Tech billionaire Michael Dell and his wife Susan are donating $6.25 billion to 25 million children across the U.S. The $250 gift targets kids under 10 and will go into Trump-branded investment accounts, designed to help families save for their children’s future. Babies born between 2025 and 2028 can also receive $1,000 from the government. Learn how these accounts work and what this historic donation means for children’s financial futures.
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#MichaelDell #SusanDell #KidsSavings #TrumpAccounts #InvestmentAccounts
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00:00The President.
00:01The President.
00:02The President.
00:03The President.
00:04Nice to see you again.
00:05It's been a — that was a long news conference we
00:07had before, wasn't it?
00:09But it was a good one.
00:10Okay.
00:21Well, thank you very much.
00:22And we're thrilled to be joined by one of the most
00:25successful business leaders and people anywhere in
00:29the country.
00:30Whether it's technology, no matter what business
00:33you're talking about, there's really nobody quite
00:35like him.
00:36He's chairman and CEO of Dell Technologies.
00:40Make great everything.
00:42Great computers, great everything.
00:44Michael Dell, very much of a legend, who's here with
00:47his really exciting announcement.
00:50It's so amazing.
00:51And much more importantly, he's here with his
00:55wonderful wife, Susan.
00:57And they have a special relationship.
00:59I think I can say that, really.
01:00It's very nice.
01:01I don't see too much of it.
01:03I see the opposite.
01:04But I don't see too much.
01:06They have a special — two special people.
01:08And I've seen that.
01:09I've known that for a long time.
01:11And I think it's a tremendous thing.
01:13Also, the CEO of Altamir Capital, Brad Guest —
01:18Gerstner.
01:19Where are you, Brad?
01:21Brad?
01:22Brad Gerstner is a terrific fellow who's very much
01:26involved in this incredible thing that we're doing today.
01:30Along with the Speaker of the House, Mike Johnson,
01:32Treasury Secretary.
01:33Scott Besson, Chairman of the Senate Committee on
01:36Commerce and Science and Transportation.
01:38Ted Cruz.
01:39House Ways and Means Committee Chairman Jason Smith.
01:41Vice Chairman of the House Republican Conference.
01:46Blake Moore, as well as the Chief Design Officer
01:49of the United States Airbnb Co-Founder Joe Gebbia.
01:55I want to thank you all for being here.
01:58It's a great group.
01:59And I guess a potential Fed Chair is here, too.
02:03I don't know.
02:04Are we allowed to say that?
02:06Potential.
02:07He's a respected person, that I can tell you.
02:10Thank you, Kevin.
02:12Today is Giving Tuesday.
02:15I don't know if anybody's heard that one before,
02:18but it is indeed Giving Tuesday.
02:21One of the biggest days of the year for philanthropy
02:24and charitable giving.
02:25And this afternoon, Michael and Susan Dell
02:28are committing to one of the largest private donations
02:31in American history, which will directly benefit
02:34the next generation of American children
02:36through the new Trump accounts program
02:39that we created in our one big, beautiful bill.
02:43And Michael and Susan came to see me along with Brad
02:46and they said, you know, this is an idea.
02:49And I said, I think, you know, it's just so good
02:52and so unique.
02:54But that's why he's been so successful
02:57and they've been so successful in life
03:00and in business because they're unique.
03:03Trump accounts will be the first,
03:06I guess you could say, real trust funds
03:08for every American child, allowing family members,
03:11employers, corporations, generous donors
03:14to contribute money that will be invested
03:16and grow over the course of a child's life
03:20to be used for their benefit after they turn 18.
03:23So in other words, these are children that are going to
03:26an investment is going to be made.
03:28That investment is going to continue to grow.
03:30We hope.
03:31Right?
03:32We hope.
03:33And but it will.
03:35And there'll be they'll feel like they'll feel like
03:39Michael Dell someday.
03:40But at 18, they'll have a lot of money,
03:43a lot more money than they would have had
03:44and potentially a lot of money.
03:46But these accounts will track the overall stock market.
03:49will be 100 percent private property controlled
03:52by the child's guardians.
03:54In honor of America's 250th anniversary,
03:57the Dells are announcing today that they are giving
04:0125 million American children $250 each to save
04:06and to invest in their personal Trump account.
04:09Now that's the equivalent of 6.25 billion.
04:14In other words, to put it succinctly,
04:18Michael and Susan are giving
04:20$6,250,000,000 in total
04:26and as a total contribution.
04:29That's big stuff.
04:30I don't care who you are.
04:32That's big.
04:33Come here.
04:34Give me a hand.
