No wonder the stock market is up…Coffee and Covid snippet…Jeff is awesome.
Last night, the President took Trump Accounts for Kids and launched it into orbit. “Half of all working Americans still do not have access to a retirement plan with matching contributions from an employer,” the President told Congress. That was the Democrats’ argument. Then he pulled the pin from the political grenade.
“To remedy this gross disparity,” he explained, “I am announcing that next year, my administration will give these often forgotten American workers, great people, the people that built our country, access to the same type of retirement plan offered to every federal worker. We will match your contribution with up to $1,000 each year, as we ensure that all Americans can profit from a rising stock market.”
And just like that, the tables turned. Everyone is invested in the market now. (Or at least, can be, by simply checking a box on their income tax form. Citizenship and ID are required.) Federal workers already have retirement accounts linked to the market. Corporate workers get IRAs and 401Ks in which they can invest. Now every single child gets one and, if —and only if— Republicans keep the House this November, every other person will get one too, plus $1,000 bucks to kick it off.
Bank of America (BAC.N), opens new tab and Wells ?Fargo (WFC.N), opens new tab will match the U.S. government’s initial $1,000 contribution to the proposed Trump ?Accounts for eligible employees’ families, according to internal memos seen by Reuters on Wednesday.
The Trump Account, created as part of President Donald Trump’s One Big Beautiful Bill Act and expected to be rolled out on July 4, will see the U.S. Treasury deposit $1,000 ?of seed money into investment accounts for all children born between ?2025 and 2028 with a valid Social Security number.