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Posted on 07/04/2025 8:49:19 AM PDT by DIRTYSECRET
Big Beautiful Bill Act-Trump accounts would allow parents, relatives, and others to contribute $5,000 annually for a child’s future.
The federal government would seed this with $1,000.
Contributions couldn’t be made into a Trump savings account after the child reaches 18.
(Excerpt) Read more at kiplinger.com ...
You are in the wrong place. Democrat Underground is just a click away.
That is going to be $43 million in the not too distant future.
People look at this stuff with a static eye. But lets look at the past 25 years and think about what’s happened to upset the apple cart:
1. 9/11 and 20 years of war.
2. 2008 financial crisis caused the government to take over the financial markets
3. The pandemic shoved trillions into the system that need to be sucked back out.
None of those things were “prepared for” and it just added “extra” to the debt.
Part of risk management is assuming that something bad is going to happen. Congress does no risk management. They walk around acting surprised if something goes wrong. That is the difference between prudent people and idiots.
My father told me not to buy a house until I had enough savings to replace the furnace because inevitably, the furnace is going to break. It took three years in our first old home…but he was right.
This country’s “furnace money” is a printing machine.
Not sure where in the Constitution it says to give newborns $1000.
**This is no way is Constitutional.**
So’s Obamacare-we got it.
**So what are these “funds” going to be invested in? Is the government setting up a SP500 fund?**
Index funds. A private company handles it.
*$1,000 invested at birth isn’t going to do much for a kid who does nothing with it for 18 years. In 18 years that isn’t even enough to pay for a crap used car or a semester at a community college.**
It’s $5k a year after that. More attractive with no tax on overtime and tips.
So you’re ok with government socialism.....got it.
I didn’t know a growing index fund is socialism.
Something like this should be mandatory for all US Citizens.
Too many morons sqaunder or are completely ignorant of finances.
Perfect example is that local chick with a BMW (on lease?) rents an apartment, and has zero in an IRA or 401k.
You're sounding like an obama fan.
You're sounding like an obama fan.
The article has two errors.
First, the article first says it is for children born before January 1, 2024 and under eight years old (which would imply birth between about 2016 to 2024). The article later says is for kids born “born from January 1, 2024, to December 31, 2028”.
Actual language of the bill:
(1) who is born after December 31, 2024, and before January 1, 2029,
Second, the bill funds the program with $410,000,000 which will only cover about 10% of the children to be born in the next 4 years.
Births per year: 3.5 million X $1,000 = $350 million per year X 4 years = $14 billion.
**Something like this should be mandatory for all US Citizens.**
That’s why SSI got passed in the first place. An acknowledgment that people do not take care of business. Welfare payments buy off the poor-keeps them from stealing to get by. Doesn’t work because it doesn’t cost them anything. A 5k voluntary contribution by a family member makes one less likely to take their free stuff for granted.
Article has 2 errors. I think there’s more than that.
$14 billion is chump change compared to the $100 trillion down the road.
Libertarians are naive with their strict ideology. They need to form their own country. Outlaw everything else.
I meant to mention the The One Big Beautiful Bill Act actually refers to the accounts as Trump Savings Accounts which will embed Trump’s name like one refers to Pell Grants or other legacy programs.
Who is paying the $5K? 90% of American parents can’t afford another $5k a year into an account. This assessment is delusional.
George Bush suggested something that would’ve gotten people off of social security, but would’ve funded their own retirement. I don’t remember all the details. But I believe they would’ve been better off under that plan than SS. As usual, the Dems did not want to let go of their control.
Way less than Biden’s EPA spent in 60 days.
“None of those things were “prepared for” and it just added “extra” to the debt.”
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Great post! The profligate government spend-a-thon never considers the inevitable cost burdens of occasional national emergencies and therefore the irresponsible politicians wind up borrowing on top of borrowing to pay for them. Of course it doesn’t really matter to the spenders because they don’t pay for it. They’re all well taken care of financially and will have a comfortable retirement regardless of what consequences the unsustainable debt brings.
Not surprising at all.
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