04:35Let me have a little of that lucky rug ball.
04:38That's fantastic, Susan.
04:41These gifts will be available to the first
04:4425 million children aged 10
04:46and under the sign, the zip codes,
04:49where their median income is $150,000 or less.
04:54So they're giving them to children
04:56that won't be born particularly rich
05:00and they're going to be hopefully very rich someday.
05:03This will give millions of dollars,
05:05millions of children, middle-class families
05:08a stake in American prosperity,
05:11a benefit from the rising stock market
05:13and a better shot at the American dream.
05:15It really gives them a shot at the American dream.
05:19Michael and Susan, I want to thank you
05:20for this extraordinary act of kindness
05:22and patriotism and charity.
05:24This is truly one of the most generous acts
05:27in the history of our country.
05:29I mean, you just don't hear about things like that.
05:32And we've got to let people know he doesn't want
05:34and she doesn't care about that.
05:36But I do.
05:37I think when somebody does that,
05:40you've got to let them know about it.
05:42As I mentioned, this gift is being made possible
05:44by the largest tax cuts in American history,
05:47which our Republican majorities passed earlier this year.
05:50And the Speaker worked so hard.
05:52And John Thune and Jason and all of them,
05:55every one of them.
05:56Ted Cruz is with us.
05:57He worked so hard getting that done.
05:59That was the biggest, most consequential bill,
06:02they say, ever passed.
06:04And, you know, if they remember, Michael,
06:06we were — they thought we had to put that in 12 to 14 bills.
06:10I said, I don't know if we could hold it that long
06:12with the Democrats.
06:14And we said, let's try doing it once.
06:16And we did, and people were surprised,
06:19but we got it done.
06:20So I congratulate you guys.
06:22Amazing job.
06:23Under that bill, the federal government will also
06:25automatically be making a one-time seed contribution
06:28of $1,000 into the tax-deferred Trump accounts
06:32for every newborn U.S. citizen fulfilling a promise I made
06:37in the 2024 campaign.
06:40Trump accounts should grow to be worth many thousands of dollars
06:43by the time the child is 18,
06:45and even more by the time they are 20 or even 30 years old.
06:49We think it's going to be something really unique
06:52and really special.
06:53We hope many others will follow Michael and Susan's example
06:56and make their own contributions.
06:58I'll be doing it, too, to the next generation,
07:02including businesses, churches, philanthropists,
07:05family members, and parents themselves.
07:07I think we're going to have a lot of people, Susan.
07:09I think a lot of people are going to be contributing.
07:12A lot of people are watching us right now.
07:14They might not be $6 billion-plus, but there'll be a lot.
07:19There aren't too many people that are in the $6 billion range,
07:22but there'll be a lot.
07:23A lot of friends of mine have already told me
07:25they're going to contribute a lot of money,
07:27and a lot of them are going to leave a lot of money in their wills,
07:30so that's very important.
07:31And as you watch us today, I hope you'll be doing that.
07:34Contributions to Trump accounts will also be a great benefit
07:38for employers to offer their workers,
07:40which they'll be able to do tax-free.
07:43It's tax-free.
07:44We expect hundreds of major companies to announce plans
07:47to contribute to these accounts in the coming months,
07:50and we've had tremendous interest in that regard.
07:53So the Trump accounts will be available starting on July 4th next year.
07:58And Michael and Susan, to you again,
08:01it's an amazing act of just incredible everything.
08:05I mean, the life you've led to be able to do this,
08:08even to be able to even...
08:10A lot of people have a good heart,
08:12but they can't give $6,250,000,000.
08:17And Michael, probably knowing you, it's not the last of it either.
08:20It's not the last.
08:21But on behalf of the United States of America,
08:24I want to thank you both, and I want to thank all three.
08:27But I want to thank you both because you've been friends of mine,
08:30and it's a spectacular couple.
08:32This is really an amazing, an amazing people.
08:36These are unique.
08:38And I'd like to have you come up and say a couple of words,
08:41and tell us what you have in mind,
08:43because what you have in mind is good.
08:45Thank you very much. Thank you.
08:48Thank you, sir.
08:54Thank you, Mr. President.
08:55It's a great honor to be with you here in the White House.
08:58And, you know, when you passed the Invest America Act
09:03on July 4th of this year,
09:06we were really inspired to see that happen.
09:10And this is something that, you know,
09:12Brad had first mentioned to us in 2021.
09:15We thought it was a great idea then.
09:17And it's amazing that it happened.
09:20And we also saw that this act would become a platform.
09:27And, you know, we believe the smartest investment that we can make
09:31is an investment in children.
