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India Today
11 hours ago
- Business
- India Today
Trump unveils $1,000 govt-funded accounts for newborns: What to know
US President Donald Trump on Monday unveiled a new federal initiative that would provide every newborn American with a $1,000 government-funded investment account -- a signature component of what he calls "the One Big Beautiful Bill."The accounts, branded as "Trump Accounts," aim to foster long-term financial growth for the next generation and are already drawing support from some of the country's top business is a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up the next generation," Trump said at a White House event. "They'll really be getting a big jump on life, especially if we get a little bit lucky with some of the numbers and the economy."BABY ACCOUNTS WITH LIMITS The accounts would be seeded at birth with a one-time $1,000 government contribution and grow tax-deferred, tracking a broad stock index. Parents and guardians could contribute an additional $5,000 annually. The accounts will be privately held and accrue interest until the child turns bill would require at least one parent to produce a Social Security number with work authorisations, meaning US citizen children born to some categories of immigrants would be excluded from the benefit. But unlike other baby bond programs, which generally target disadvantaged groups, this one would be available to families of all Trump hailed the proposal as a "pro-capitalist answer to inequality," experts were quick to raise concerns, especially as the program comes amid proposals by Trump-aligned lawmakers to cut programs that directly support low-income families."The rise and fall of nations occurs when you have a wealth gap that grows, when you have people who lose faith in the system," said Brad Gerstner, a Silicon Valley investor who helped craft the proposal. "We're not agentless. We can do something."However, experts say the accounts are more symbolic than transformative. Assuming a 7% annual return, the $1,000 seed investment would grow to roughly $3,570 over 18 years — a meaningful boost, but not a game-changer for children growing up in program is drawing mixed reviews from social advocates. While some applaud the intent to build generational wealth, others argue that Trump Accounts won't help families facing food insecurity, homelessness, or lack of health care today."Having children have health care, having their families have access to SNAP and food are what we really need the country focused on," said Shimica Gaskins of End Child Poverty inputs from Associated PressMust Watch
Yahoo
4 days ago
- Politics
- Yahoo
How SNAP changes could impact food insecurity
WYOMING, Mich. (WOOD) — A federal budget proposal could reduce or take away vital benefits for those already struggling to afford basic needs, and advocates in Kent County are sounding the alarm. At a discussion in Wyoming on Friday, groups in Kent County gathered to raise concerns about what President Donald Trump calls the 'One Big Beautiful Bill.'If it is passed, those who use Supplemental Nutrition Assistance Program (SNAP) benefits may be at risk of losing them. Data from last year shows nearly 1.5 million Michigan residents, or 15% of the population, received SNAP benefits. State Budget Office: GOP bill would strain budget, threaten residents' benefits Those at the meeting outlined what else the proposed cuts would affect, including SNAP-Ed, a federally funded grant program that teaches nutrition. Julie Brunson, executive director of H.O.P.E. Gardens (Helping Other People Eat), says that funding helps her team run nutrition education programs for children and families in the community. 'The loss of SNAP-Ed would definitely affect HOPE Gardens,' she said. 'But more importantly, it would affect our community and our children.' Several states call for tighter restrictions on SNAP benefits H.O.P.E. Gardens has several community gardens at schools to teach children how to grow their own food. 'It affects their food security and gives them agency over their own food,' she said. 'Seeing the impact this has on children and families is amazing… If you give a man a fish, he eats for a day, but if you teach a man to fish, he eats for a lifetime.' Brunson knows the stakes because she lived them. She grew up with a single mother raising seven children. She said her family relied on the type of support that is now at risk. 'We needed that help and families still need that help,' she said. SNAP changes proposed in GOP's 'big, beautiful bill.' Here's what to know Brunson says her team couldn't do what they do without continued funding. 'It makes me sad. It makes me angry,' she said. Several speakers urged community members to contact their congressional representatives to share how these programs have helped them or their neighbors. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
