Ted Cruz says the quiet part out loud: Trump accounts are Social Security personal accounts as GOP senator reveals ‘dirty little secret’

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. “Here’s the dirty little secret: Trump accounts are Social Security personal accounts,” he said. Republicans tried to make changes to Social Security during President George W. Bush’s second term but retreated amid pushback on the politically charged topic. Retirees and soon-to-be retirees have long been a potent voting bloc that instill fear in lawmakers, especially those contemplating any adjustments to Social Security and Medicare. “How did we get it done this time? Because we gave the money to babies and so the old people didn’t get pissed,” Cruz said. The White House has estimated that fully funded Trump accounts could eventually grow to as much as $1.9 million by the time a child turns 28. Cruz said that as parents see their kids’ Trump accounts surge, they will become more open to changing how their own payroll taxes are spent. “Wouldn’t you like to be able to keep a portion of your tax payments that you’r