09:32And this act has created a platform for families and friends and communities
09:43and companies and philanthropists to contribute to these accounts to create a savings and opportunity and hope and prosperity for tens of millions of children in this country.
09:58And Susan and I are super excited to announce our $6.25 billion gift to 25 million American children,
10:1010 and under.
10:11And our gift will cover most of the children that are 10 and under that are not part of the federal program,
10:17the zero to two year olds, and who also live in zip codes where the median income is $150,000 or less.
10:28And I have spoken with a number of other wealthy Americans, philanthropists,
10:34and we are confident that others will join us because we all understand the incredible impact that a gift like this can have on the lives of young Americans.
10:47So, again, it's a great honor for us to be here to be able to announce this.
10:51You know, when I was eight years old, I got a passbook savings account that I had, I think, about $8 in it.
10:59And you'd go to the savings and loan and you'd give them a quarter and they'd stamp your account.
11:04And I got to see the power of compound interest early in my life.
11:10And that has brought me here to this moment and hopefully will inspire that kind of opportunity for many more young people in this country.
11:22So, again, thank you for the privilege of being here.
11:27Thank you. Thank you, Susan. Thank you very much.
11:29Susan, would you like to say something?
11:31I'd just like to say how excited we are to be a part of this.
11:35We believe that when children have a future that they can see is worth saving for,
11:43then that will help build hope and opportunity and prosperity for generations to come.
11:52So we're so excited to be doing this and hope to have many people join in our efforts.
11:58Thank you so much.
11:59Thank you, Susan.
12:00Well, first, it's an incredible honor to be here.
12:10And we wouldn't be here without the passage of the Invest America Act.
12:14And everybody on up here today played a role in getting that done.
12:19The speaker, Ted Cruz, in drafting the legislation so that when the president placed the call to the speaker and said,
12:27let's make this happen in the big, beautiful bill, Congress was ready to act.
12:31They had the legislation drafted.
12:33But I couldn't be more grateful for the friendship and the partnership of the Dells that really show the best of America.
12:40Today is Giving Tuesday.
12:41Right. And the fact of the matter is, for decades, we've talked about the wealth gap.
12:46We've talked about too many people left out and left behind.
12:49This president was elected on a Main Street agenda to get the rest of America into the game.
12:55And that's exactly what this does.
12:57It gets every American child, 3.7 million children born every year, will now start life off with an investment account seeded with $1,000.
13:07And then you're going to have great philanthropists, great Americans like Michael and Susan who are going to add money to those accounts.
13:14We're going to be, we're overwhelmed with the number of companies that want to contribute to these accounts.
13:19Already companies from Uber to Nvidia, T-Mobile to Charter Communications, Dell, et cetera, the list goes on.
13:25And every day more companies are calling us, raising their hands and saying, we want to be part of this.
13:30It's like a 401k from birth.
13:32It's a benefit for the kids of our employees, right?
13:35Major philanthropists.
13:36But I think what this is going to unlock is the power of families.
13:39Moms and dads, Venmoing and Apple Paying and five bucks, ten bucks, right?
13:45And getting these kids into the game.
13:47When we had the round table at the White House earlier this year, Dara Khashrashahi, the CEO of Uber, said, you know,
13:53after fleeing Iran at the age of nine with nothing, he came to America because it was the land of hope.
13:59And he said what the Invest America Act does is it bottles up hope for every child in America.
14:05Whether you're in rural Mississippi or rural Indiana where I came from, inner city Trenton or Compton, you're now in the game.
14:13Right?
14:14That act alone, I think, reinvigorates the American dream.
14:19It reinvigorates the idea of free market capitalism.
14:24Too many people are losing faith in you, sir.
14:27By passing the Invest America Act and getting all these kids into the game, this is a transformational act in this country,
14:34forevermore, every child starts off life in the game with a piece of the American dream compounding in the upside of America.
14:42So thank you for having us here.
14:45Secretary first.
14:50I defer to the brain.
14:52Good afternoon, everyone.
14:55And I think this is a major change in philanthropy and for American working families.
15:04It is the merging of President Trump's agenda of parallel prosperity, Main Street meets Wall Street.
15:14For the next five years, every child born in the U.S. will get a $1,000 Trump account that will be with them and compound for the next 18 years.
15:26Treasury Department, with other branches of government, is going to do financial literacy.
15:31And we are going to make sure that all American families have a stake in the success of the United States of America.
15:39So every day when the stock market goes up or down, and we believe over the 18 years it will go up and families will learn the power of compounding,
15:49that it will be a game changer.
