Cruz frames 'Trump accounts' as a privatized path to Social Security

Sen. Ted Cruz on a panel at the Milken Institute described the so‑called Trump accounts for children—created under the One Big Beautiful Bill Act that lets parents open tax‑advantaged accounts—as Social Security personal accounts, drawing a direct line to privatizing or reforming the retirement program and citing Australia’s superannuation model. He argued conservatives have pursued this approach for decades and predicted a growing constituency once parents see their kids’ Trump accounts grow, potentially pressuring a redesign of payroll taxes. The White House characterizes the accounts as a wealth-building supplement rather than privatization, while noting Social Security faces funding challenges with the trust fund set to run out by 2034.