In a surprising move, California Governor Gavin Newsom has praised President Trump’s children’s savings accounts, urging parents to participate.
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❓ WHAT HAPPENED: California Governor Gavin Newsom (D) endorsed President Donald J. Trump’s children’s savings accounts, calling them “one of the best things” the President has done. Newsom encouraged parents to sign up for the accounts, which provide a $1,000 federal deposit for children born during Trump’s second term and can grow rapidly with regular contributions.
💬 KEY QUOTE: “I’m enthusiastic about encouraging people to get a Trump Account. It’s one of the best things he’s done.” – Gavin Newsom
🎯 IMPACT: Newsom’s endorsement could influence California parents to participate in the program despite the largely Democrat-voting state’s opposition to the President.
📰 DETAIL: Trump Accounts, launched last month, are designed to help parents save for their children’s future, with federal and corporate contributions and potentially significant investment growth that could give young Americans a head start as they become adults. Newsom, who has implemented similar savings programs in California, highlighted the importance of setting aside political differences for the benefit of children’s financial futures.
👀 FLASHBACK: Newsom’s attitude contrasts with that of other Democrats, such as Representative Bennie Thompson (D-MS), who in July led a group of lawmakers urging parents not to take advantage of Trump Accounts despite the opportunity they provide to build generational wealth. “Democrats would rather keep working families trapped in dependency on the government programs they control than let them own a piece of their future,” the White House responded at the time, adding: “They’d rather punish their own constituents than see a policy associated with President Trump succeed and improve the lives of Americans. They’re putting their hatred of President Trump above giving American children a real shot at the American Dream.”
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