15:52People who have a stake in the system and become more and more vested in the system, they do not want to bring down the system.
16:00They want to make it better.
16:02So I think we will look back on today and know that these Trump accounts, they have started a new age of the capitalism and market interest for the whole country.
16:17I also think that it is a game changer, as we're seeing with Michael and Susan Bell today, that Americans are the most generous people in the history of the world.
16:30And the Trump accounts will provide a vehicle for philanthropists such as Michael and Susan and many more to contribute.
16:39And at Treasury, we are working, so Michael and Susan want to do it for children, or in the past 10 years, a certain income level.
16:50As Brad said, it can be tailored.
16:53It can be to employees.
16:55It could be a philanthropist could adopt a state.
16:58They can adopt a school.
16:59They can adopt a zip code.
17:01They can adopt a street.
17:03And so we will constantly see these accounts be topped up.
17:10For those of you on the Treasury, we'll be running this on the operational side.
17:14For those of you who would like to, you can go to trumpaccounts.gov today and see the homepage that has a basic outline.
17:26These will become operational on July 5th of this year.
17:31And we will have families start signing up for them.
17:35So, and that homepage will answer all the questions on eligibility and investment.
17:46And then finally, today we're here on Giving Tuesday.
17:50Michael and Susan have led the way.
17:52But I think that there's a chance that every Tuesday can become Giving Tuesday.
17:57As more and more philanthropists see the power of this, of giving to American families, giving to American children,
18:04and giving everyone a stake in our great economy.
18:07So, thank you very much.
18:09I'll be brief.
18:14There's a lot of symbolism here today.
18:16Right here on the eve of the 250th anniversary of the greatest nation in the history of the world.
18:21We are the greatest nation by any objective measure.
18:24We're the most free, most powerful, most successful, and most benevolent nation that's ever been.
18:28And I think what you're seeing here is another exhibit of that.
18:32This idea, this vision came about because Brad and a couple of smart guys came up with this idea.
18:37And then it took a few years to sell the idea to everybody.
18:40And then these visionary legislators over here, Senator Ted Cruz and Blake Moore in the House and Jason Smith, the Ways and Meats Chair, really caught the vision.
18:47And we put it into the big, beautiful bill, the working families tax cut.
18:51We've been saying all along that was drafted to really help lower and middle-class earners in America.
18:57And this is one of the great features.
18:59One of the perils of having the big, beautiful bill and having it all in there together, the President and I have talked about many times,
19:04is that there are so many great things in that legislation, we don't have enough time to talk about all of it.
19:09So, we need a moment to really focus on this.
19:12Giving Tuesday is an appropriate, a perfect time to do it.
19:15And it's absolutely perfect, I think, that July 5th becomes the operational date right after the nation's birthday.
19:22So, what we're going to see here is a model that I don't think anyone has done anywhere in the world.
19:28They wouldn't have the capability to do it.
19:30They wouldn't have philanthropists and great Americans with big hearts like this who've earned their way and really fulfilled the American dream.
19:37And they have a vision and a desire for more and more people to do that.
19:40And so now, more and more Americans will.
19:43It kind of evens the playing field in a way, right?
19:46And everybody has an opportunity.
19:47So, we're just excited to be a part of it, grateful to the vision, grateful to a President who leads from the front,
19:54who understands the potential of something like this.
19:57And this will be one of the many marquee achievements of the Trump administration.
20:00This will be one that people will remember for a long, long time.
20:03And I think it can change the country.
20:04So, thanks, Mr. President, thanks, Brad, all of you for being a part.
20:07Thank you to the Dells, really amazing.
20:09Sure.
20:11Well, I want to congratulate all the men and women up here.
20:16And, Mr. President, I think objectively on the merits, the case can be made that there has never been a President
20:23who's had a greater positive impact on the children of America than you have.
20:28And in particular, in this one big, beautiful bill, I think the two most long-lasting and far-reaching provisions are,
20:36number one, the school choice provision that you sign into law that is going to unleash tens of billions of dollars to scholarships
20:43to low-income kids all over the country and is going to change the lives of millions of kids.
20:48And the second provision is this provision right here, the Trump accounts.
20:52These Trump accounts, starting on July 4th, every child in America will have a personal investment account opened for them.
21:00Newborn children will have it seeded with $1,000.
21:03Parents and family and employers can contribute up to $5,000 a year in a tax-advantaged account.
21:10That money will be invested in the S&P 500 in the stock market, broad-based equity index account.
21:16Two massive benefits that change this country.
21:19Number one, every child in America will experience the benefits of compound growth.
21:25Take a little girl born next year.
