Trump Proposes Retirement Investment Plan Amid Social Security Tax Changes and Child Savings Accounts
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Amid a multimillion-dollar lobbying and campaign-finance blitz by major financial asset managers, President Donald Trump has introduced a new plan pushing Americans to invest their retirement dollars in Wall Street. Instead of shoring up the social safety net, financial experts warn that the White House is trying to privatize it — potentially at the expense of the country’s most vulnerable, who are increasingly exposed as the Trump administration takes a sledgehammer to other federal benefits.
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Common Dreams"Turning over Americans’ hard-earned benefits to Wall Street would expose future retirees to unnecessary risk while lining the pockets of the financial elites who donate to Republicans," said Richtman. "Ted Cruz, Donald Trump, and their Republican allies should realize that the people will not stand for privatization of their hard-earned benefits, and we in the advocacy community will continue to ensure that it never happens."
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Separately, the Treasury Department has openly pitched new long-term market-based savings accounts for children — dubbed Trump Accounts — as “a backdoor for privatizing Social Security.” And this week, Sen. Ted Cruz (R-TX) offered a “dirty little secret” at a recent conference: “Trump Accounts are Social Security personal accounts.”
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Common DreamsRepublican Sen. Ted Cruz said during a public conference this week that the so-called Trump Accounts established under the GOP's 2025 budget law represent a viable path toward Social Security privatization—something the Texas lawmaker described as a "dirty little secret."
FortuneRepublican Sen. Ted Cruz suggested the so-called Trump accounts for American children are part of an effort to revamp Social Security, a sensitive political subject long regarded as the “third rail” in U.S. politics.
MarketWatchHere we go again. Sen. Ted Cruz accidentally says the quiet part out loud. Here we go again. Sen. Ted Cruz accidentally said the quiet part out loud the other day when he admitted that so-called “Trump accounts” were a “secret” Republican maneuver to help usher in the privatization of Social Security.
RealClearMarketsCould Trump's $1K Acct's Replace Sec. Sec? Jenna Romaine, U.S. News & World Report Some advocates argue that Trump Accounts could pave the way for private Social Security funds.
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For his part, President Donald Trump has vowed not to touch Social Security benefits. Instead, his One Big Beautiful Bill Act reduced the amount of income taxes recipients pay on their benefits.
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JacobinThe Trump administration’s 2025 One Big Beautiful Bill Act provided seniors with a temporary deduction for taxes owed on Social Security, offering some relief to middle- and high-income households. But overall, the sweeping law will deplete tax revenues, accelerating Social Security’s insolvency.
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01 Jacobin An executive order issued by the president last week outlines a series of actions to help working-class Americans without access to employer-sponsored retirement plans invest in tax-advantaged, market-based individual retirement accounts (IRAs).
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02 Financial Times Don’t mess with central bank independence A wave of new research suggests Donald Trump is taking significant risks with his assaults on the US Federal Reserve
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03 Fortune Last year’s One Big Beautiful Bill Act created allowed parents and other authorized individuals to open tax-advantaged savings accounts for any child under 18 with a Social Security number.
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04 Common Dreams Benesch pointed to the remarks of an anonymous Social Security Administration (SSA) worker, who warned in comments to The New Yorker earlier this week that privatization advocates plan to point to the decimated agency and declare, "Look how Social Security sucks."
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