Scott Bessent, the multimillionaire treasury secretary, drew backlash on social media after suggesting that children should receive contributions to the Trump administration’s newly launched “Trump Accounts” instead of physical gifts from now on.
Speaking on Fox News following the launch of the initiative, Bessent argued relatives could now skip giving toys altogether.
“Rather than giving a toy for a birthday or a holiday, they can contribute to these accounts,” he said.
Bessent also suggested the program could reduce lottery participation, arguing that families who sign up to the pilot scheme (currently, it’s open to those born from 2025 to 2028) have already “won the lottery” because their children will each receive $1,000 in seed money and due to “the power of compound interest,” which can be added to by the families themselves.
Critics, however, slammed Bessent’s remarks and pointed out how children might actually react to being told there would be no toys.
Others drew damning comparisons to past Trump-era messaging that families should simply make do with fewer dolls or pencils amid a cost-of-living crisis.