21:28She's born next year.
21:29She has the account opened for her.
21:31$1,000 is automatically seeded.
21:33Her parents or family or an employer puts $5,000 a year each year into that account.
21:38If you assume the historic rate of growth of the S&P 500, which is 7% a year,
21:44by the time that little girl is 18, she will have $170,000 in that account.
21:51And if she keeps saving, by the time that little girl is 35, she will have $700,000 in that account.
22:01That is game-changing, and we're not talking the children of Michael and Susan Dell,
22:06the children of Donald Trump, and children of people of great success.
22:09We're talking the kids of a single mom waiting tables who could have $700,000 saved by the time she's 35
22:16to get an education, to start a business, to buy a house.
22:20That changes their whole lives.
22:22But the second benefit, and what I'm really excited about, is we are creating a new generation of capitalists.
22:29Every child in America is going to be an owner of the biggest employers in this country.
22:35We've all seen the sad statistics of how many kids are losing faith in capitalism.
22:41Well, 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.
22:48And instead of thinking of big, bad, scary corporations, that little boy is going to say,
22:53I own $50 bucks of Apple.
22:55I own $100 bucks of Dell.
22:57I own $75 bucks of McDonald's.
23:00And every child is an owner of the biggest employers in this country.
23:04That will transform this country.
23:06Mr. President, thank you for signing it.
23:08Let me say, Brad, this would not be a law if Brad Gerstner did not pursue it with absolute dogged determination, relentless.
23:18I've gotten calls and texts from Brad at 6 a.m. and at 2 a.m.
23:23You may sleep less than the president, Brad.
23:25And that is a remarkable thing, because I don't think he sleeps at all.
23:28And finally, I'll just say to Michael and Susan, incredible Texans, $6.25 billion is extraordinarily generous.
23:38Let me say, on behalf of 25 million kids who just got a gift from Michael and Susan,
23:44and it's not a gift of a video game.
23:47It's not a gift of a bicycle.
23:48It's an investment in their future.
23:50That changes their lives, and I hope and believe Michael and Susan are going to inspire millions across the country
23:57to do the same thing.
23:59When Congress passed Section 401 of the ERISA, I don't know that anyone realized how much it would change retirement plans.
24:07There's now trillions of dollars in 401 plans.
24:11There are going to be trillions of dollars in these.
24:13These are 401 s for kids.
24:15And, Mr. President, these Trump accounts exist because you signed them.
24:18Thank you for your leadership.
24:20It's an honor to work with you.
24:24First, I would just want to thank Michael and Susan for the kind gift.
24:35What you all have done will be transformational for 25 million kids.
24:41And a lot of people we can thank for the provisions in this big, beautiful bill.
24:47But there is no one to think greater than President Donald Trump.
24:51And I'll tell you this.
24:53Out of every executive I've ever worked with, there's no one that's been more engaging.
24:58No one that has been more involved.
25:00And the only reason why these investment accounts are in the big, beautiful bill is because he helped convince other members of Congress that this is a good idea.
25:13This has been something that has been discussed for a long time, but no one could ever get it passed.
25:19But who helped get it passed was Donald Trump.
25:21I can tell you that from day one throughout the process.
25:24And so that's going to affect millions, millions of kids in their futures.
25:35I was not planning or prepared to speak today, but the gravity of the situation is not lost on me.
25:40I have four boys of my own, 13 and under.
25:43And on the heels of a $6 billion announcement, I hope that that doesn't, you know, go without some major headlines, that I will be making an announcement of my own that I will be contributing $60 to each one of my children's accounts today.
25:57Actually, to make, to try to bring some levity to that, every parent, every grandpa and grandma can now look and say, I can get my grandkid this little toy or something.
26:13And maybe that's going to continue to happen.
26:14But there is a new option and another way for them to be able to invest and have a lasting legacy.
26:19And as a dad of four kids, seeing kids in our neighborhood, them to have that opportunity is something that not every day in Congress, as I've joked with my colleagues, is the most productive day in my career.
26:32But to be able to be a part of something like this is, it makes everything worthwhile.
26:38I'm away from my kids a ton in this job.
26:40And being able to be a part of something like this, a small part that I played, is something that is transformational.
26:47And I'll be able to look back on this and be so grateful for this opportunity that I've had to be able to serve in Congress.
26:54Thank you so much.
26:55I appreciate the chance to be here.
26:56Thank you very much.
26:58Would anybody have a question?
26:59Michael?
27:00Susan?
27:01Yeah.
27:02Brad?
27:03Please.
27:04One for you too.
27:05Did either of you say you're donating how much?
