Trump Accounts
The newly formed Trump Accounts offer a generational path forward to ultimately replace Social Security with individual retirement accounts.
Under whatever guise they may be called, we at ILAF have long championed widespread implementation of personal retirement savings accounts that could someday fully replace Social Security in the United States.
The newly formed Trump Accounts offer a viable path forward for generations to come that can offer individuals the opportunity to compound their wealth over time without penalizing workers with the heavy burden of Social Security taxation and misappropriation of said funds by Congress.
Of the many assets in life, time is among and perhaps the most valuable asset of all. The Trump Accounts leverage time by seeding the accounts early in life, in fact before the child is even aware of the account. The first decade then becomes a growth engine.
Assuming the government, billionaires, parents, grandparents, and even friends contribute and gift each child's account over the first 18 years of life a child now has a sizable nest egg at 18 to pursue a variety of either educational goals, buying a business, real estate, etc. or some combination therein including continuing to save and invest.
The time value of money and the power of compounding under the Trump Accounts is truly revolutionary and has been in wide practice for centuries with the nobility and modern day aristocrats who have seeded generational wealth the moment their progeny are born.
The Trump Accounts offer every American child now the opportunity to advance in life with prudent saving and investing over time. The constant drip method of dollar cost averaging over decades is tough to beat.
Just like the GLPs will add millions of life-years to the human population, the Trump Accounts will collectively leapfrog a generation of Americans in better standards of living with better education opportunities and career choices.
Imagine the impact Warren Buffett could have if he honored his giving pledge by providing $2,000 to each Trump Account rather than positioning $50B with each of HIS kid's "foundations." That would be true impact investing! And Buffett is by no means alone.
