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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?

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Okay see they mentioned booker’s legislation here too.

Economics

Okay we discuss some fairly inane topics when seeding… sometimes we’ll tackle more substantial ideas.

I assume there will be government intervention in the markets before the end of Trump’s term, and the folks pulling strings always come up with new ways to keep the party going.

Would you support > Patriot Accounts - idea $20K invested into an equities portfolio for anyone under age 20 when COVID started (say March 2020) or born since that is transferred to each individual at their 25th birthday.

Idea is to both compensate folks whose education was impacted and create a leveling agent for future generations.  

To make it more popular - limit the investments into US companies who commit to onshore their profits as a way to help encourage reinvestment in America.

Would provide a bridge for a shift toward broadening future social security investments

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Similar to https://pressley.house.gov/2023/02/15/pressley-booker-re-introduce-bicameral-baby-bonds-legislation-to-tackle-wealth-inequality

Will check this out.

Figured we would see bigger numbers as part of a future equities bailout / and tie it to companies on shoring profits.

Booker and other Dems have also introduced legislation in the past >

Will check this out.

Figured we would see bigger numbers as part of a future equities bailout / and tie it to companies on shoring profits.

Booker and other Dems have also introduced legislation in the past > 

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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

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

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lmao no no groupchat with ted lasso or ted cruz just my own thoughts

Is this a Ted solidarity thing, is there a group chat 🤔

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It could be amazing if it followed more
Traditional retirement fund structure like you could take it out for college, first home, etc. 

That could be a huge unlock!!!

well they can't touch it until they turn 18 according to initial legislation i think

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.

People already born don’t get it and they’re the ones paying for it via taxes? Could have similar pushback as forgiving student loans. 

Also may not feel great to be funding social security for the older class and also funding 401K for the younger class (that they may not get either of)

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Seems like it could be run by the Fed and would be ostensibly independent that way.

Cue the complaints about the Fed...

The main issue (I'm guessing) is volatility. That's why Social Security isn't invested in the stock market. You want volatility in the market, but if the gov't is in the market it makes unnatural incentives bc they're the most powerful possible player (and regulator).

My biggest issue is that this seems ideologically apposed to Ted Cruz, and I'd be concerned that the final result would contain poison pill policy concessions that hamstring the effectiveness, similar to the ACA. 

I don't disagree with the idea. I disagree with Ted Cruz being attached due to his track record. Ultimately, I'd be happy yo be proven wrong.

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whyyyyyyy do this lol i know you're interested but it'll blow up my notifications