Sen. Ted Cruz, R-Texas, said that the newly created Trump accounts for newborns and young Americans could pave the way for reforms to Social Security in the future.

Cruz spoke at an event during the Milken Institute Global Conference and said that the Trump accounts, which were created under the One Big Beautiful Bill Act last year and officially open this summer, will set an example that could build support for similar accounts geared towards retirement like Social Security.

“Here’s the dirty little secret: Trump accounts are Social Security personal accounts,” the senator said.

Cruz said that Trump accounts will end up accumulating enough money in the years ahead that parents will want to have an account of their own and may be willing to support a change that would have their payroll taxes go into one in the next five to 10 years.

SOCIAL SECURITY’S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING BENEFIT CUTS

Sen. Ted Cruz, R-Texas, said that Trump accounts could be a case study that enables Social Security reforms in the future. (Chip Somodevilla/Getty Images)

“We’re going to be able to go to parents and say, ‘Hey, you know that Trump account your kid has? Wouldn’t you like to be able to keep a portion of your tax payments, that you’re paying already, and instead of sending it to Uncle Sam, wouldn’t you like to have a Trump account just like your kid does?’” Cruz said.

The senator noted that efforts to reform Social Security have long encountered resistance and added, “Conservatives in America, for 50 years… have been trying to do Social Security personal accounts.”

NEW TRUMP ACCOUNTS PITCHED AS TAX-SEASON GATEWAY TO BUILDING WEALTH

President Donald Trump signed the One Big Beautiful Bill Act into law last year which created Trump accounts. (Win McNamee/Getty Images)

The most significant Social Security reform proposal came during the second term of former President George W. Bush, whose plan would’ve reformed Social Security by allowing Americans to invest some of their taxable earnings and payroll taxes in low-cost stock market index funds on a voluntary basis into a retirement account.

He said that Bush “tried this fight, and sadly, Congress ran for the hills in a display of extraordinary cowardice.”

TRUMP SIGNS ORDER AIMING TO HELP EXPAND ACCESS TO RETIREMENT ACCOUNTS

Social Security is trending toward insolvency in less than a decade. (Mark Felix/The Washington Post)

“How did we get it done this time? Because we gave the money to babies, and so the old people didn’t get pissed. But you know what? Babies grow up,” Cruz said.

Social Security is trending toward insolvency, with its main trust fund projected to be depleted in 2032 as spending on the growing ranks of retired beneficiaries rises faster than the pace of growth in payroll tax revenues.

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That would trigger automatic benefit cuts for beneficiaries, as Social Security would be limited by law to only pay out the proceeds of payroll taxes once the trust fund is tapped out. The nonpartisan Congressional Budget Office (CBO) estimated that benefits would be cut up to 28% annually if Congress doesn’t act.

SAN LUIS OBISPO, Calif. — Nearly 30 years after Kristin Smart vanished from the California Polytechnic State University campus in 1996, the case remains one of California’s most haunting cold cases, marked by a landmark conviction without a body and renewed searches as recently as this week. The 19-year-old freshman’s disappearance sparked national attention and continues to generate new developments as investigators pursue every possible lead. Here are 10 essential things to know about the Kristin Smart case.

1. Kristin Smart disappeared after a late-night party on May 25, 1996. The 19-year-old Cal Poly student was last seen walking back to her dorm from an off-campus party. She had been celebrating the end of the school year. Witnesses reported seeing her with Paul Flores, a fellow student, that night. She never returned to her room, and her disappearance was reported the next day.

2. Paul Flores was the prime suspect from the beginning. Flores was the last person seen with Smart. His behavior after the disappearance raised red flags — he gave inconsistent statements, avoided cooperating fully with police, and reportedly told friends conflicting stories. Despite intense suspicion, it took more than 25 years to bring him to trial.

3. Kristin’s body has never been found. Despite extensive searches over nearly three decades, including landfills, coastal areas, and multiple properties, Kristin Smart’s remains have never been recovered. This made the 2022 murder conviction of Paul Flores especially notable, as California juries rarely convict without physical evidence of a victim.

