Specifically, opposition to Social Security privatization has been an important part of the AARP's advocacy. The AARP’s resistance to privatizing Social Security was an urgent matter in the early 2000s, when President George W. Bush proposed a policy allowing workers to channel part of their payroll taxes into personal investment accounts.

Treasury Secretary Scott Bessent is trying to walk back comments that Trump savings accounts for newborns could be a "backdoor" to start privatizing Social Security.

Bush's presidency cratered in his second term, but one notable turning point was his administration's failed attempt to privatize Social Security. Voter backlash was fierce. Two decades later, President Donald Trump may be eyeing a new attempt.