{"id":529,"date":"2026-07-10T17:40:10","date_gmt":"2026-07-10T17:40:10","guid":{"rendered":"https:\/\/americanindustryreview.com\/?p=529"},"modified":"2026-07-10T17:40:10","modified_gmt":"2026-07-10T17:40:10","slug":"government-seeded-accounts-could-test-trumps-communists-claim","status":"publish","type":"post","link":"https:\/\/americanindustryreview.com\/?p=529","title":{"rendered":"Government-seeded accounts could test Trump\u2019s \u2018communists\u2019 claim"},"content":{"rendered":"
\n

President Donald Trump\u2019s recent attacks on democratic socialists who have won Democratic Party primaries could clash with his idea of creating investment accounts for American adults.<\/p>\n

Read more CBO: House highway bill would widen trust fund deficit<\/a><\/p>\n

The administration this week already formally launched its Trump Accounts initiative for children, which includes a one-time government contribution of $1,000 for each eligible child. The president, during a Monday Oval Office event marking the start of that program, floated what would be another costly government-funded program.<\/p>\n

\u201cYou haven\u2019t seen anything yet. Between individual contributions and the seed funds, $800 million in new capital will be invested in the stock market for America\u2019s children this week. And I also think that we\u2019re going to be putting numbers in the budget, which will be really spectacular, because it\u2019s really not costing us anything,\u201d Trump said as a group of children looked on sitting on the Oval Office floor nearby.<\/p>\n

\u201cWe\u2019re giving this money to children so they can have a good life. Very early on, they can have a good life. And we\u2019re going to be doing, also, something we\u2019re working on later on and it\u2019ll be also, I think, very popular and I guess the best definition is, they have a plan in Australia, which people really like.<\/p>\n

\u201cIt\u2019s really worked out very well, incredibly well and very respected. And we\u2019re going to be talking about that with Congress and see if we can implement it. And that would be more for grown-ups as opposed to children, but it\u2019s something that\u2019s going to be great, I think, if we can get it done \u2014 and we\u2019re going to try very hard,\u201d\u00a0 he said, previewing what would be, for any president, a possible rare legislative ask so close to a midterm election.<\/p>\n

Trump appeared to be referring to the Australian retirement system, which is composed of three main pillars, two of which do most of the heavy lifting. The first is a means-tested government pension available to eligible retirees who meet income and asset limits.<\/p>\n

The second is known as \u201csuperannuation,\u201d a mandatory retirement savings program created in 1992 that requires employers to contribute 12 percent of a worker\u2019s wages into a tax-advantaged investment account. It covers most workers between the ages of 18 and 70, and employees can boost their balances through voluntary \u201csalary sacrifice\u201d contributions, which are currently capped at $30,000 annually. Withdrawals are tightly restricted until retirement.<\/p>\n

Former Australian Prime Minister Paul Keating, a Labor Party member, has called the \u201csuperannuation\u201d program \u201cthe envy of the developed world.\u201d<\/p>\n

Trump administration officials have said the Trump Accounts for children were designed to grow over time through private investment, with families and others able to make additional contributions that will be subject to annual limits.\u00a0<\/p>\n

The president and other supporters argue the accounts should encourage long-term saving and wealth building from birth, while critics question the cost, distributional effects and whether the funds would meaningfully reduce wealth inequality compared with other child-focused policies.<\/p>\n

Still, taxpayer funds collected by the federal government already are seeding the youth accounts. Trump\u2019s mention of seeking lawmakers\u2019 approval \u2014 with their collective constitutional power of the purse \u2014 suggests the same would be true for his envisioned adult accounts.<\/p>\n

Proposing what would be, by definition, a major government payout to American adults appears to clash with Trump\u2019s recent daily attacks on the list of democratic socialists who have won primaries and could be headed to Congress in January.<\/p>\n

Asked how the envisioned adult accounts might work, and just what Trump could ask Congress to approve, a White House official directed a reporter to an executive order the president signed on April 30 endorsing \u201chigh-quality, low-cost individual retirement accounts.\u201d<\/p>\n

Read more Platner, accused of sexual assault, suspends Senate campaign<\/a><\/p>\n

