Latest / The 47 Morning Update with Ben Ferguson / Trump Accounts Transform the Future plus Talarico Pledges to “Dismantle” Capitalism

Transcript

Trump Accounts Transform the Future plus Talarico Pledges to “Dismantle” Capitalism · The 47 Morning Update with Ben Ferguson

• 0:00
  Speaker 1: Welcome.
• 0:00
  Speaker 2: It is Verdict with Senator Ted Cruz, Ben Ferguson with
• 0:03
  Speaker 2: you as well. Senator, it's the middle of the day.
• 0:06
  Speaker 2: You're rested. It's been a fabulous week. The book is
• 0:09
  Speaker 2: killing it, by the way. It's still at the top
• 0:12
  Speaker 2: of the list on Amazon. Congratulations for that as well.
• 0:16
  Speaker 2: And you had an amazing week with American companies getting
• 0:19
  Speaker 2: behind something that we've been advocating, you've been fighting for
• 0:21
  Speaker 2: for a long time with the Trump accounts. And you
• 0:24
  Speaker 2: got to do some really cool things with some CEOs
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  Speaker 2: this week that said, we're behind this. We're advocating for
• 0:29
  Speaker 2: it and we're going to give to our employees.
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  Speaker 3: Well, this week in Austin, I chaired a roundtable along
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  Speaker 3: with Michael Dell of CEOs from across Texas and across
• 0:40
  Speaker 3: the country. And it was a roundtable. We had about
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  Speaker 3: 30 CEOs sitting around the table talking about the Trump
• 0:45
  Speaker 3: accounts and how transformational this policy is. As you know,
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  Speaker 3: the Trump accounts, I authored the Trump accounts last year
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  Speaker 3: as part of the Working Families Tax Cut. It was
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  Speaker 3: signed into law. I think the Trump accounts may well
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  Speaker 3: be the single most consequential element of the entire tax
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  Speaker 3: cut that passed last year. And it has been implemented.
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  Speaker 3: We had at the roundtable, we had, number one, Michael Dell,
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  Speaker 3: obviously the CEO of Dell, and someone, Michael and Susan,
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  Speaker 3: have personally pledged and are giving six and a quarter
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  Speaker 3: billion dollars to kids all across the country in the
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  Speaker 3: Trump accounts. And just to remind everyone how the Trump
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  Speaker 3: accounts operate, The Trump accounts are designed to be, and
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  Speaker 3: this year will be, personal investment accounts that for every
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  Speaker 3: single child in America, there are over 70 million kids
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  Speaker 3: under 18 in America, every child will have a personal
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  Speaker 3: investment account open for him or her. Newborn children will
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  Speaker 3: have it seeded with $ 1, 000. And parents, family, employers can
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  Speaker 3: contribute $ 5, 000 a year in a tax advantage account. All
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  Speaker 3: of that's invested in the stock market. which gives every
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  Speaker 3: kid in America the miracle of compound growth. That's going
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  Speaker 3: to enable kids to accumulate hundreds of thousands of dollars
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  Speaker 3: in investments, which will change their whole lives. But number two,
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  Speaker 3: we will create a whole new generation of capitalists as
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  Speaker 3: our kids are going to be the owners of the
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  Speaker 3: biggest employers in America. And so this event, when I
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  Speaker 3: drafted the Trump account legislation, I included two accelerants deliberately
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  Speaker 3: into the legislation. Number one, is the ability for employers
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  Speaker 3: to contribute. So think about 401 s and how 401 s,
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  Speaker 3: most employers, certainly most big employers, will either contribute to
• 2:32
  Speaker 3: a 401 or at least match the contribution of an employee. Likewise,
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  Speaker 3: we are seeing that more and more for Trump accounts,
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  Speaker 3: and that speeds it up because when you're talking about
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  Speaker 3: investing over time, the faster you invest and the more
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  Speaker 3: you invest early, the more it compounds and the bigger
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  Speaker 3: it gets. And so Employer contributions are a huge accelerant.
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  Speaker 3: And then the second huge accelerant is charitable contributions, the
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  Speaker 3: ability to give directly into the Trump accounts of others.
