It is better to give the next generation ownership of America’s future instead of handouts President Trump told attendees of the Trump Account Summit on Wednesday.
Over the next fifteen years, the United States Treasury and a plethora of fortune 500 companies will be putting about $4 trillion dollars of wealth into the hands of young Americans through Trump Accounts which are investment accounts for children under the age of eighteen with a $1000 seed investment from the government. The accounts will give children ownership in the American economy from birth.
“Trump Accounts represent the triumph of capitalism over socialism,” said Treasury Secretary Scott Bessent. “Through Trump Accounts, our President is creating an ownership economy where all citizens become shareholders in America’s wealth.”
Bessent called Trump Accounts the greatest merger in world history, the merger of Wall Street and Main Street and that it will forever change the relationship Americans have with the United States economy. Children won’t be able to take money out of their accounts until eighteen, so theoretically as America’s economy grows so will the value of children’s Trump Accounts.
“People are going to turn to socialism if they aren’t part of the system,” Counselor to the Treasury Secretary, Joe Lavorgna, told the Daily Wire. “This is a way to directly get them involved and partake in United States economic growth and prosperity, so they have no reason to move away from capitalism and move toward a subpar inferior system if they can actually benefit from capitalism.”
While the program has seen support across both sides of the aisle, some critics argue it will widen the wealth gap with the account predicted to total $5,000 when a child turns eighteen without additional investments from parents and employers versus $300,000 with additional investments. “I think that is a terrible criticism and it shows how out of touch anyone who says that is. Because if they say only $5,000 … huge numbers of families in America don’t have $500 to meet a medical emergency.” Bessent added, “You don’t want a wealth gap? Go to Venezuela, go to Cuba. Nobody owns anything.”
Marking the Trump Account launch day, seven different companies announced they would be matching contributions to their employees who opened the account including JPMorgan, Steak ‘n Shake, Bank of America, Broadcom, Intel, Coinbase, Comcast, and Turning Point USA. Past companies who previously announced employee match contribution programs were Charles Schwab, Uber, Charter Communications, Bank of New York Mellon, State Street, Mastercard, Visa, Block, Robinhood, SoFi, Chime, Russell Investments, and Dell Technologies.
World famous rapper Nicki Minaj also unveiled she will be pledging money to help fund her fans’ Trump Accounts. Minaj did not announce which fans will be eligible for the contribution.
Minaj said, “If I had access to something like this my whole life would be different. So now I’m thinking about those kids who are bright and aren’t born with a bank account or wealthy relatives or parents but they have so much to offer this world. Now they get to have some sort of hope.”
In addition to wealth creation, the White House says Trump accounts will create a real-time laboratory of financial literacy for all Americans as students are able to watch their investment accounts grow when they log in to their accounts. Bessent said two-thirds of Generation Z cannot answer more than half of the basic financial literacy questions on the Nation’s Personal Finance Index and that the real-time Trump Account education will give Americans the opportunity to course correct financial literacy.
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