That order directed administration officials to \u201cprepare legislative recommendations to codify the policy set forth in this order so that workers lacking access to employer-provided retirement plans, including workers in small businesses, part\u2011time workers, independent contractors, and self-employed workers, have access to a retirement option with low fees, eligibility for the Federal Saver\u2019s Match or other matching contributions, diversified index\u2011based investment options, automatic portfolio choices, and portability.\u201d<\/p>\n

Trump on Wednesday, during a NATO summit-wrapping press conference in Ankara, noted that he was \u201cNo. 1 on TikTok\u201d because \u201call I do is talk about communism.\u201d<\/p>\n

\u201cThat means that my word\u2019s getting out about how great our country is, how successful our country is, and how bad communism is, and how bad these lunatics are that are running for election that don\u2019t sound good, don\u2019t think good and don\u2019t look good,\u201d he said of the democratic socialist candidates. \u201cThese are communists that are running and they don\u2019t want God; they don\u2019t want successful things to happen for our country, they don\u2019t want to have a successful country. I think they\u2019re sort of crazy.\u201d<\/p>\n

\u2018Not in alignment\u2019<\/h2>\n

The president\u2019s recent pivot to the communist claims when discussing Democrats were rebuffed by the independent fact-checking organization PolitiFact, which wrote on X: \u201cSocialists and communists are not in alignment with mainstream Democrats.\u201d<\/p>\n

Still, Trump debuted the communism-based attack lines last month.<\/p>\n

\u201cAnybody who wants a house, don\u2019t worry about it, just pick the house you want. Everybody gets free food. Everything is free from this point forward. \u2026 The problem is, after two or three years, the country is a disaster area,\u201d Trump told the annual Faith & Freedom Coalition\u2019s conference in Washington, D.C., on June 26. \u201cThe country fails \u2014 they always do. \u2026 There will be no food. There will be no housing.\u201d<\/p>\n

Twenty-nine percent of U.S. adult citizens said they would vote for a democratic socialist candidate, while 45 percent said they would not, according to a YouGov-The Economist poll conducted June 26-29. Another 26 percent said they were not sure.<\/p>\n

One former Democratic governor this week suggested Trump and Republicans were missing the point.<\/p>\n

\u201cIt\u2019s more anti-incumbent than pro-socialism,\u201d James Blanchard, a Democrat who was Michigan\u2019s chief executive from 1983 through 1991, told The Washington Post. \u201cThey want fighters. They want change, and they think incumbents in Congress have been too complacent.\u201d<\/p>\n

Trump and his congressional allies have shown no concerns about pushing the communist attack lines while he mulls a government-funded adult investment program.<\/p>\n

\u201cIt\u2019s just shocking to see the people that are in the Democrat Party that are the voice now of the Democrat Party \u2014 these are radical Marxists and they\u2019re certainly left of socialism,\u201d Kansas GOP Sen. Roger Marshall told Kansas City\u2019s KCMO radio on Wednesday. \u201cI\u2019m not going to call them communists today, but they\u2019re certainly Marxist.\u00a0<\/p>\n

\u201cThey want to destroy everything. They hate America. They want to end capitalism. The typical socialist just wants to regulate socialism, and then redistribute the money \u2014 higher taxes, and more social programs \u2014 but these people want to abolish capitalism,\u201d he contended. \u201cThey\u2019re the tail wagging the dog of the Democrat Party \u2014 this is who Chuck Schumer is kowtowing to right now, is his far-left people in his party.\u201d<\/p>\n

Read more As Trump threatens the Smithsonian, Congress is on the sidelines<\/a><\/p>\n

<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

President Donald Trump\u2019s recent attacks on democratic socialists who have won Democratic Party primaries could clash with his idea of creating investment accounts for American adults. The administration this week already formally launched its Trump Accounts initiative for children, which includes a one-time government contribution of $1,000 for each eligible child. The president, during a […]<\/p>\n","protected":false},"author":1,"featured_media":528,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-white-house"],"yoast_head":"\nGovernment-seeded accounts could test Trump\u2019s \u2018communists\u2019 claim - American Industry Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/americanindustryreview.com\/?p=529\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government-seeded accounts could test Trump\u2019s \u2018communists\u2019 claim - American Industry Review\" \/>\n<meta property=\"og:description\" content=\"President Donald Trump\u2019s recent attacks on democratic socialists who have won Democratic Party primaries could clash with his idea of creating investment accounts for American adults. 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