{"id":63581,"date":"2026-02-04T09:55:21","date_gmt":"2026-02-04T09:55:21","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/bessent-touts-trump-accounts-as-rainy-day-fund-and-slams-critics-as-out-of-touch\/"},"modified":"2026-02-04T09:55:21","modified_gmt":"2026-02-04T09:55:21","slug":"bessent-touts-trump-accounts-as-rainy-day-fund-and-slams-critics-as-out-of-touch","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/bessent-touts-trump-accounts-as-rainy-day-fund-and-slams-critics-as-out-of-touch\/","title":{"rendered":"Bessent touts Trump Accounts as rainy day fund and slams critics as &#8220;out of touch&#8221;"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>U.S. Treasury Secretary Scott Bessent on Wednesday touted the benefits of the Trump administration&#8217;s new savings program for U.S. children, telling &#8220;CBS Saturday Morning&#8221; co-host Kelly O&#8217;Grady that the &#8220;<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-accounts-for-newborns-1000-bill-cbs-explains\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Trump Accounts<\/a><\/span>&#8221; could serve as &#8220;a rainy day fund&#8221; when those kids reach adulthood.<\/p>\n<p>The program, created under the Republicans&#8217; &#8220;big, beautiful bill&#8221; tax and spending law, calls for the federal government to start tax-preferred investment accounts for about 25 million children born between Jan. 1, 2025, and Dec. 31, 2028. The U.S. will seed each account with $1,000, which will be invested in the stock market.\u00a0<\/p>\n<p>&#8220;You got $1,000 coming from the government that&#8217;s going to be invested into an index fund,&#8221; Bessent said, adding that &#8220;even if your child doesn&#8217;t get $1,000 from the government, you can contribute \u2026in tax free. And we&#8217;re going to have employers who are contributing.&#8221;<\/p>\n<p>Philanthropists Michael and Susan Dell have <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/michael-dell-25-million-children-250-each-trump-accounts\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">pledged<\/a><\/span> to contribute $250 per child to many of the new accounts, while companies including Bank of America and JPMorgan Chase announced Wednesday that <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-accounts-for-kids-jpmorgan-chase-bank-of-america-1000\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">they&#8217;ll also chip in<\/a><\/span> $1,000 to accounts opened by the financial giants&#8217; employees.<\/p>\n<p>&#8220;So many Americans couldn&#8217;t even [handle a] $500 emergency,&#8221; Bessent told O&#8217;Grady. &#8220;So maybe people just put it away and it&#8217;s a rainy day fund. You know, it can be a component&#8221; of a bigger purchase or investment.\u00a0<\/p>\n<p>The accounts will remain invested for children until they turn 18, when they can tap the money to pay for qualified expenses, such as education, buying a home or starting a business.\u00a0<\/p>\n<p>Bessent said the accounts, which are limited to contributions of $5,000 per year per child, have drawn 600,000 signups this week alone. Families with children under 18 may also open accounts, although they won&#8217;t get the seed money from the federal government.<\/p>\n<h2>Closing the wealth gap?<\/h2>\n<p>Trump Accounts have raised <a href=\"https:\/\/www.epi.org\/blog\/billionaire-funded-trump-accounts-wont-end-child-poverty-they-are-poised-to-widen-structural-inequities-in-the-u-s-economy\/\" target=\"_blank\" rel=\"nofollow noopener\">some concerns<\/a> that they could widen the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/us-wealth-gap-widest-in-three-decades-federal-reserve\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">U.S. wealth gap<\/a><\/span>\u00a0 \u2014 which recently hit an all-time high \u2014 because higher-income families could stash the maximum of $5,000 per year in a child&#8217;s account, while lower-income households might struggle to contribute funds.\u00a0<\/p>\n<p>Bessent rejects such criticism, noting that the Dells&#8217; $6.2 billion contribution won&#8217;t include the wealthiest 20% of U.S. zip codes.\u00a0<\/p>\n<p>&#8220;It shows how out of touch anyone who says that is, because if they say only $5,000, these are families \u2014 a huge number of families in America \u2014 wouldn&#8217;t have $500 [for] a medical emergency. So how can they say only $5,000? What the hell are they talking about? It doesn&#8217;t make any sense. It&#8217;s just because President Trump has sponsored it, they don&#8217;t agree with it.&#8221;<\/p>\n<p>Bessent added that philanthropists who want to donate funds for a Trump Account can direct the money to lower-income parts of the U.S. &#8220;They can choose by zip codes. They can choose by school district. They can do it by economic quintiles,&#8221; he said.