27:10Is there an educational value to this in terms of not just the money in the account?
27:16What can kids learn?
27:18Well, I think they can learn a little bit about the free enterprise system.
27:22They can really learn a lot about how life works, how business works.
27:27They want to go out and make a living for themselves, because maybe it's going to be a lot more than we think, or maybe it's not going to be quite as much as we think, depending on what happens with the world and the market.
27:37We'll try and do very well in that regard too.
27:40But there's a lot of learning to be done.
27:42And I think this is a big step forward.
27:45And your reaction, did either of you say you're donating how much?
27:50We already said it's 6.25 billion dollars.
27:54No, I mean the reaction between the two of you.
27:57Someone came up with the idea.
27:58Oh, oh, sure.
27:59Oh, well.
28:00So we kind of started with a smaller amount, to be honest.
28:04And we started talking about Texas only, at the beginning.
28:08And adopting the state of Texas.
28:10Right, right.
28:11And then we thought about it some more, and we thought about it.
28:14Got pretty excited about the idea.
28:15Yep.
28:16And we went back and forth, as we do on these things.
28:19And we ended up.
28:20Got more and more excited.
28:21And the next thing you know.
28:22This is where we ended up.
28:23So, but a lot of discussion and consideration over a long period of time.
28:31Yeah.
28:32To come to this.
28:33We feel great about it.
28:34The greatest investment that we could possibly make is in children.
28:37And we've been investing in children for over 26 years with our foundation.
28:41Yeah.
28:42And you know, there are 30 states already that require at least one semester of financial
28:48literacy.
28:49And hopefully all 50 states will do that.
28:51And, you know, as children begin to understand that they have these accounts, that creates a real
28:58need for our schools, our parents, our community organizations to really begin to grow financial
29:05literacy in the country, which can only be a good thing.
29:08That's right.
29:09It's really an amazing moment that two people would do that kind of a contribution.
29:14I mean, it's just an amazing moment.
29:16And it shows you this tremendous heart in great entrepreneurs.
29:19He's a great entrepreneur.
29:20They're both great entrepreneurs because he probably wouldn't have done it without you,
29:24to be honest.
29:25That's the way it often works.
29:27And I know this relationship so well.
29:29There could be a lot of truth to that.
29:31But it shows you that there's a big heart in some pretty tough people.
29:35He's a tough cookie.
29:36But he's got a very, very warm spot.
29:41And what you've done, I don't think it's going to be talked about for a long time.
29:45It won't be forgotten.
29:46Thank you, sir.
29:47May I ask a good question?
29:48Thank you, sir.
29:49My question is about the logistics or the administration of the program.
29:53You obviously want to help poorer children.
29:56How will you help families, perhaps, who don't have access to computers or internet at
30:01home to make this program a reality?
30:03Do you want to maybe answer that question?
30:04Sure.
30:05And please speak in the microphone, if you don't mind.
30:10Well, first, Treasury, as the Secretary talked about, is going to be administering the program.
30:17And we should just say that Luke Pettit, the Assistant Treasury Secretary, has just done
30:22an extraordinary job with the Secretary in what I think will be the biggest consumer launch
30:28in the history of government.
30:3160 million accounts are going to get created next year.
30:36And these accounts are going to be, you know, promulgated.
30:42All parents are going to have to do is to claim the account.
30:45So if they have access to an Android phone or a public library to go to a computer and gain
30:50access, they can claim that account.
30:52And whether they claim it or not, the account is going to continue to compound.
30:56So they don't have a deadline by which they have to claim the account.
31:00There's time.
31:01Right?
31:02There's going to be a lot of resources.
31:03Think about this.
31:04Kids in school, we're going to have schools engaged, helping to tell them that they need
31:09to claim their accounts, to educate them, et cetera.
31:11We're going to run a big public campaign around this.
31:14So we're just getting started.
31:15Today is day one.
31:17This is an extraordinary contribution, but it's the beginning of a drumbeat you're going
31:22to hear for the next six months leading up to the 250th anniversary of the country.
31:26I don't think there's anybody in the country who won't have heard about this by the time
31:30we get to July 4th of next year.
31:32And we're going to make sure.
31:33Listen, we know that wealthy families have access to 529 accounts, right?
31:39This is an opportunity, and the instruction was, how do we get the 50 million other families
31:45into the game?
31:46This is the first time we've done that because we're auto-creating these accounts for every
31:51child at birth, and so we're going to be very focused on making sure that every family entitled
31:57to get one of these accounts is able to claim it and get it.
32:00Daniel, do you have a question?
