Donald Trump Floats New Retirement Program Similar to Australia's System
By: Jenna Sundel and Gabe Whisnant Share (Newsweek)
Gifting more money to financial finaglers is definitely not America First. This is just rewarmed TEA Party crap that's been floated since Republican grifters took over the Republican Party. The TEA Party tells us that Big Corrupt Institutions of government and finance are going to determine your children's future. And there's not one damned thing you can do about it.
S E E D E D C O N T E N T
President Donald Trump on Tuesday said his administration is exploring a new retirement savings program modeled in part on Australia's system.
When asked about potential policies aimed at raising the U.S. birthrate, Trump said: "We are looking at programs. We're looking at, there's a certain Australian plan that people are liking and they're talking about. You know what I mean? There's a plan where, not for children necessarily, but it's for people. Working people. And we are looking at other things. Different from this. I think this is very unique. But different from this. But very important."
Trump gave the remarks at a White House event in which billionaires Michael and Susan Dell on Tuesday pledged $6.25 billion to help provide 25 million American children age 10 and under with an incentive to claim the new child investment accounts created under Trump's tax and spending package.
Why It Matters
In this year's annual report by the Trustees of the Social Security and Medicare, the trustees said both programs "face significant financing issues" and the reports "indicate a need for substantial changes." The trustees said full scheduled benefits under Social Security's Old-Age and Survivors Insurance are expected to be payable until 2033. More than 70 million Americans received Social Security benefits in September, according to the Social Security Administration.
What Is The Australia Retirement Trust?
Australia's retirement system is built around "superannuation," a compulsory savings program in which employers contribute a set percentage of a worker's earnings into a private retirement fund. Workers can also make voluntary contributions and the accounts grow over time through investment returns. The money is generally preserved until retirement age, creating a mandatory, nationwide nest egg that supplements Australia's public age pension.
Billionaires Michael And Susan Dell Donate $6.25 Billion: What To Know
The donation from Michael and Susan Dell builds on the Trump Accounts program. The Dells' gift will use the Trump Accounts infrastructure to give $250 to qualified children under age 11.
Under the new law, Trump Accounts are available to any American child under 18 with a Social Security number. Contributions are invested in an index fund that tracks the overall stock market. When the children turn 18, they can withdraw funds from the account to put toward their education, buying a home or starting a business.
Under the program, the U.S. Treasury Department will deposit $1,000 into accounts for American children born between January 1, 2025, and December 31, 2028.
The money donated by the Dells will be placed into the accounts of children 10 and younger who live in ZIP codes with a median family income of $150,000 or less and who won't get $1,000 from the Treasury.
Trump said the donation was "truly one of the most generous acts in the history of our country" at the White House on Tuesday.
What People Are Saying
Susan Dell told the Associated Press: "We want these kids to know that not only do their families care, but their communities care, their government, their country cares about them."
Ray Boshara, senior policy adviser with the Aspen Institute and Washington University in St. Louis, told the Associated Press: "We would like to see this idea continue and get better over time, just like any big policy. The ACA, Social Security-they start off fairly flawed but get much better and more progressive and inclusive over time. And that's how we think about Trump Accounts. It's a down payment on a big idea that deserves to be improved and there's bipartisan interest in improving them."
What Happens Next
Contributions to Trump Accounts will be accepted starting July 4, 2026.
This article includes reporting by the Associated Press.
Be a good human. Grossly derogatory comments, blatantly inflammatory comments, excessive trolling, mean-spirited taunting and insults, scamming, spamming, and off topic comments may be removed in compliance with the site's Terms of Service and the Code of Conduct. The moderators have the final word.
Tags
Who is online
123 visitors
Just another stupid TEA Party idea intended to benefit Fat Cats on Wall Street at the expense of ordinary people. With this idea Trump is guaranteeing perpetual inflation and shrinking dollar value. The Wall Street ponzi game has never produced any wealth and never will.
The amount of money lost to seniors because democrats stopped bush’s plan to allow investing is incalculable
Assuming people made wise investments ...
That's how investment firms get rich. If this idea had passed imagine all the cold calls we'd be getting from slimy stockbrokers
Putting the name Trump in front of anything guarantees its failure. This is the ignoramus who couldn’t keep a casino profitable.