4. Paul Flores was convicted of murder in 2022 despite no body. In a rare legal outcome, a jury found Paul Flores guilty of first-degree murder in October 2022. He was sentenced to 25 years to life in prison. Prosecutors argued that circumstantial evidence, including blood evidence, witness testimony and Flores’ behavior, proved he killed Smart. His conviction was upheld on appeal.

5. His father Ruben Flores was acquitted of being an accessory. Ruben Flores, Paul’s father, was tried separately for allegedly helping dispose of Kristin’s body. A jury acquitted him in 2022. However, investigators have continued to focus on properties linked to the Flores family, including a recent search at Susan Flores’ home in Arroyo Grande.

6. The case gained renewed attention with new forensic searches. This week, authorities executed a search warrant at a property associated with the Flores family after scientific equipment detected signs of human decomposition. While no remains have been confirmed yet, the effort highlights that the investigation remains very active nearly three decades later.

7. Kristin’s family has never stopped fighting for justice. Kristin’s mother Denise and father Stan have been tireless advocates. They have worked with law enforcement, pushed for legislation to improve missing persons investigations, and kept their daughter’s story alive through media appearances and public appeals. The family offered rewards and maintained pressure on investigators for years.

8. The case helped change California law on cold cases. Kristin Smart’s disappearance contributed to legislative changes that improved how law enforcement handles long-term missing persons cases. It also highlighted the challenges of prosecuting murder cases without a body, influencing legal strategies in similar high-profile investigations.

9. Elizabeth Smart and other survivors have shown public support. Abduction survivor Elizabeth Smart has publicly expressed hope that Kristin could still be found alive and has offered support to the Smart family. Her involvement has helped keep national attention on the case and raised awareness about missing persons issues.

10. The case remains open and investigators are still searching. Even after Paul Flores’ conviction, the San Luis Obispo County Sheriff’s Office continues to treat the case as active. Recent searches using advanced forensic technology show authorities have not given up on finding Kristin’s remains and providing full closure to her family.

A Case That Changed a Community

The disappearance of Kristin Smart profoundly affected the San Luis Obispo community and Cal Poly campus. Security measures on college campuses across California were strengthened in the wake of her vanishing. The case also highlighted the vulnerabilities faced by young women on college campuses and the importance of personal safety awareness.

For nearly 30 years, the Smart family has lived with uncertainty. Denise Smart has often said that not knowing what happened to her daughter is the hardest part. The family continues to hope for answers while honoring Kristin’s memory through advocacy work and scholarships in her name.

Latest Developments Keep Hope Alive

This week’s search activity at the Flores family property has brought renewed national media attention. While early forensic indicators are promising, officials have urged caution and emphasized that the investigation is ongoing. The Smart family remains grateful for the continued efforts of law enforcement.

The Kristin Smart case stands as a powerful example of persistence in the face of long odds. From the initial disappearance in 1996 to the 2022 conviction and this week’s renewed searches, it demonstrates both the challenges and the possibilities in solving cold cases. For the Smart family and the broader community, the search for truth and justice continues.

As investigators press forward with new technology and old-fashioned determination, the hope remains that one day Kristin Smart will finally be brought home, bringing long-awaited peace to those who have waited nearly three decades for answers.

Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life.Be the first to know! Sign up for Invesco US Blog and get expert investment views as they post.Disclosure for all Invesco US articles: Before investing, carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. The information provided is for educational purposes only and does not constitute a recommendation of the suitability of any investment strategy for a particular investor. Invesco does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state tax laws are complex and constantly changing. Investors should always consult their own legal or tax professional for information concerning their individual situation. The opinions expressed are those of the authors, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE All data provided by Invesco unless otherwise noted. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products and collective trust funds. Invesco Advisers, Inc. and other affiliated investment advisers mentioned provide investment advisory services and do not sell securities. Invesco Unit Investment Trusts are distributed by the sponsor, Invesco Capital Markets, Inc., and broker-dealers including Invesco Distributors, Inc. PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Each entity is an indirect, wholly owned subsidiary of Invesco Ltd. ©2015 Invesco Ltd. All rights reserved.

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