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  Speaker 3: We're seeing both of them. And this roundtable was multiple
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  Speaker 3: CEOs and business leaders discussing how they're doing exactly that.
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  Speaker 2: All right, I want to take a moment real quick
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  Speaker 2: and talk to you about something that's extremely important. Right now,
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  Speaker 2: somewhere in the world, there's a child waiting, not waiting
• 3:19
  Speaker 2: for a birthday, not waiting for Christmas, but waiting for
• 3:23
  Speaker 2: someone just like you to choose them. That's what Compassion
• 3:28
  Speaker 2: International does every single day. They connect children living in
• 3:32
  Speaker 2: poverty with someone who will know their name, who will
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  Speaker 2: pray for them, who will encourage them. and help provide
• 3:39
  Speaker 2: the food, the medical care, the education, and the hope
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  Speaker 2: they need through a local church. Now this year, Compassion
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  Speaker 2: is expanding into four new countries, Malawi, Zambia, Cambodia, and Myanmar,
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  Speaker 2: meaning thousands of children are being reached, which is incredible,
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  Speaker 2: for the very first time. And I want you to
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  Speaker 2: join me for just $ 43 a month You can be
• 4:07
  Speaker 2: the reason one child stops waiting. Sponsor a child today
• 4:12
  Speaker 2: at Compassion.com. That's Compassion.com. I got to tell you, the
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  Speaker 2: part of the Trump accounts I think is also going
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  Speaker 2: to be the most successful aspect of it is you
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  Speaker 2: get to set up these accounts in your kid's name.
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  Speaker 1: You get to be interactive.
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  Speaker 2: It's not a piece of paper that comes in the
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  Speaker 2: mail with a quarterly statement or a monthly statement. your
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  Speaker 2: child can look at your phone and their account in
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  Speaker 2: real time and see what's happening.
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  Speaker 1: And so now what's happened with my kids is they
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  Speaker 1: every day are wanting to know how much money they have.
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  Speaker 2: I love this because now instead of them going and
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  Speaker 2: buying something in the store the other day, my seven-year-old
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  Speaker 2: George looked at me. He's like, dad, I want to
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  Speaker 2: buy some more stock with our money.
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  Speaker 1: I was like, great. How much money do you have?
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  Speaker 2: He's like, I got $ 6 and 12 cents.
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  Speaker 1: Now I love that because he had enough. He got $ 6.
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  Speaker 1: I don't know what he got it from.
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  Speaker 2: What like, It was like $ 6 and 12 cents. I'm like, buddy,
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  Speaker 2: I love this. Yes, we'll invest it for you this week.
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  Speaker 2: And there's a little bit of excitement and also competition. Like,
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  Speaker 2: what are you in?
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  Speaker 1: I'm in Ford. I'm in SpaceX. I'm in this.
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  Speaker 2: They love the ownership. And that's how you create a
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  Speaker 2: lifetime investment. idea and it's also teaching the value of
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  Speaker 2: a dollar hey you can take a dollar now it
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  Speaker 2: can be something else later but if your kids get
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  Speaker 2: involved that means the parents get more involved which means
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  Speaker 2: you think about saving for your kids more that is
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  Speaker 2: the best part is I think technology with this it
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  Speaker 2: is watching a kid's eyes light up when they see
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  Speaker 2: an account with their name and their ownership is is
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  Speaker 2: a total game changer I say it with excitement because
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  Speaker 2: I'm witnessing it firsthand but this is why people need
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  Speaker 2: to sign up for this if they haven't already.
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  Speaker 3: Look, roughly half of Americans don't own a single stock
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  Speaker 3: or a single bond. And I talked about creating a
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  Speaker 3: whole new generation of capitalists. This is designed so that
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  Speaker 3: kids see that and they see compound growth. They see
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  Speaker 3: that they have an investment, but then it grows and
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  Speaker 3: it grows upon itself and it grows upon itself. And
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  Speaker 3: one of the things that was really important designing the
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  Speaker 3: app is designing it so it doesn't just show the
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  Speaker 3: total amount you have in the S & P 500,
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  Speaker 3: but there are 500 stocks broken down in the S &
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  Speaker 3: P 500. So you can see- how much you own
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  Speaker 3: of Apple, how much you own of General Motors, how
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  Speaker 3: much you own of ExxonMobil, how much you own of McDonald's.
