At the White House this week, tech CEO Michael Dell and his wife, Susan, announced a $6.25 billion gift to support one of the President’s signature initiatives: a new tax-advantaged savings vehicle known as the “Trump Account.” The program creates an investment account for every newborn, seeded through a $1,000 federal deposit, with the stated goal of helping all Americans begin building assets from day one.

It is easy to see the surface-level appeal of Trump Accounts. After months of federal policies that have squeezed working families—from tighter SNAP eligibility to higher health-care premiums—any effort to help parents save for their children is a welcome shift. And the instinct behind the program is sound: well-designed, automatic savings can influence family behavior. A study of

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