Follow up: After CCSE comments below, the Trump administration made this related statement:

Leavitt cleans up Bessent’s Social Security privatization comments: ‘Supplement, not substitute’ – Politico

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Trump’s newborn savings accounts a ‘back door for privatizing Social Security,’ Bessent says – WaPost

Treasury Secretary Says Trump Accounts Could Pave Way to Privatizing Social Security – NY Times

“Treasury Secretary Scott Bessent’s comments about the safety net program ventured onto the so-called third rail of American politics.”

In their current form, the new Trump accounts will increase wealth inequality and do little to help kids from low- and middle-income families:

‘Trump kids accounts’ in budget bill would drive up inequality and raise the national debt – Karl Polzer/CCSE

However, the Trump account concept merits further study and possible expansion into a program that would include ALL workers in the US 401(k)/IRA retirements savings and investment system. Of vital importance is that government-funded accounts like these should complement Social Security, not replace it. Below is CCSE’s proposal:

Including all workers in our retirement savings system requires two things: a universal tax credit and a secure place to invest it. Congress should be working on both. …… WaExaminer op-ed

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