President Donald Trump’s baby savings accounts are a “back door for privatizing Social Security,” Treasury Secretary Scott Bessent admitted.
The accounts, originally called MAGA accounts, are part of Trump’s One Big, Beautiful Bill and give newborns a $1,000 savings account. The money will grow over time and will be available when the child turns 18 years old. The money can then be used for college costs, to buy a home or other designated services.