32:02Yes, sir.
32:03These programs seem to create an opportunity for parents to create unprecedented financial
32:09security for their children, sir.
32:11Do you believe that these accounts will be a big part of your legacy when everything goes
32:15down?
32:16We've heard talks about your legacy as a peacemaker, but this is a really, really big deal.
32:20I do.
32:21Yeah, I appreciate that.
32:22I do think so.
32:23And I think it's a big part of everybody up here today.
32:26This was a group that was very instrumental.
32:29And in particular, obviously, Michael and Susan, it's a big part of their legacy.
32:35You know, they've they've got a big legacy anyway, but this is maybe going to be as important
32:40or more important than anything they've done thus far.
32:43It's, you know, looking back in 100 years from now, I think you're going to see some things
32:48that are going to they'll be talking about this very day.
32:51So thank you for that question.
32:53Yes, please.
32:54Thank you, Mr. President.
32:55These accounts were originally discussed as a way to incentivize people to have more children.
33:00Are there any other policy proposals you're looking at like this to encourage the birthrate
33:04to increase?
33:05Well, we are looking at programs.
33:07We're looking at there's a certain Australian plan that people are liking that they're talking
33:12about.
33:13You know what I mean?
33:14There's a plan where not for children necessarily, but for people working people.
33:21And we are looking at other things different from this.
33:24I think this is very unique, but different from this, but very important.
33:28Yeah.
33:29You mean the Australian retirement savings program?
33:31Say it.
33:32You mean the Australian retirement savings program?
33:33That's what they're talking about.
33:34Yep.
33:35We're looking at it very seriously.
33:36It's a good plan.
33:37It's worked out very well.
33:38Yeah, please.
33:39Mr. President, can you talk about what tax benefits these accounts come with?
33:43The information sheet that we just received said that when a child turns 18, they'll be treated
33:47like traditional IRAs and subject to a 10 percent withdrawal tax.
33:51Can you speak to what our children can be able to access their funds?
33:56They can access them when they're 18 or they can convert them to an IRA at that time.
34:03During the 18 years, parents or employers can donate with the tax deduction up to $5,000 into each account and then philanthropists.
34:16Like Michael and Susan can add an unlimited amount to the accounts.
34:21So, $5,000 from employees, you know, for families and then gifts from foundations and philanthropists can be an unlimited amount.
34:30Mr. President, you said that you've been talking to your wealthy friends, as well as you, Mr. Dell, about contributing.
34:36Can you walk us through maybe who you've been talking to and how much more we can expect on top of our children?
34:40I think the people you probably would think I would be talking to.
34:43I have there's a group of people out there that have been very successful and we've already started talking to them.
34:48You know, we're doing ballrooms.
34:50We're doing arcs.
34:51We're doing we have a thing that's being planned.
34:54That's going to be a great tribute to the country, as you know.
34:57You probably heard about it.
34:59The arc that we're looking at by the bridge by near Arlington is going to be something.
35:05We're doing some other things for Washington itself and for the country itself.
35:10But a lot of the people that have, you know, gone in and done a real job with that, the ballroom.
35:17I think Michael and Susan, the next time we meet, well, I think we'll hopefully we'll meet before then.
35:22But we're going to have a big event over in the ballroom to celebrate this.
35:26We're building a ballroom that they've wanted at this beautiful White House for 150 years.
35:33They've wanted it so badly.
35:34Right now we can hold 109 people, if you're lucky, in a room.
35:37It's a beautiful room, but it's 109 people.
35:40And we're building something.
35:41You see the trucks in the back.
35:43You see the clanging, the banging.
35:45And when it's completed, it'll be one of the greatest ballrooms anywhere in the world.
35:49It's going to be amazing.
35:50So people that were involved in that process.
35:52I have a lot of friends with a lot of success.
35:55And every one of them, I would be shocked if anyone turns us down.
35:59We're going to have a lot of big contributors.
36:01Jeff?
36:02On a separate topic, if I may, sir.
36:03You had a call with Brazil's President Lula today.
36:06Can you tell us what you discussed?
36:07I did.
36:08Yeah.
36:09We had a great talk.
36:10We talked about trade.
36:11We talked about sanctions.
36:13Because, as you know, I sanctioned them having to do with certain things that took place.
36:19But we had a very good talk.
36:21He's — I like him.
36:23Very good.
36:24We had some good meetings, as you know.
36:26But we had a very good talk today.
36:27Yes, I did.
36:28You also pardoned the former president of Honduras.
36:31And he was released from prison yesterday.
36:33I did.
36:34Well, he was the president.
