{"id":2469207,"date":"2025-07-31T15:23:02","date_gmt":"2025-07-31T19:23:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-clarifies-bessents-comments-on-privatizing-social-security\/"},"modified":"2025-07-31T15:25:20","modified_gmt":"2025-07-31T19:25:20","slug":"white-house-clarifies-bessents-comments-on-privatizing-social-security","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-clarifies-bessents-comments-on-privatizing-social-security\/","title":{"rendered":"White House clarifies Bessent&#8217;s comments on privatizing Social Security"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-clarifies-bessents-comments-on-privatizing-social-security%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2469207&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The White House has clarified comments made by Treasury Secretary Scott Bessent regarding President Donald Trump&#8217;s proposed investment accounts for newborns, emphasizing that these accounts are intended to supplement, not replace, Social Security. The governance highlighted that the accounts,which will provide a $1,000 contribution for each baby born between 2025 and 2028,are designed to help <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/leftist-turned-conservative-podcasters-unapologetically-question-pervading-progressive-ideologies\/\" title=\"Leftist-Turned-Conservative Podcasters Unapologetically Question Pervading Progressive Ideologies\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uganda-halts-vote-campaigning-in-some-areas-opposition-cries-foul\/\" title=\"Uganda halts vote campaigning in some areas, opposition cries foul\">young people<\/a> grow<\/a> their wealth over their lifetimes,perhaps aiding in major life expenses such as buying a home or funding education. Despite this reassurance, Democrats have criticized the proposal, accusing the administration of attempting to privatize Social Security and undermine one of the country&#8217;s most valued government programs. The new accounts also allow additional contributions from parents, employers, and charities up to $5,000 annually, with withdrawal options available after age 59\u00bd or for specific needs like college and first-home purchases.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">White House insists Trump newborn accounts won&rsquo;t &lsquo;substitute&rsquo; Social Security<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2191365\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/section\/news\/white-house\/\" target=\"_blank\" rel=\"noopener\" title=\"\">White House<\/a> is walking back Treasury Secretary <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/scott-bessent\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Scott Bessent<\/a>&lsquo;s claim that President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Donald Trump<\/a>&lsquo;s accounts for newborns are a &ldquo;backdoor way to privatize <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/social-security\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Social Security<\/a>.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/press-secretary\/\" target=\"_blank\" rel=\"noopener\" title=\"\">White House press secretary <\/a><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/karoline-leavitt\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Karoline Leavitt<\/a> told reporters on Thursday that Bessent meant the Trump accounts &ldquo;will help supplement, not substitute&rdquo; Social Security.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3487660\/trump-ballroom-white-house-karoline-leavitt\/\">White House will construct 90,000-square-foot Trump ballroom<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3487382\/watch-live-white-house-leavitt-press-briefing-tariff-deadline-approaches\/\">WATCH LIVE: White House holds news briefing as tariff deadline approaches<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3485645\/trade-negotiations-new-phase-trump-tariff-hikes\/\">Trade negotiations enter new phase as Trump stands by tariff hikes<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>&ldquo;The Trump administration is wholeheartedly committed to protecting Social Security,&rdquo; Leavitt said. &ldquo;The president did it in his first term. He&rsquo;s doing it again in this term, but these newborn accounts are another revenue stream for young people to watch their money grow throughout their lives and to one day be able to access those funds so they can hopefully build a home and live the American Dream.&rdquo;<\/p>\n<p>Bessent has been criticized by Democrats, who are underscoring Trump&rsquo;s One Big Beautiful Bill Act entitlement reforms before next year&rsquo;s <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/2026-elections\/\" target=\"_blank\" rel=\"noopener\" title=\"\">midterm elections<\/a>, after he <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/republicans-call-double-standard-on-greenes-committee-removals-point-to-omar-remarks\/\" title=\"Republicans Call Double Standard on Greene\u2019s Committee Removals, Point to Omar Remarks\">made comments<\/a> to <em>Breitbart<\/em> this week about the tax-deferred investment accounts in which the administration will contribute $1,000 for each baby born during 2025 through 2028, regardless of their family&rsquo;s income.