President Trump's proposal for MAGA savings accounts would establish a financial initiative for children, providing $1,000 to every newborn with a Social Security number. This money would grow through interest and contributions from families, potentially reaching tens of thousands of dollars by adulthood. Spearheaded by Texas Sen. Ted Cruz, the initiative is likened to a children's retirement fund. Cruz argues it would empower children by giving them ownership in the economy, fostering investments among Americans who lack financial securities such as stocks and bonds.
The pilot program - described as the "money account for growth and advancement" or "MAGA account" - would give every baby born with a Social Security number $1,000.
Texas Sen. Ted Cruz likened it to a retirement fund for kids, stating, "This is essentially a 401k for every newborn in America..."
Cruz emphasized enabling every child in America to have an investment account, giving them a direct stake in the American free enterprise system.
Many Americans don't own stocks or feel invested in the market. This initiative aims to provide every child with a stake in the economy.
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