re: Trump accounts

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Should be means tested. Elom Musks kid does not need taxpayer money.

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Phase outs are almost always based upon income. Impossible to do a practical means test.

I’ve played w different scenarios to use trump accounts to eventually replace social security…

gradually replace traditional Social Security with individually owned “Trump Accounts,” seeded at birth, invested long-term, funded through payroll contributions, with most assets protected for retirement.

* Grandfather current retirees: Anyone already receiving Social Security keeps the existing system and receives all promised benefits.
* Protect near-retirees: Workers roughly 50–67 stay primarily in traditional Social Security so people don’t have retirement plans changed at the last minute.
* Phase in younger workers: Younger workers gradually redirect an increasing share of payroll taxes into personally owned Trump Accounts over perhaps 20–30 years.
* Start children immediately: Every newborn receives the $5,000 initial deposit we modeled, giving the money 60+ years to compound.
* Keep mandatory payroll saving: Don’t eliminate the Social Security payroll contribution concept; redirect it from financing current benefits toward assets owned by the worker.
* Invest cheaply and broadly: Default investments should be diversified, ultra-low-cost index funds with age-based allocation rather than allowing retirement money to become a speculative trading account.
* Allow limited young-adult access: At 18, only a defined portion could become available for things like education, a first home, or starting a business; the large majority remains locked for retirement.
* Finance the transition separately: This is the hardest part because one generation’s payroll taxes would be building personal accounts while government still owes benefits to existing retirees. Federal borrowing/spending reductions or other revenues would temporarily have to cover that gap.
* Long-term outlook could be dramatically different: Instead of future retirees depending almost entirely on taxes collected from future workers, each generation would accumulate actual financial assets over decades, potentially creating substantial inheritable wealth.
* End state: After roughly 50–70 years, conventional Social Security could largely disappear for retirement benefits, replaced by mandatory personal retirement accounts, while government retains a smaller safety-net/disability program for people who become disabled, have unusually low lifetime earnings, or exhaust their assets.

My daughter got one today in the mail. Told her to set it up and instead of cheap Chinese crap for Xmas and bdays, ask for money towards the account.

You seem autistic

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The sad part is those kids will need that 100k to put a down payment on a car at 18

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Owning a car will be a luxury. Unless you choose to add your car to the rideshare grid to earn money, you won’t need to own one.

Cars will be a service. People will summon driverless cars for daily travel. For longer distances it will also be cheaper to rent than to own.

It will make no sense to purchase a depreciating asset of that magnitude unless you choose to monetize it.

Sorry you have to be an illegal alien to get your $100,000 of freebies annually from the government courtesy of the taxpayers