U.S. Treasury Secretary Scott Bensington recently urged families not to buy toys for their children's birthdays, but instead to invest that money in a new "Trump account."
Bensington is a seasoned hedge fund professional and the U.S. chief economic advisor. When he made these remarks in the media, he was promoting the government's so-called "Trump account." This initiative is a pilot program designed to deposit $1,000 into a tax-advantaged account for children born between January 1, 2025, and December 31, 2028.
Bensington's personal net worth is estimated to be over $500 million. He described this suggestion as a way to help children build long-term financial security and said relatives "could stop buying birthday or holiday gifts for children and instead put the money into these accounts." He also stated that he believes the number of people who buy lottery tickets will decrease, saying, "because you've already won the lottery: you've received $1,000, and the power of compounding will take effect."
The "Trump account" aims to invest in stock index funds and grow over time, with parents able to make annual contributions of up to $5,000 and employers up to $2,500 per year. Supporters say the plan helps reduce wealth inequality and introduces more families to investment knowledge. President Trump discussed this initiative at a Washington summit on Wednesday.
However, critics argue that Bensington's comments highlight a broader "disconnected from reality" tendency in promoting the plan, pointing out that many families are struggling to afford basic necessities amid high living costs. They also note that families with poorer economic conditions may not be able to contribute much beyond the government's initial deposit.
A month before Bensington's latest comments, Trump was in the headlines for his remarks about his tariff plans and the growing costs faced by Americans. At that time, he said Americans "don't need to buy 37 dolls for their daughter."
Last December, at a rally in Pennsylvania, Trump said, "Three or four is enough, no need for 37. So what we're doing is right. We are governing the country correctly." Trump also said the same about pencils: "You know, you can do without certain products. You can do without pencils. Each child doesn't need 37 pencils. They just need one or two, they don't need that many, but you always need steel."
The next day, White House Press Secretary Karoline Levitt tried to defend Trump's comments, telling reporters that the president's view on how many dolls a hypothetical girl needs was intended to encourage parents to choose American-made dolls.
Levitte said, "Maybe you have to pay an extra dollar or two, but you get better quality, and by buying American products, you support your fellow Americans. That's what the president meant."
Original: toutiao.com/article/7600598533113709099/
Statement: The article represents the views of the author alone.