Wyden Statement on Trump Plan to Privatize Social Security
Washington, D.C. — Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today issued the following statement after reports that Treasury Secretary Scott Bessent outlined how a provision in the Republican budget bill will operate as a backdoor tool to privatize Social Security.
“Calling this a five-alarm fire is an understatement, and between Bessent’s comments and the harm DOGE has already done to the agency, it’s clear Trump was lying all along about protecting Social Security. Like every Republican administration going back multiple generations, Trump and his billionaire cabinet want to privatize Social Security to give their Wall Street buddies a payday. This would be a disaster for seniors and for all Americans who will rely on Social Security for a dignified retirement, and it’s a guarantee that Republicans would follow up privatization with brutal cuts that would drive vulnerable people into destitution.”
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