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  Speaker 3: And that investment makes it personal. You've got skin in
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  Speaker 3: the game. And that was something I pressed the Trump
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  Speaker 3: administration really vigorously on. They actually had a guy named
• 6:36
  Speaker 3: Joe Jebbia, who's a buddy of mine. He's actually a Texan.
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  Speaker 3: He's from Austin. he is one of the founders of Airbnb.
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  Speaker 3: So he's been very, very successful in business, but Airbnb
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  Speaker 3: knows how to design an app that is consumer friendly.
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  Speaker 3: And one of the things that was really important is
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  Speaker 3: that when kids log onto these accounts, they see all
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  Speaker 3: the individual stock holdings that they have and they are
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  Speaker 3: right now. We also had at this round table, so
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  Speaker 3: we had Michael Dell, we had Brad Gerstner, who is
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  Speaker 3: the CEO of Altimeter Capital, and he's the one who
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  Speaker 3: came up with the idea for the Trump account. He's
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  Speaker 3: become a very close friend. He and I have worked
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  Speaker 3: hand-in-hand the last two years to get this passed. We
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  Speaker 3: had Michael Dell, who Dell is contributing and matching to
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  Speaker 3: the Trump accounts of their kids, and Michael and Susan
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  Speaker 3: are personally giving $ 6. 25 billion. We had the CEOs of
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  Speaker 3: Bank of New York and Robinhood. And they're the two
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  Speaker 3: companies that are implementing this, and it is remarkable. So
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  Speaker 3: one of the things the CEO, Vlad Tenev, who's the
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  Speaker 3: CEO of Robinhood, showed us is the new developments they're
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  Speaker 3: putting on for philanthropy. Look, most of us are not
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  Speaker 3: Michael Dell. We can't give $ 6. 25 billion, but this is
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  Speaker 3: available for philanthropy if you want to give $ 100, if
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  Speaker 3: you want to give $ 500 or $ 1, 000 or whatever you
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  Speaker 3: can give. And one of the fun things is, for
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  Speaker 3: Trump accounts, it also doesn't have to be massive accounts.
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  Speaker 3: I mean, think about your kids' birthday parties, Ben.
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  Speaker 1: Yeah.
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  Speaker 3: Where you have Aunt Susie, who otherwise would have gotten
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  Speaker 3: your kids an ugly sweater, who instead can give your
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  Speaker 3: kids a hundred bucks into the Trump account or 50
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  Speaker 3: bucks into the Trump account. And that over time, think
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  Speaker 3: about a bar mitzvah, think about an eighth grade graduation
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  Speaker 3: or 12th grade graduation where you tell people, hey, Here's
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  Speaker 3: the link to give to the Trump accounts, and you
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  Speaker 3: end up with investments where the kids see. And by
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  Speaker 3: the way, just like you described with your boys, the
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  Speaker 3: kids see as a practical matter, I have 20 bucks.
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  Speaker 3: I can go buy a pepperoni pizza and eat it
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  Speaker 3: and have nothing.
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  Speaker 4: Yep.
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  Speaker 3: Or I can invest 20 bucks and see it grow
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  Speaker 3: and learning about the power of investing. That's going to
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  Speaker 3: be one of the most long-lasting aspects of this.
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  Speaker 1: It's changed dynamics.
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  Speaker 2: Dinner the other night, it was really fun to watch
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  Speaker 2: my 10-year-old and his cousin, who's also 10, talk to
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  Speaker 2: my son's uncle.
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  Speaker 1: And they're like, hey. What should we invest in? What
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  Speaker 1: are you investing in?
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  Speaker 2: And then he was like, well, I like to invest
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  Speaker 2: in things that I know that I use. And he
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  Speaker 2: started talking to them like, what do you guys use?
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  Speaker 2: What is it that you like? And they're like, well,
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  Speaker 2: I like this. I like this.
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  Speaker 1: Well, great.
