Could a MAGA-inspired baby fund work in Ireland?
MAGA, in this case, stands for 'Money Account for Growth and Advancement,' not the usual red-hatted version. Under Cruz's plan, every American newborn would get a $1,000 stock market account, with friends and family allowed to contribute up to $5,000 annually. From age 18, the money could be used for college, a first home or to start a business.
The idea was welcomed by Trump supporter and hedge fund billionaire Bill Ackman, who has long proposed giving each newborn $6,750 to invest in index funds until retirement – enough to grow into $1 million by age 65 at annual equity returns of 8 per cent.
Adjusted for 3 per cent annual inflation, that figure shrinks to around $161,000, but the principle still holds. As Cruz puts it, Americans would 'experience the miracle of compound interest'.
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There's bipartisan momentum behind the general concept. Vanguard, JPMorgan and BlackRock's Larry Fink all support some version of early investment accounts, as do some Democrats.
Some US research finds that so-called baby bonds could reduce the racial wealth gap. As Stocktake argued in January, the real lesson is this: don't just save more – save sooner, and smarter. Choose low-cost index funds, and let time do the heavy lifting.
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