P resident Donald Trump’s firing of the commissioner of labor statistics, Erika McEntarfer, on Friday raises serious risks for retirees living on Social Security, and for those with money in U.S. bonds and bank savings accounts.

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.

A think tank has said the Trump administration is "peddling false and exaggerated claims" about taxes on Social Security benefits.