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  Speaker 2: And we were at the dinner table looking up the
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  Speaker 2: stocks connected to the things that they use. But you
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  Speaker 2: can see the light bulbs going off. And then we
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  Speaker 2: had a conversation about what is the Walmart stock of
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  Speaker 2: this generation, of our kids' generation, right? For me, it was,
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  Speaker 2: and our parents was like, if you own Walmart, you
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  Speaker 2: never touched it, it turned into X, right? It was
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  Speaker 2: a stock. And so we had a conversation about if
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  Speaker 2: you had a share of Walmart back in the day,
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  Speaker 2: what it was worth today. And with AI, you can
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  Speaker 2: easily figure these questions out, these answers. And their eyes
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  Speaker 2: were just like, wait, if you own just one share
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  Speaker 2: of Walmart when it came out, now it would be worth.
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  Speaker 1: Yes.
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  Speaker 2: So then they're like, well, what's the Walmart stock of today?
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  Speaker 2: So you have all these conversations.
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  Speaker 1: And I say.
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  Speaker 2: It with pure joy, finally I say the government really
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  Speaker 2: got something right. Like they got something right. It's going
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  Speaker 2: to have a massive impact for kids and it's a
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  Speaker 2: way for parents to also get involved.
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  Speaker 1: But I'll say it.
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  Speaker 2: If you've not done this with your children or your
• 10:16
  Speaker 2: grandkids yet, make it a priority because I, there's no
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  Speaker 2: way a kid doesn't get excited or locked in on
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  Speaker 2: this because it just fun to see their name with
• 10:26
  Speaker 2: ownership and a real company. And then they understand they
• 10:29
  Speaker 2: start asking questions and, And that's how you change an
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  Speaker 2: entire generation.
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  Speaker 3: Well, and on the employer side, so we had Robert Eisen,
• 10:36
  Speaker 3: the CEO of American Airlines there, and American Airlines announced
• 10:39
  Speaker 3: that they're going to match the contributions to Trump accounts
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  Speaker 3: for all their employees.
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  Speaker 5: Incredible.
• 10:43
  Speaker 3: And they have employees all over the country. They have
• 10:45
  Speaker 3: 40,000 employees just in the state of Texas. And you
• 10:48
  Speaker 3: look at those employees for those kids, I think this
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  Speaker 3: is going to become a ubiquitous employee benefit, just like
• 10:57
  Speaker 3: 401k accounts are now. And to give you a sense...
• 11:00
  Speaker 3: Why do I say the Trump accounts are the most
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  Speaker 3: consequential element of the working family's tax cut? You know,
• 11:07
  Speaker 3: in 1974 is when Congress passed Section 401k of ERISA.
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  Speaker 3: And I don't think anyone in Congress had any idea
• 11:14
  Speaker 3: how fundamentally they were changing how Americans save for retirement. Today, Ben,
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  Speaker 3: there's more than $ 12 trillion invested in 401k accounts. It's
• 11:23
  Speaker 3: a massive amount of cash. Trump accounts are 401ks for kids.
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  Speaker 3: They're going to be We're going to have trillions of
• 11:30
  Speaker 3: dollars invested in Trump accounts and the employer contributions. Dell
• 11:35
  Speaker 3: is doing it. American is doing it. Lots and lots
• 11:39
  Speaker 3: of companies are doing so. But then the second piece
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  Speaker 3: of it, and I'm urging, you know, Cory Booker. This
• 11:44
  Speaker 3: is also there's now bipartisan support for this. Cory Booker
• 11:47
  Speaker 3: is a liberal Democrat from New Jersey. He and I
• 11:50
  Speaker 3: together co-authored a letter to the CEO of every one
• 11:53
  Speaker 3: of the Fortune 1000 companies. urging every one of them
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  Speaker 3: to contribute to the Trump accounts of the kids of
• 11:58
  Speaker 3: their employees to match, to help grow, because that accelerates
• 12:03
  Speaker 3: the growth massively. But the second piece, the philanthropic piece.
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  Speaker 3: So Michael and Susan Dell's gift, what they're giving is
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  Speaker 3: $ 250 to every child under age 10 who lives in
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  Speaker 3: a zip code where the median income is $ 150, 000 or less.