36:35And they had some drugs being sold in their country.
36:38And because he was the president, they went after him.
36:40That was a Biden horrible witch hunt, which was — you know, a lot of people in Honduras
36:45asked me to do that.
36:46And I did.
36:47I feel very good about it.
36:48If you have some drug dealers in your country and you're the president, you don't necessarily
36:55put the president in jail for 45 years.
36:58That was a Biden-inspired witch hunt.
37:00The Press.
37:01Can his letter impact your decision on that?
37:02Yeah, please.
37:03Go ahead.
37:04The Press.
37:05The Press.
37:06The Press.
37:07The Press.
37:08The Press.
37:09The Press.
37:10The Press.
37:11The Press.
37:12The Press.
37:13The Press.
37:14The Press.
37:15The Press.
37:16The Press.
37:17The Press.
37:18The Press.
37:19The Press.
37:20The Press.
37:21The Press.
37:22The Press.
37:23The Press.
37:24The Press.
37:25The Press.
37:26The Press.
37:27The Press.
37:28The Press.
37:29The Press.
37:30The Press.
37:31The Press.
37:32The Press.
37:33The Press.
37:34The Press.
37:35The Press.
37:36The Press.
37:37The Press.
37:38The Press.
37:39The Press.
37:40The Press.
37:41The Press.
37:42The Press.
37:43The Press.
37:44The Press.
37:45Mr. President, in the broader context of the economy
37:49with these childhood investments, we just saw
37:53the big black friday industry up 41 percent from last year.
37:57Twenty-six billion dollars. He hasn't told me about that.
38:01We also saw that they must spend a trillion dollars on Christmas.
38:05Increasing 4.1 percent. Twenty-five states gas
38:09is below $3. A handful of $2.50 and getting better. Energy policy matters.
38:13I like this guy. Who are you with?
38:17That's what I heard. That's what I heard.
38:21I like you very much. Keep talking.
38:23So to invest for these children now, the economy is better for the children, right?
38:27We're in a pretty good spot right now. Well, I do, and I appreciate it.
38:31No, we have an amazing thing. We have over almost $20 trillion
38:37of investment coming in. I don't even know if you know that.
38:40Twenty trillion. That's a lot by any standard, right?
38:42But Biden, as an example, I say this, his administration
38:46over a four-year period had much less than a trillion.
38:48And we have, we're up to 18, I guess right now,
38:52Scott, about 18 trillion in 10 months.
38:55And there's never been a country, China, no country has ever done anything,
39:00even close to that. Even if you figure 20 percent of that,
39:03no country has done 20 percent. And it's because of tariffs,
39:07and because every, and I think because of November 5th,
39:10the election, the election day. But we have now under construction,
39:14I guarantee you're expanding a lot of your different places,
39:17right, Fidel? But we have places like that.
39:22We have car companies. We have AI coming in at levels.
39:25Nobody's ever seen anything like it. It's amazing.
39:27And this, all of these places, hundreds and hundreds of plants,
39:32thousands. And they're going to be opening,
39:34and they're going to be producing a lot of success,
39:37a lot of jobs. And I say it all the time.
39:40The king of Saudi Arabia said to me a year ago,
39:42he said, one year ago, your country was dead,
39:46and now you've got the hottest country anywhere in the world.
39:49And that's what we have. And it's one of the reasons Michael's
39:52able to do this. It's one of the reasons I'm able to be here
39:55and, you know, haven't really run a very successful campaign.
39:58We won all seven swing states. We won the popular vote by millions.
40:03We won the districts. I'll tell you, the district vote is the most impressive.
40:082,750 compared to 550. That's some difference.
40:14And we just had a, you know, we just had a tremendous election
40:19and a tremendous vote of confidence.
40:21And thank you very much for that question.
40:23Thank you, Mr. President.
40:24Mr. President, if enough of the lawmakers say they don't extend ACA subsidies.
40:28Will you make a deal with Democrats?
40:30Mr. President, thank you, President.
40:32Will you make a deal with Democrats on ACA subsidies?
40:35Mr. Thank you, Mr. President.
40:37Expand the travel ban, Mr. President.
40:44Mr. President.
40:47Mr. President.
40:48Assume themass of the дивan.
40:49Mr. President.
40:50Mr. President, thank you.
40:52Mr. President.
40:53This video is for a nice fashion trip back to me.
40:58Mr. President, thank you.
41:00Mr. President.
41:01Mr., my partner, Mr. President,
41:05Mr. President под Histinação
41:08and Mr. President, thank you very much.
41:11Mr. President, I killed your personnes
41:12not only by all of you.
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