Treasury Secretary Scott Bessent has admitted a new Trump plan to create savings accounts for newborns is actually a backdoor way to privatize Social Security. Bessent made the comment on Wednesday during a forum organized by the right-wing news outlet Breitbart.

Treasury Secretary Scott Bessent: “I’m not sure when the distribution level date should be, whether — should it be 30, and you can buy a house? Should it be 60? But in a way, it is a backdoor for privatizing Social Security.”

Democratic Senator Jeanne Shaheen of New Hampshire responded by saying, “They’re already ripping health care away from millions on Medicaid, and now they’ve made it clear that your Social Security is next.”