All posts tagged "Trump Account"

President Donald Trump's plan to debut Trump Accounts is a test that could likely disappoint, The Atlantic reported on Thursday.

Michael and Susan Dell announced last week that they would give $6.25 billion to millions of American children, adding $250 for each government-run savings account. The idea sets up potential retirement accounts for kids, which sounds great in theory, but could prove not as generous as it's been touted.

"President Donald Trump and his supporters are billing Trump Accounts as a vehicle to set the next generation 'on a course for prosperity' and transform the lives of low-income and working-class people. In reality, the program is an interesting yet modest experiment in giving American children a stake in the stock market. Trump Accounts, in other words, are perfectly Trumpian down to the name, in that they deliver a lot of sizzle but not much steak," The Atlantic reported. ...

Treasury Secretary Scott Bessent added a new wrinkle to the debate over what to do about the future of Social Security, since experts have warned the social safety net will be depleted by 2033.

At a forum hosted by Breitbart News on Wednesday, Bessent claimed that the tax-deferred children's investment accounts, called Trump Accounts in the Big Beautiful Bill, “is a back door for privatizing Social Security."

The plan's architect, Sen. Ted Cruz (R-TX), claimed that giving $1,000 seed money from the Treasury to “every child born in America" will "help them begin the journey of savings and benefit from the wonders of compound interest."...