On 90th Anniversary of Social Security, Cantwell Speaks Out Against “Back Door” Privatization of Program
“Not on my watch! Never, never, never, never,” says Cantwell - instead suggesting more reliability for recipients with senior-specific cost of living increases
SEATTLE, WA – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, appeared at a celebration of the 90th anniversary of Social Security and rebuked the Trump Administration’s suggestion that the successful program should be privatized.
“Social Security covers 70 million people in the United States, including 1.4 million people right here in the state of Washington,” said Sen. Cantwell. “Without this program, nearly 300,000 Washingtonians would fall under the poverty line. … It is the foundation of trust that we hold in Social Security that if you work and contribute your entire life, you will not be left behind. That is why I personally take offense when the Treasury secretary says part of the reconciliation bill with the Trump accounts might be a back door way to privatize Social Security. Not on my watch! Never, never, never, never are we going to be for the privatization of Social Security.”
At a July 30 event sponsored by the Breitbart News Network, Treasury Secretary Scott Bessent identified the newborn savings accounts enacted by the GOP’s budget bill as a step toward radically changing Social Security. “It is a backdoor for privatizing Social Security," Bessent said.
Privatization of Social Security could risk seniors’ benefits by tying payouts to the performance of the stock market. In contrast, Sen. Cantwell suggested a change to the Social Security’s cost of living adjustment that would make the program more reliable for seniors. “As we continue to focus on this issue, we have to keep pace with the cost of living, right? … The cost of living adjustment should be based on a market basket of goods that seniors buy, because you have to buy more expensive items facing inflation, like prescription drugs, like health care and like things that help you provide stability in your life,” said Sen. Cantwell. “So let's get a cost of living CPI for the elderly and make sure that it keeps pace with inflation.”
Currently, the annual cost-of-living adjustment for Social Security recipients is based on changes in the Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers.
Sen. Cantwell has been a long-standing champion for Social Security and protecting Washingtonians’ benefits. In December 2024, Sen. Cantwell co-sponsored and voted to pass the bipartisan Social Security Fairness Act, which repealed two Social Security policies that unfairly limited payments for people who also receive a pension from a job that is not covered by Social Security, as well as their surviving spouses and widow(ers). In 2018, Sen. Cantwell introduced and voted to pass the Tribal Social Security Fairness Act to correct a long-standing inequity in the Social Security Act that prevents elected tribal leaders from contributing to and accessing Social Security benefits.
Video of Sen. Cantwell’s remarks is available HERE, photos HERE, and a transcript HERE.
###
Previous Article
