As part of MAGA Republican President Donald Trump's agenda—a.k.a. Project 2025—certain provisions were included in the ridiculously named One Big Beautiful Bill Act.
Republican friends of Donald—the self-described MAGA minions—were adamant a provision was included to invest $1,000 on behalf of every baby born in the United States over the next four years.
Originally these accounts were going to be called a "money account for growth and advancement"—yes, the acronym was MAGA. Deciding the brand messaging was too complicated, they opted for naming them "Trump accounts."
What is the purpose of these accounts?
Trump's Treasury Secretary Scott Bessent provided some insight at a Breitbart-sponsored event in Washington, D.C., on Wednesday.
Bessent stated:
"In a way, it is a backdoor for privatizing Social Security. If, all of a sudden, these accounts grow and you have in the hundreds of thousands of dollars for your retirement, that’s a game-changer, too."
For anyone around during the tech boom and bust of the early 2000s, they'll remember when millions of people's retirement accounts went from hundreds of thousands to almost nothing overnight.
That's a game-changer, too.
Bessent quickly backtracked after his inadvertent honesty went public. He took to X to declare the Trump administration's undying devotion to Social Security.
He wrote:
"Trump Baby Accounts are an additive benefit for future generations, which will supplement the sanctity of Social Security’s guaranteed payments."
"This is not an either-or question: our Administration is committed to protecting Social Security and to making sure seniors have more money."
"This is why President Trump’s One Big Beautiful Bill gave tax cuts to those receiving these Social Security benefits — under @POTUS, we are working tirelessly to spread prosperity to all Americans."
Bessent was soon on as many news programs as he could get on to try to put the cat back in the bag.
But people weren't buying what he was selling.
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Trump accounts allow parents to contribute up to $5,000 each year on behalf of their child. Republicans expect matching donations from employers and charities.
The funds will be invested in portfolios tied to U.S. stock indexes, structured similarly to individual retirement accounts (IRAs). Funds can be withdrawn without penalties after age 59 and a half or for college or to purchase a first home.
Bessent revealed the real goal is to make parents responsible for their child's retirement, eliminating Social Security, leaving the working poor and most of the middle class out in the cold.
And to have it all controlled by the whims of the stock market.
What could go wrong?
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