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ted (not lasso)
@ted
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?
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Pichi
@pichi
I read it as a sketchy way to get rid of social security. But it might actually work. They can’t touch it till then retire. In theory it would be a great cushion and create long term holdings in American companies. Sounds kinda cool at first glance.
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ted (not lasso)
@ted
well they can't touch it until they turn 18 according to initial legislation i think
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