Treasury Secretary Scott Bessent urged families to skip buying toys for kids’ birthdays and instead invest the money in the new Trump accounts.
Bessent, a wealthy hedge fund veteran serving as the nation’s top economic adviser, made the remarks on Fox News while promoting what the administration calls “Trump Accounts,” which are a pilot program to deposit $1,000 into tax-advantaged accounts for children born between January 1, 2025, and December 31, 2028.
With an estimated net worth of more than $500 million, Bessent framed the suggestion as a way to help children build long‑term financial security, saying that relatives could “rather than giving a toy for a birthday or holiday, they can contribute to these accounts.”
He also said he believes the number of people playing the lottery will decrease “because you won the lottery. You got $1,000 and the power of compound interest.”
The Trump Accounts are designed to be invested in stock index funds and are intended to grow over time, with parents able to add up to $5,000 annually and employers up to $2,500.
Advocates say the program could help reduce wealth inequality and introduce more families to investing. President Donald Trump will discuss the initiative at a summit Wednesday in Washington.
However, critics argue the comments underscore a broader tone‑deafness in promoting the initiative, noting that many families still struggle with everyday necessities amid high living costs. They also point out that families with fewer financial resources may not be able to contribute much beyond the government’s initial deposit.
Bessent’s latest comments come a month after Trump made headlines when he opined that Americans “don’t need 37 dolls” for their daughters, when asked about the impact of his tariff plan and the growing costs Americans face.
“Two or three is nice, you don’t need 37, so we're doing things right. We're running this country right,” the president said during a December rally appearance in Pennsylvania.
Trump also said the same goes for pencils.
“You know, you can give up certain products. You can give up pencils. That's under the China policy … every child can get 37 pencils. They only need one or two … they don't need that many. But you always need steel,” he said.
The next day, White House Press Secretary Karoline Leavitt attempted to defend Trump’s comments, telling reporters that his point about how many dolls a hypothetical young girl needs was meant to encourage parents to choose American-made dolls.
“Maybe you'll pay $1 or two more, but you will get better quality, and you'll be supporting your fellow Americans by buying American and that's what the President was saying,” Leavitt said.
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