Could ‘Trump Accounts’ Actually Close the Wealth Gap?
7/24/202631 min
This month, President Trump announced the start of “Trump accounts,” an investment device that could eventually help address the nation’s wealth gap.
Claire Cain Miller, who covers families and education for The New York Times, explains how these accounts work and why so many Americans have yet to sign up.
Guest: Claire Cain Miller writes for The Upshot, which uses data and visuals to help explain the world.
Background reading:
- Many children don’t have Trump accounts. Some are missing out on $1,000.
Photo: Allison Robbert for The New York Times
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Clips
Transcript preview
First 90 secondsSpeaker 10:00
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Zolan Kanno-Youngs· Host0:27
[upbeat music] From The New York Times, I'm Zolan Kanno-Youngs filling in as host, and this is The Daily.
Donald Trump· Soundbite0:35
I want to stand next to these soon to be very rich people.
Zolan Kanno-Youngs· Host0:40
[laughs] Earlier this month, in the Oval Office surrounded by kids- [cheers] [bell rings] ... President Trump rang a ceremonial bell to open the stock market.
Donald Trump· Soundbite0:51
So today with the ringing of the opening bell for the stock market, those accounts will now begin to grow right along with our booming economy.
Zolan Kanno-Youngs· Host0:59
He announced the start of so-called Trump accounts, a new investment device that could eventually address the nation's wealth gap.
Donald Trump· Soundbite1:06
We're giving this money to children so they can have a good life. Very early on, they can have a good life.
Zolan Kanno-Youngs· Host1:13
Today, my colleague Claire Cain Miller on how these accounts actually work, why they have bipartisan support, and why even weeks after their launch, so many Americans have yet to sign up for free money.