"Bridgewater Associates founder Ray Dalio lauded President Trump's savers accounts for young Americans, announcing he and his wife Barbara will be making a $250 contribution into the accounts of some 300,000 children. Trump Accounts are a pilot program pitched in the "One Big, Beautiful Bill Act," which gives children born between January 1, 2025, and December 31, 2028, a savings account in their name funded with a $1,000 government contribution."
"Dalio, 76, said that compounding savings accounts offer young people "early insights into financial literacy and a path towards financial independence." While Dalio said investments into human capital, as he described it, "the ability of humans to earn money and handle it well," were his focus, not everyone agrees on the strategy. Chief among the critics is Elon Musk, the richest man on the planet and the CEO of Tesla. Responding to a post from Dalio on social media platform X (which Musk owns), the man worth $632 billion argued his pledges were essentially useless."
"It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money. There will be universal high income."
Ray Dalio and his wife Barbara will contribute $250 into the Trump Accounts of roughly 300,000 children. Trump Accounts, part of the One Big, Beautiful Bill Act, provides a $1,000 government-funded savings account for children born between January 1, 2025 and December 31, 2028. The program is open to households of any income and requires recipients to be U.S. citizens. Dalio called compounding savings accounts a source of early financial literacy and a path to financial independence and described human capital as "the ability of humans to earn money and handle it well." The Dalios plan to target funds initially to Connecticut zip codes with median incomes under $150,000. Michael Dell and his wife Susan pledged $6.25 billion toward the program weeks earlier. Elon Musk criticized the pledges on X, saying future universal high income would remove the need to save.
Read at Fortune
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