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Topic: Trumpled (Alternative Leading) (Read 2406810 times) previous topic - next topic
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Re: Trumpled (Alternative Leading)

Reply #4905 –
Quote from: ElwoodBlues1 – on
While Australia is bucking the trend of falling interest rates in major nations and raising rates Donald Trump has launched "Trump Accounts". What is it and how does it work?..glad you asked...

Every newborn in the USA will receive US$1,000 from the government, deposited into an investment account, with parents acting as custodians until age 18 (all children under 18 can still establish accounts)
The money is mandated to be invested in US equity ETFs or index funds.
Families, employers and charities can contribute up to US$5,000 per year
Accounts are locked until age 18, at which point funds can be used to buy a home, pay for education, or continue saving for retirement.
Access to the money may be linked to financial literacy requirements.

Now Im not normally a fan of anything Trump says or does but this isnt a bad idea imo. Taking into account inflation and to make the amount of money significant it will require extra contributions every year but it does have merit in encouraging saving and learning about investments and might get a proportion of the population interested enough to participate in a meaningful manner.
one step further if you want to pay for it, might want to use the resources we effectively sell to foreign global mining and energy companies to fund the scheme too.

I.e.  ive heard a company like Santos pays the equivalent of no tax, for resources mined in the ground and sold off at high profit.  A country like Norway by contrast protects its people. 
"everything you know is wrong"

Paul Hewson

Re: Trumpled (Alternative Leading)

Reply #4906 –
Trump Accounts lol. Another piece of political theater. Prices for everything are skyrocketing and wages are in the toilet. Education, healthcare cost of living is sending record numbers into debt, but a few shekels rotting in a bank account will undoubtedly help.

One hand gives f#4k all, and the other hand takes massively.

Re: Trumpled (Alternative Leading)

Reply #4907 –
Quote from: PaulP – on
Trump Accounts lol. Another piece of political theater. Prices for everything are skyrocketing and wages are in the toilet. Education, healthcare cost of living is sending record numbers into debt, but a few shekels rotting in a bank account will undoubtedly help.

One hand gives f#4k all, and the other hand takes massively.
its right to be cynical.  Those accounts will fuel the stock market, but it will be a boon to people.  I had the benefit of a family with strong ideals on been miserly with money.  We spent infrequently, but enjoyed our lives.  Mum encouraged banking and introduced me to it in when I was sub 8 years old.  This account will do this for people that potentially dont do this.  Its not bad at all, in fact its dead set great particularly as it is the only thing resembling a reverse pension where the populace pay taxes into the next generation, not just borrowing money against them.

Even a broken clock is right twice a day.
"everything you know is wrong"

Paul Hewson

Re: Trumpled (Alternative Leading)

Reply #4908 –
Quote from: Thryleon – on
its right to be cynical.  Those accounts will fuel the stock market, but it will be a boon to people.  I had the benefit of a family with strong ideals on been miserly with money.  We spent infrequently, but enjoyed our lives.  Mum encouraged banking and introduced me to it in when I was sub 8 years old.  This account will do this for people that potentially dont do this.  Its not bad at all, in fact its dead set great particularly as it is the only thing resembling a reverse pension where the populace pay taxes into the next generation, not just borrowing money against them.

Even a broken clock is right twice a day.

I appreciate that, but the problem is not that the working class lack saving habits. The problem is they already cannot afford the basics. They don't have anything to put in the bank. They are not spending their money on iPhones and luxuries. Give them a living wage and watch them save.

Re: Trumpled (Alternative Leading)

Reply #4909 –
I think any program that encourages saving and gives a basic understanding/education in financial matters is worth whatever amount ends up in the bank account.

Re: Trumpled (Alternative Leading)

Reply #4910 –
Quote from: Lods – on
There's probably a bit of interest to be collected. :D
I found mine when I was in my late 20s, decades back, it had increased tenfold up from $4 to $40, but they deducted fees for closing the account so I got about $16. :(

fwiw, I think about 20 years ago they gave everyone notice that the books were closing on that stuff and you had a cut-off date to claim the account. I bet the banks made a tidy profit from thousands of defaults, while claiming it cost them money to keep them open, money for nothing and a tax deduction! ;)
"Extremists on either side will always meet in the Middle!"
 

Re: Trumpled (Alternative Leading)

Reply #4911 –
Some random data for those interested :

from 1979-2019, real wages for US workers rose by 17%
from 1979-2019, worker productivity rose by 72%
from 1980-2018, the share of their total spending spent on health doubled.
In 2008, there were 7 states in which the cost of covering your health insurance was 10% or more of the median income. By 2018, that rose to 42 states.
from 1980-2018, the cost of education rose 600% compared to people's incomes. Not a typo.

Bipartisan polices that have cut the US population into 6000 pieces and left it profusely bleeding will not be ameliorated by a band aid.