributions until the child turns 18 [3] Potential Implications - Treasury Secretary suggests the new Trump accounts could be a "backdoor for privatizing Social Security" [3][4]