\u00a0<\/p>\n<p>The accounts are likely to also help educate Americans about investing, especially the 38% of households that don&#8217;t own stocks, Bessent added, noting the importance of financial literacy.<\/p>\n<p>&#8220;For many Americans &#8230;\u00a0 Wall Street is this abstract notion,&#8221; Bessent told O&#8217;Grady. &#8220;All of a sudden they have participated for 18 years in the financial markets. So it&#8217;s a constant financial education.&#8221;<\/p>\n<h2>Addressing affordability<\/h2>\n<p>Asked about affordability issues that many Americans <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/affordability-2025-inflation-food-prices-housing-child-care-health-costs\/\" data-invalid-url-rewritten-http=\"\">say they are facing<\/a><\/span>, Bessent blamed the Biden administration for driving up inflation. He also credits President Trump for boosting wage growth, pushing down prescription drug costs and introducing tax cuts through the &#8220;big beautiful&#8221; bill.<\/p>\n<p>&#8220;What we&#8217;re trying to do, we&#8217;re trying to control costs,&#8221; Bessent said. &#8220;I think inflation is going to be back toward the Fed target of 2%.&#8221;<\/p>\n<p>Many Americans have negative views about the cost of living in the U.S., according to a December CBS News <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/opinion-poll-cost-of-living-trump\/\" data-invalid-url-rewritten-http=\"\">poll<\/a><\/span>.<\/p>\n<p>The Trump administration has introduced a<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-fed-interest-rates-credit-cards-housing-affordability\/\" data-invalid-url-rewritten-http=\"\"> flurry of proposals<\/a><\/span> in recent weeks, in addition to the Trump Accounts, aimed at easing affordability pressures. They include promises to cap credit card interest rates at 10% and ban institutional investors from buying single-family homes.\u00a0<\/p>\n<p>Experts, however, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-fed-interest-rates-credit-cards-housing-affordability\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">have questioned<\/a><\/span> whether these proposals will achieve their intended objectives.<\/p>\n<h2>Demanding Fed &#8220;accountability&#8221;\u00a0<\/h2>\n<p>Bessent also touched on the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/scott-bessent-jerome-powell-doj-probe-federal-reserve-independence\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">independence of the Federal Reserve<\/a><\/span> and defended the Department of Justice&#8217;s <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/doj-subpoenas-federal-reserve-building-renovations-jerome-powell\/\" data-invalid-url-rewritten-http=\"\">ongoing investigation<\/a><\/span> into Federal Reserve Chair Jerome Powell, dismissing concerns that the probe could weaken the central bank&#8217;s traditional independence.<\/p>\n<p>&#8220;I think that the message is that independence does not mean no accountability,&#8221; Bessent said. &#8220;I&#8217;ve been calling for the Fed to do an internal investigation on numerous things since last spring, and they&#8217;ve chosen not to do it.&#8221;<\/p>\n<p>Earlier this month, the Justice Department served the central bank with <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/doj-subpoenas-federal-reserve-building-renovations-jerome-powell\/\" data-invalid-url-rewritten-http=\"\">grand jury subpoenas<\/a><\/span> tied to a criminal investigation into Powell&#8217;s June 2025 testimony before a Senate committee regarding a project to renovate several Fed buildings in Washington, D.C.<\/p>\n<p>Powell responded in a video message, calling the investigation a pretext for weakening the Fed&#8217;s independence in setting interest rates. Mr. Trump has already identified several candidates to replace the central bank chief when his term expires in May.\u00a0<\/p>\n<p>Bessent said Wednesday that the Fed must be &#8220;beyond reproach&#8221; in its dealings, characterizing it as the &#8220;most powerful, unappointed group in the U.S.&#8221;<\/p>\n<p>Addressing the DOJ investigation, Bessent said the central bank should be held accountable for its actions.<\/p>\n<p>&#8220;[The] president has great reverence for the Fed&#8217;s independence,&#8221; he said. &#8220;But independence does not mean no accountability.&#8221;<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a> and <\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/aimee-picchi\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Aimee  Picchi<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<div class=\"component__item-recirc-block\">\n<p><h3 class=\"component__title\">Go deeper with The Free Press<\/h3>\n<\/p><\/div>\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     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