• 12:21
  Speaker 3: And I wrote the statutes so you could adjust those
• 12:23
  Speaker 3: dials and you can target your gifts. Brad Gerster, whose
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  Speaker 3: idea this was, Brad is giving money to every kid
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  Speaker 3: in the state of Indiana, which is where he's from,
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  Speaker 3: where he grew up, under the age of five, again,
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  Speaker 3: who lives in zip codes where the median income is
• 12:40
  Speaker 3: $ 150, 000 or less. Now, let me tell you another really
• 12:43
  Speaker 3: cool element of the Trump accounts, which is, at my urging,
• 12:47
  Speaker 3: and I had to work very hard to get the
• 12:49
  Speaker 3: Treasury Department to do this, Treasury has issued guidance That
• 12:54
  Speaker 3: not only can you contribute money to the Trump accounts,
• 12:58
  Speaker 3: and it's a charitable contribution, it's tax deductible. So not
• 13:01
  Speaker 3: only can you contribute money to Trump accounts of kids,
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  Speaker 3: you can also contribute individual shares of stock.
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  Speaker 1: Which is a game changer. It's a massive game changer.
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  Speaker 3: One of the people at the roundtable was Gwen Shotwell. Now,
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  Speaker 3: Gwen is the president and chief operating officer of SpaceX.
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  Speaker 3: And obviously SpaceX just had a massive IPO.
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  Speaker 1: Yep.
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  Speaker 3: And Gwen made an enormous amount of money. And after that,
• 13:30
  Speaker 3: she announced that she was giving 2 million shares of SpaceX.
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  Speaker 1: That's incredible.
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  Speaker 3: To Trump accounts. And in part because Michael Dell did
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  Speaker 3: kids under 10, she decided to give it to kids
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  Speaker 3: between the ages of 10 and 18.
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  Speaker 1: That's so cool.
• 13:45
  Speaker 3: And so 2 million kids are going to get a
• 13:48
  Speaker 3: single share of SpaceX in their account. And that means
• 13:52
  Speaker 3: they're now invested, and they can see as SpaceX grows
• 13:56
  Speaker 3: and succeeds and does better, they're looking at that going, wow.
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  Speaker 1: That is amazing.
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  Speaker 3: And by the way, her gift was worth over $ 300 million. So,
• 14:05
  Speaker 3: I mean, you want to talk about real money.
• 14:08
  Speaker 1: Yeah.
• 14:09
  Speaker 3: $ 300 million giving away two kids. And I will tell you,
• 14:14
  Speaker 3: I'm in conversations with multiple founders and CEOs who started
• 14:18
  Speaker 3: incredibly successful companies. And I'm going to tell you in
• 14:22
  Speaker 3: the coming year, we are going to see literally billions
• 14:25
  Speaker 3: of dollars, I believe, of shares of companies, big AI companies,
• 14:29
  Speaker 3: big tech companies, given directly to kids. And that's a
• 14:34
  Speaker 3: powerful thing. I want you to listen to David Sachs.
• 14:37
  Speaker 3: So David Sachs is an incredibly successful tech investor. He's
• 14:41
  Speaker 3: the chairman of the President's Committee on Science and Technology.
• 14:44
  Speaker 3: So he's the AI czar and the crypto czar for
• 14:47
  Speaker 3: President Trump. And David is a longtime friend of mine.
• 14:51
  Speaker 3: He was at the roundtable with us. Listen to what
• 14:53
  Speaker 3: David had to say about the Trump accounts.
• 14:55
  Speaker 4: Thanks to Trump accounts, the next generation of Americans is
• 14:58
  Speaker 4: going to have direct ownership in these AI companies. So
• 15:02
  Speaker 4: they're going to be participating as owners in the AI revolution.
• 15:06
  Speaker 4: And I think Gwynne Shotwell's gift, I think, is exactly
• 15:09
  Speaker 4: the right template for this, where you've got 2 million
• 15:13
  Speaker 4: kids who are now going to own a share of
• 15:15
  Speaker 4: SpaceX AI, and they're going to be tracking that. And
• 15:17
  Speaker 4: now they have a vested interest in the success of AI.
