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Ted Cruz says 'Trump accounts' are personal Social Security accounts

financeMay 10, 202642368

Sen. Ted Cruz said 'Trump accounts' would function as personal Social Security accounts, calling that the plan's "dirty little secret." He said the proposal pairs new $1,000 savings accounts for newborns and parents with private retirement accounts, an idea that revives an effort abandoned under President George W. Bush. Critics say the design would privatize Social Security by shifting guaranteed benefits into market-based personal accounts, exposing retirees to investment risk and potential benefit cuts. The change matters because it would restructure a core federal safety net and alter how retirement is funded for millions of current and future beneficiaries.

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