00:00Trump's gold card plan promised to help fix America's $39 trillion national debt.
00:05The gold card will be taking in hundreds of billions of dollars,
00:08and we're going to take that money, and we're going to reduce taxes, we're going to reduce debt.
00:13But a year after the announcement, just one person has actually been approved to have one.
00:17Here's how it works.
00:18Wealthy immigrants can pay $5 million for a gold card,
00:22which comes with green card immigration privileges, plus a route to citizenship.
00:26Commerce Secretary Howard Lutnick told a congressional committee hearing that there are hundreds of applicants in the queue,
00:32but the bigger question is, who can afford it?
00:35For a family of four, the cost would be $20 million.
00:39There's also another issue.
00:41North America is already home to nearly half of the world's wealthiest people, according to a recent report.
00:46In other words, many of the people who could afford a gold card already live in the U.S.
00:50So even if applications grow, economists say the program is unlikely to generate revenue
00:55at the scale needed to dent the national debt.
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