‘Trump accounts’ promise to mint child millionaires. Experts have their doubts
President has hyped growth of federal investment accounts to help US children – for his own political gain Since returning to the White House, Donald Trump has scrapped rules that made childcare more affordable and pushed to cut funding for the nation’s public schools . But with midterm elections fast approaching and his approval ratings very low, the US president has repeatedly trumpeted a…
Donald Trump has touted the growth of federal investment accounts aimed at assisting US children for his own political gain. After assuming office, Trump has revoked regulations that made childcare more affordable and sought to reduce funding for the country's public schools. With the upcoming midterm elections looming and his approval ratings plummeting, Trump has relentlessly promoted a newly launched program called "Trump accounts."
Designed to help the nation's children, the initiative offers a one-time $1,000 seed deposit to every newborn whose family applies to participate.
During campaign speeches this summer, Trump has leveraged these accounts for maximum political advantage, making grand promises about their potential impact on the nation's children. At a speech in Las Vegas last month, Trump extolled the program, stating, "It's really giving [children] a head start on the American dream... They start off with $1,000... and they can end up with $100,000, $200,000, $300,000," and if the stock market performs well, "you'd end up with $1m." However, experts have expressed skepticism regarding the feasibility and benefits of such claims.
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