• 15:21
  Speaker 4: And I hope that all the other AI companies will
• 15:23
  Speaker 4: follow suit and make.
• 15:26
  Speaker 2: By the way, I couldn't agree with him more. He
• 15:28
  Speaker 2: hopes they follow suit. That's the reason why you guys
• 15:30
  Speaker 2: wrote it this way. It also makes it easy. If
• 15:33
  Speaker 2: you talk to people that want to give money away...
• 15:36
  Speaker 2: Their biggest concern is they're going to give a bunch
• 15:37
  Speaker 2: of money away and then they're going to have this
• 15:39
  Speaker 2: big thing that happens and then it doesn't really get implemented.
• 15:43
  Speaker 2: This is such a great way to encourage responsible giving
• 15:47
  Speaker 2: because it's going to have an impact for these kids
• 15:49
  Speaker 2: for a very long time and the future growth.
• 15:52
  Speaker 1: It's not going to be.
• 15:52
  Speaker 2: You know, shelled out a bunch of bureaucrats and nonprofits
• 15:55
  Speaker 2: start getting their friends involved.
• 15:57
  Speaker 1: And we see things like that that happen.
• 15:59
  Speaker 2: This is a direct way to say, I'm going to
• 16:01
  Speaker 2: impact a child and it's something that's going to grow
• 16:04
  Speaker 2: and help them as they get older. If you, if
• 16:07
  Speaker 2: you're someone that's worked hard your whole life and you
• 16:09
  Speaker 2: built something incredible like SpaceX to see that continue to
• 16:13
  Speaker 2: grow long after you're gone, that's a legacy. That's legacy
• 16:17
  Speaker 2: building that gets, I think CEOs excited as well.
• 16:20
  Speaker 3: Yeah, and there are several aspects of this. One, you know,
• 16:24
  Speaker 3: one of the reasons Michael and Susan Dell got so excited,
• 16:27
  Speaker 3: so Michael chairs the CEO Council of Invest America that
• 16:30
  Speaker 3: has been supporting the Trump accounts and has been a
• 16:32
  Speaker 3: coalition behind it. And Michael and Susan are worth somewhere
• 16:36
  Speaker 3: between $ 100 and $ 200 billion, depending on where the market
• 16:39
  Speaker 3: is at any given day, but it's a massive amount
• 16:40
  Speaker 3: of money. He's one of the 10 wealthiest people on
• 16:42
  Speaker 3: planet Earth. And they both are quite responsible about their philanthropy.
• 16:48
  Speaker 3: They intend to give away the a huge portion of
• 16:52
  Speaker 3: the wealth they've accumulated. And the problem is it's such
• 16:55
  Speaker 3: a large amount of money that it's hard to give away.
• 16:57
  Speaker 3: I mean, there are not, there are very few charities
• 17:01
  Speaker 3: that can take a billion dollars. Like it's so much
• 17:03
  Speaker 3: money that it crushes a charity if you give them
• 17:05
  Speaker 3: that much money. And so they're trying to think very responsibly.
• 17:09
  Speaker 3: How do you give money away so it has a
• 17:11
  Speaker 3: maximum impact and it can be used productively? And I'll
• 17:14
  Speaker 3: tell you what is so potent about the Trump accounts.
