Ted Cruz says the quiet part out loud: Trump accounts are Social Security personal accounts

[Dulcinea]

(Fortune) Republican 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.

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.

During a panel discussion at the Milken Institute’s Global Summit on Monday, Cruz pointed out he wrote that part of the legislation, noting that half of Americans don’t own stocks and can’t benefit from decades of compounding growth.

For 50 years, he added, U.S. conservatives have been trying to mimic Australia’s superannuation program, which requires employers to pay into an employee’s investment fund to be accessed upon retirement as a way to reduce reliance on public pensions. Cruz described a U.S. version as Social Security personal accounts.

https://www.yahoo.com/news/articles/ted-cruz-says-quiet-part-172224486.html