Billion-Dollar Boost for Child โคSavings: Dell Family Pledges $6.25 Billion to ‘Trump Accounts’
WASHINGTON (AP) – Michael and Susan Dell have committed $6.25 billion to encourage familiesโ to utilize newly established โฃ”Trump Accounts,” investment vehicles designed to buildโ wealthโข for America’s children. The unprecedentedโข philanthropic commitmentโข aims to seed accounts and incentivize contributions โขfrom businesses,โ governments, and individuals, though experts caution the program’sโฃ immediate impact on childhood poverty will be limited.
The “Trump Accounts,” formally known as child investment accounts, were included โin a recent spending โpackage and allow for contributions to grow over time. While the accounts won’t โขimmediatelyโค alleviate existing financial hardship,proponents โคenvision them โas a long-term strategy for wealth building,notably for children from low-income families. The โDell’s donation, channeled through the Michael & Susan Dell Foundation, represents a significant down payment on the concept, with the couple โincreasing thier initial commitment over time.
“We’re thrilledโฃ to โคbe โspearheading this inโฃ the philanthropy sector and are soโฃ excited as we certainly knowโค that more people are goingโค to jump on board because really, we can’t โthinkโ of a better idea and better way to help America’s children,” Susan Dell said.
The foundation has historically โfocused on education, reporting $2.9 โbillion in giving since 1999. The new initiative builds on that commitment, aiming to provide aโฃ financial foundation โfor future generations.โข
However, the benefits of โthe “Trump Accounts” are occurring alongside cuts to existing social safety nets. Reductions toโค Medicaid,food โstamps,and child โcare programs included in the same spending package are expected to diminish support for children in low-income families.
Ray โคBoshara, senior policy advisorโ with the Aspen Institute and Washington University in st. Louis, expressedโฃ optimism about the potential of the accounts, notingโ that large-scale policies โoften โevolve and improve over time.”The โขACA, Social Security โ- they start off fairly flawed, butโ get much better and more progressive and inclusive over time. Andโข that’s how weโฃ think about Trump Accounts. It’s a โdown payment on a big idea that deserves โto be improved and there’s bipartisan interest โฃin improving them.”