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Ted Cruz wants to give Americans $1K at birth to invest in the stock market…ok

https://www.houstonchronicle.com/politics/texas/article/ted-cruz-tax-cut-plan-20324854.php

lazy reaction is to read this and think: ew, Ted Cruz, next.

BUT this is actually a legislative program and nonprofit started by Brad Gertsner of Altimeter back in 2021 with a mission of eliminating the wealth gap.

i only know this because he introduced it publicly at the /all-in summit in 2023.

it would create a 401k-like investment account seeded with $1k in the S&P500 (which now includes Coinbase!) for each of the 3.7M babies born annually.

Ted Cruz formalized Gertsner's idea into the "Invest America Act," which was incorporate into a tax reform package by the House Ways and means Committee where it was rebranded into... drum roll please...

the "Money Account for Growth and Advancement,"

which, yes, has an acronym of "MAGA" accounts, smh.

anything with an affiliation to MAGA becomes controversial, even though i believe this is one of the most practical, low-effort ways for all future citizens to participate in the growth of the U.S. economy.

what's the major pushback against it?

building farcaster | surfing @ venice, ca | eating @ gjusta / gjelina | “lucky me, lucky mud” 🤠

It’s a great idea. Has been talked about for years among many across the political spectrum. Would be amazing to make it real.

I think the pushback is what you describe. when things are super tribal, ideas will be rejected out of hand based on who proposed. so the default tends to be that very little gets done in congress.

do people not like it? haven't been reading the news much recently