House GOP Silent on Bessent’s Social Security Privatization Claim

House Republicans Remain Silent on Bessent’s Social Security Privatization Comment

Treasury Secretary Scott Bessent recently sparked controversy with his remarks regarding the One Big Beautiful Bill Act. The act’s proposal to establish brokerage accounts for newborns, referred to as “Trump accounts,” has been described by Bessent as a covert strategy to privatize Social Security.

Bessent’s statement was made during an event hosted by Breitbart News on July 30, where he stated, “In a way, it’s a backdoor for privatizing Social Security,” as reported by Axios.

The notion of altering Social Security remains a contentious issue in American politics, largely due to its widespread popularity and its crucial role in preventing 16.3 million seniors from falling into poverty, according to a Pew Research Center study.

Efforts to gauge the sentiments of 31 out of the 35 most at-risk House Republicans for the 2026 elections on Bessent’s comments yielded no responses, as reported by American Journal News. These lawmakers are part of the group identified as the most vulnerable incumbents in the upcoming election cycle.

Following the backlash, Bessent attempted to clarify his statement, though his retraction clashed with the historical Republican opposition to Social Security since its introduction nearly 90 years ago.

Historically, figures like Rep. John Taber (R-NY) have criticized Social Security, with Taber stating in 1935, “Never in the history of the world has any measure been brought here so insidiously designed as to prevent business recovery, to enslave workers, and to prevent any possibility of the employers providing work for the people.”

The concept of privatizing Social Security has surfaced in various forms over the years. In 2005, President George W. Bush proposed substituting the program with investments in index funds, a proposal that closely resembles the current “Trump accounts.” Bush’s plan faced widespread disapproval and is considered a factor in the Democratic victories during the 2006 midterms, as noted by Vox.

Despite previous assurances from President Donald Trump that Social Security would not be cut, his administration has overseen significant reductions in the workforce at the Social Security Administration, the body responsible for the program. According to experts, these staffing reductions could delay benefit disbursements and complicate the enrollment process for new retirees.

Nancy Altman, president of Social Security Works, has condemned Bessent’s suggestion. “Unlike private savings, Social Security is a guaranteed earned benefit that you can’t outlive,” she stated. “It has stood strong through wars, recessions, and pandemics. The American people have a message for Trump and Bessent: Keep Wall Street’s hands off our Social Security!”