<\/p>\n<p>&ldquo;If, all of a sudden, these accounts grow and you have in the hundreds of thousands of dollars for your retirement, that&rsquo;s a game-changer, too,&rdquo; Bessent told the outlet at an event.<\/p>\n<p>Bessent has sought to clarify his remarks, writing on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/why-this-average-american-is-voting-for-donald-trump\/\" title=\"Why This Average American Is Voting for ...\">social media<\/a> that the Trump accounts &ldquo;are an additive benefit for future generations, which will supplement the sanctity of Social Security&rsquo;s guaranteed payments.&rdquo;<\/p>\n<p>&ldquo;This is not an either-or question: our Administration is committed to protecting Social Security and to making sure seniors have more money,&rdquo; he wrote. &ldquo;This is why President Trump&rsquo;s One Big Beautiful Bill gave tax cuts to those receiving these Social Security benefits &mdash; under <a href=\"https:\/\/x.com\/POTUS\" target=\"_blank\" rel=\"noopener\" title=\"\">@POTUS<\/a>, we are working tirelessly to spread prosperity to all Americans.&rdquo;<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">President Trump&rsquo;s $1,000 Baby Account, thanks to the One Big Beautiful Bill, doesn&rsquo;t replace Social Security&mdash;it supplements it.<\/p>\n<p>Every newborn becomes a stakeholder in America&rsquo;s future.<\/p>\n<p>Compounding wealth, not government dependence. <a href=\"https:\/\/t.co\/ixdJSsYhrF\">pic.twitter.com\/ixdJSsYhrF<\/a><\/p>\n<p>&mdash; Treasury Secretary Scott Bessent (@SecScottBessent) <a href=\"https:\/\/twitter.com\/SecScottBessent\/status\/1950913699859812756?ref_src=twsrc%5Etfw\">July 31, 2025<\/a><\/p><\/blockquote>\n<p><script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>However, that did not stop Democrats from hammering Trump and Bessent for the <a href=\"https:\/\/amzn.to\/3YuVZYV\" >treasury secretary&#038;rsquo<\/a>;s statement, including Senate Minority Leader <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/chuck-schumer\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Chuck Schumer <\/a>(D-NY) in a speech on the chamber&rsquo;s floor.<\/p>\n<p>&ldquo;Yesterday, the Trump administration did something they rarely do &mdash; they told the truth,&rdquo; Schumer said. &ldquo;This is what Donald Trump and his cronies think about your benefits, America &mdash; they want to privatize them, they want to give it over to Wall Street. They want [to] eliminate a bedrock of this country &mdash; Social Security, probably the most popular government program ever created &mdash;&nbsp;and something that has done so much good for so long.&rdquo;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/news\/3484852\/trump-economy-gdp-report-placate-recession-panicans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>WHITE HOUSE HOPES POSITIVE GDP REPORT WILL PLACATE RECESSION &lsquo;PANICANS&rsquo;<\/strong><\/a><\/p>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/dccc\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Democratic Congressional Campaign Committee<\/a> added, &ldquo;The American people are quickly souring on House Republicans&rsquo; extreme agenda that sells out working families to pay for massive giveaways for their billionaire backers. Now that the administration is bragging about their scheme to dismantle Social Security, vulnerable House Republicans who fell in line to support the Big, Ugly Law will lose their jobs, and the majority, next year.&rdquo;<\/p>\n<p>As part of the Trump accounts, parents, employers, and charities can also contribute up to $5,000 every year on behalf of their children to invest in U.S. stock indexes. Funds can be withdrawn without penalties after the child reaches age 59 1\/2 or earlier for college expenses or a first home purchase.<\/p>\n<\/div>\n<p> <script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2191365\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2191365\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>White House says Trump newborn accounts supplement Social Security<\/p>\n","protected":false},"author":2652,"featured_media":2469208,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/07\/karoline-leavitt-scaled-1024x683.webp","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[45545,59792,37865,33104,32127],"class_list":["post-2469207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-bessent","tag-clarification-2","tag-privatization","tag-social-security","tag-white-house"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/07\/karoline-leavitt-scaled-1024x683.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2469207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2652"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2469207"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2469207\/revisions"}],"predecessor-version":[{"id":2469211,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2469207\/revisions\/2469211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2469208"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2469207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2469207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2469207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}