• 17:18
  Speaker 3: It is infinitely scalable. You can literally give, there's no
• 17:21
  Speaker 3: sum of money someone has that is too much to
• 17:23
  Speaker 3: be able to give to Trump accounts. It has zero
• 17:27
  Speaker 3: friction and zero transaction costs. So if you give a
• 17:29
  Speaker 3: hundred dollars, a hundred dollars goes to the count, not 99,
• 17:32
  Speaker 3: not 95, every penny of it. There's no administration, there's
• 17:36
  Speaker 3: no overhead, there's no guy getting rich. So you're putting
• 17:40
  Speaker 3: every bit of leverage to impact and in the impact
• 17:44
  Speaker 3: of a child becoming an investor, starting to accumulate that
• 17:48
  Speaker 3: will grow and compound over time. And, and so let's
• 17:51
  Speaker 3: take the six, six and a quarter billion dollars that,
• 17:54
  Speaker 3: that gives $ 250 to 25 million kids. Now that's a
• 17:59
  Speaker 3: ton of money, but you know what, if Michael and
• 18:01
  Speaker 3: Susan decided, I don't know if they're going to, but
• 18:03
  Speaker 3: they could decide, suppose they decided they wanted to 10
• 18:06
  Speaker 3: X that. Yeah. Well, instead of giving $ 250, they could
• 18:09
  Speaker 3: give $ 2, 500 instead of six and a quarter billion dollars,
• 18:10
  Speaker 3: that would be $ 62 billion. And yet it would be
• 18:18
  Speaker 3: There are enough kids that it could absorb that. And
• 18:21
  Speaker 3: by the way, look, if you have other people giving
• 18:24
  Speaker 3: and suddenly that twenty five hundred dollars becomes five thousand
• 18:27
  Speaker 3: or ten thousand dollars, the math becomes amazing. If suddenly
• 18:31
  Speaker 3: kids and we're talking millions of kids, low income kids have, say,
• 18:34
  Speaker 3: 10 grand invested in the market at a young age.
• 18:39
  Speaker 3: The compounding we're talking about these kids being able to
• 18:42
  Speaker 3: accumulate millions of dollars that totally changes not just their perspective.
• 18:49
  Speaker 3: But their entire future, because look, kids of wealthy people,
• 18:55
  Speaker 3: they learn to invest, they learn to save. But kids
• 18:59
  Speaker 3: of parents who are not in the market often don't understand.
• 19:02
  Speaker 3: They don't understand compound growth. They're not taught a culture
• 19:07
  Speaker 3: of saving and investing. This is going to change their
• 19:09
  Speaker 3: whole worldview. And look, you're seeing it with your boys'
• 19:12
  Speaker 3: first hands.
• 19:13
  Speaker 1: Yeah, it truly is incredible.
• 19:14
  Speaker 2: It's going to be so fun to see how this grows,
• 19:16
  Speaker 2: as you mentioned, and the excitement around it. And I
• 19:20
  Speaker 2: think it's really important with this show that we tell you,
• 19:23
  Speaker 2: we remind you, you get your kids, your grandkids involved,
• 19:26
  Speaker 2: have the conversation with your parents. nieces or your nephews
• 19:29
  Speaker 2: and make sure they're doing it it's free money i
• 19:31
  Speaker 2: mean that's i was talking to a lot of my
• 19:33
  Speaker 2: friends they have not done this and and they're and
• 19:35
  Speaker 2: they're smart i'm like guys it's free money for your
• 19:38
  Speaker 2: kids why are you not doing.
• 19:39
  Speaker 3: Change so that's going to change one of the most
• 19:41
  Speaker 3: important so i wrote the statute so that it would
• 19:45
  Speaker 3: be auto enroll so right now the way it has
• 19:48
  Speaker 3: been launched it's opt in. So you have to go
• 19:50
  Speaker 3: and affirmatively sign into it. You've got about seven million
• 19:52
  Speaker 3: people who have done so. There are about 70 million
• 19:55
  Speaker 3: kids in America. The way I wrote it was that
• 19:58
  Speaker 3: it that that Treasury would automatically enroll every child in America.
• 20:02
  Speaker 3: And by the way, it was a fight. The career
• 20:04
  Speaker 3: lawyers at Treasury did not want to make it auto enroll.
• 20:06
  Speaker 1: And I remember this.
• 20:07
  Speaker 6: Yeah.
• 20:08
  Speaker 3: The White House was with me. We wrote it that way.
• 20:11
  Speaker 3: And one of the people who was at the roundtable
• 20:13
  Speaker 3: was Frank Bisognano, who is this who is the head
• 20:16
  Speaker 3: of the IRS. And he's the one charged by Treasury
• 20:18
  Speaker 3: with implementing this. And he has committed and President Trump
• 20:22
  Speaker 3: has committed that they're going to do auto enroll. They're
• 20:24
  Speaker 3: going to create the accounts for 70 million kids. Now,
• 20:27
  Speaker 3: there are a couple of huge benefits from that. Number one.
