‘Trump accounts’ promise to mint child millionaires. Experts have their doubts

President Donald Trump has touted the growth of federal investment accounts for US children as a means to boost his political standing. Upon returning to the White House, Trump has eliminated rules that made childcare more affordable and advocated for reducing funding for public schools. As midterm elections approach and his approval ratings remain low, the president has repeatedly highlighted a newly launched program called "Trump accounts" to benefit the nation's children.

The Trump accounts initiative entails a one-time $1,000 deposit to every newborn whose family applies when registering for the program. During campaign speeches this summer, Trump sought to maximize the political advantage of these accounts by making grandiose promises about their potential impact on the children's future. In a speech in Las Vegas last month, Trump proclaimed: "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 flourishes, "you'd end up with $1m."

Despite the president's optimistic forecasts, financial experts have expressed skepticism about the feasibility of these claims. They argue that the projected growth of the accounts is highly improbable, given the current economic climate and the stock market's volatility. Experts caution that the children who receive these accounts may not reap the substantial financial benefits that Trump promises, thereby casting doubt on the president's political motives behind the initiative.