One goal of Trump accounts? Improving capitalism's reputation among young people

"For babies born in the next few years, "Trump accounts" could be a financial game changer. And for the policymakers and advocates who conceived of the idea, the accounts have another potential benefit: Improving capitalism's reputation, especially among young people. "What I'm really excited about is, we are creating a new generation of capitalists," Republican Sen. Ted Cruz of Texas said at the White House on Tuesday. "Every child in America is going to be an owner of the biggest employers in this country.""

"It's no secret that capitalism is losing popularity. A Gallup poll found in September that support for capitalism had fallen to a 15-year low. That's especially true among younger people. According to that same poll, 49% of young adults surveyed held a positive view of socialism, while 54% had a negative view of capitalism. Meanwhile, Democratic socialist politicians have seen their influence in American politics grow over the last decade, most recently with the election of Mayor-elect Zohran Mamdani in New York City."

""When you see that people have a stake in the system, they don't want to bring the system down," Treasury Secretary Scott Bessent said at the New York Times DealBook Summit on Wednesday. "We've all seen the sad statistics of how many kids are losing faith in capitalism," Cruz said. "Well, 10 years from now, a little boy is going to pull out his phone, and he's going to look at his app, and he's going to see his Trump account.""

Trump accounts for children will be available starting next year and aim to place newborns and young children into stock-market ownership. Proponents say the accounts will build personal wealth and create a generation of owners in major employers. Republican leaders argue that early ownership will make young people invested in capitalism and reduce support for alternatives such as socialism. Polling shows declining support for capitalism and rising favorable views of socialism among young adults. Administration officials contend that giving children stakes in the system will discourage efforts to dismantle it and help rehabilitate capitalism's reputation.

Read at Business Insider