Reported 3 days ago
U.S. Treasury Secretary Scott Bessent criticized President Trump's newly signed law introducing 'baby accounts' for new parents, which he described as a potential means to privatize Social Security. The accounts provide a $1,000 government contribution and allow further private deposits, raising concerns about their impact on the traditional Social Security system, which is projected to face funding issues by 2033. Bessent urged caution while emphasizing the administration's commitment to maintaining Social Security.
Source: YAHOO