mazech.com Billionaire investor Bill Ackman says government should give every American cash at birth so they can retire a millionaire - Mazech Media An American billionaire has come up with a suggestion for the U.S government that if implemented, will make every American retire a millionaire, according to him. Bill Ackman, the CEO of Pershing Square Capital Management, proposed a “Birthright” scheme where the US government would give cash to every newborn American. “A potential solution to the wealth inequality problem is to create a way for those with no investment assets to participate in the success of capitalism,” Ackman wrote in the New York Times DealBook section. “To do so, we need a program that makes every American an owner of the compound growth in value of corporate America.” “The government could fund investment accounts for every child born in America, a program we could call Birthright.” Ackman, 54, said that the money should be invested in zero-cost equity funds and people would not be allowed to withdraw it until they retire or turn 65. At historical rates of return on equity of 8 per cent a year, a $6,750 grant at birth would be worth more than $1 million at the age of 65, Ackman said. And that figure could be worth $2 million at the age of 74. The scheme would cost the government around $26bn a year based on the average number of children born in the US, he added. The hedge fund billionaire who made $2.6 billion off coronavirus market crash from $27 million he invested in March, said he came up with the Birthright proposal as “the American dream has become a disappointment, or worse, for too many.” “In addition to helping all Americans build wealth for retirement, Birthright would encourage greater financial literacy, and give all Americans the opportunity to participate in the success of capitalism,” the billionaire investor wrote. https://mazech.com/2020/12/billiona...sh-at-birth-so-they-can-retire-a-millionaire/
What's a million USD going to be worth in 2085? Who here trusts the government to hold onto it for you and not trim it for that long?
My wife read this and is doing this for our new grandson....It's about what it costs to buy an old Toyota truck to set your grandchild up for a big payday at 65....hey...why not? His other grandfather has already started a college fund with the Uof O for him and he was just born in May.....it's fun spoiling grandchildren if you can...personally I plan to die broke...I've informed my son of this fact
If our government had taken all the money I put into SS over the years and put it into a mutual fund instead, I'd already be a millionaire. FWIW, being a "millionaire" doesn't really mean dick anymore.
Ackman just wants government money to be put into the stock market so that the price of his investments is driven up. barfo
He's basically proposing a Social Security style entitlement that is based on being born a member of the society, as opposed to adult earnings. It's not what I would call a paradigm-shifting idea, but I'm cool with more entitlements that give people a better chance of not being destitute when they're older. Of course, I'd also like policies that helped avoid people being destitute when they're children or when they're young adults.
I think part of the deal here is that having a retired population with disposable income is good for a strong middle class as retired people with money will shop alot more than people holding down a job...just a thought
The govt definitely puts gazillions into weapons research....why not a generation of babies? When they morph into geezers, they'll need to buy weapons to keep young people from stealing their million bucks!
I have no objection to using taxpayer money to support the elderly - but I don't know that this is the best way to do it. Similarly, the government could borrow $1T from China and invest that in the stock market - why not, if we have confidence in the market? Or go to Vegas and put it all on 00 and spin the wheel... barfo
I'd guess one doesn't turn 27 million into 2.6 billion in a few months by pulling out of the market and wanting his investments driven down
In my case at my age....my grandson would cash in in 2085 so whether I have confidence in the market is sort of unimportant...I got out of the market before the election ...other than my PERS acct....it's still humming along there
For the first time in almost 60 years, I also got completely out of the market. Not because of the election. But because of the breakdown of the fundamentals that drive the market. The recent moves in the market make no sense. I am an investor, not a speculator. What is going on now in the market is pure speculation. I hope the speculators still in the market make a nice profit, and do not get hurt. But for now, I am happy sitting on cash, with a nice profit this year locked in.
From personal experience, former NJ Gov. Christie Whitman drew money from our pensions to meet a short term debt and fucked us all. So, I agree. Government is not trustworthy. Look at the shit we are dealing with now. Besides this, the asinine republicans want to spoil my nirvana by road blocking Biden's election after the electoral course is completed. The truth is that either party is dis functional.
Somebody has to get hurt. Why not the speculators? Why should it be hard working people who have their life savings invested in the stock market?