• 20:31
  Speaker 3: If you have an opt out rather than an opt in,
• 20:33
  Speaker 3: you get massively higher take up rates. And that's been true.
• 20:36
  Speaker 3: There have been some states like Oklahoma and Rhode Island
• 20:39
  Speaker 3: who've done similar programs at a smaller scale. And the
• 20:42
  Speaker 3: difference between opt out and opt in is massive. We
• 20:44
  Speaker 3: want every kid to participate. And also, if it's opt in,
• 20:49
  Speaker 3: you end up having a skew where wealthier kids, kids
• 20:52
  Speaker 3: from families that are more financially sophisticated are more likely
• 20:55
  Speaker 3: to opt in. And low-income kids whose parents are not
• 20:59
  Speaker 3: invested in the market themselves are less likely to opt in.
• 21:02
  Speaker 3: And the entire point of this program is to help
• 21:05
  Speaker 3: the kid of the single mom waiting tables. And so
• 21:08
  Speaker 3: the auto-enroll is massively important. But you know why it's
• 21:11
  Speaker 3: even more important?
• 21:13
  Speaker 1: Why is that?
• 21:13
  Speaker 3: Because with the charitable gifts, you've got to have the
• 21:17
  Speaker 3: account open to be a vessel to put. Michael Dell
• 21:21
  Speaker 3: can't put his $ 6. 25 billion in unless you have 25
• 21:25
  Speaker 3: million accounts that are open that can take it. Gwen
• 21:27
  Speaker 3: Shotwell's two million shares can't go to kids unless those
• 21:30
  Speaker 3: accounts are open. So you need to have the auto enroll.
• 21:33
  Speaker 3: That's going to happen. I believe that it's going to
• 21:35
  Speaker 3: happen this year. I talked to the head of the
• 21:38
  Speaker 3: IRS today who is working to implement it right now.
• 21:41
  Speaker 3: That's a huge deal. And by the way, I want
• 21:45
  Speaker 3: you to listen to Brad Gerstner, this very successful venture
• 21:48
  Speaker 3: capitalist whose idea this was and who he and I
• 21:51
  Speaker 3: have worked hand in hand. In fact, Brad, Michael Dell,
• 21:54
  Speaker 3: and I at the roundtable, they referred to the three
• 21:57
  Speaker 3: of us as the three amigos. And we literally have
• 21:58
  Speaker 3: been on the phone nonstop talking to the president, regularly
• 22:03
  Speaker 3: talking to Scott Besant, the treasury secretary, talking to the
• 22:05
  Speaker 3: head of the IRS to get this implemented and get
• 22:08
  Speaker 3: it right. Give a listen to Brad Gerstner at the
• 22:10
  Speaker 3: roundtable we did this week.
• 22:12
  Speaker 6: Legislation championed by this senator. And let me tell you,
• 22:15
  Speaker 6: I stomped around Capitol Hill for years. Everybody loved the idea.
• 22:21
  Speaker 6: But it's amazing in Washington. Everybody loves the idea, but
• 22:24
  Speaker 6: nobody can find their pen to actually begin drafting a
• 22:28
  Speaker 6: piece of legislation. It takes an entrepreneurial warrior like this
• 22:32
  Speaker 6: senator who says, I'm going to make this happen.
• 22:35
  Speaker 1: It doesn't happen without that.
• 22:37
  Speaker 6: And then Michael Dell, who, you know, through our partnership
• 22:42
  Speaker 6: from day one, did the work, did the study, said
• 22:45
  Speaker 6: this is if we could make this happen, it would
• 22:47
  Speaker 6: change the country.
• 22:48
  Speaker 1: And together.
• 22:49
  Speaker 6: Talking with the president, getting the president's entrepreneurial leadership. And
• 22:53
  Speaker 6: you know, when we saw President Trump, it would have
• 22:56
  Speaker 6: been very easy for him to say, great idea, talk
• 22:59
  Speaker 6: to my people. And this would have went to die
• 23:02
  Speaker 6: like every other idea. Instead, he said, I'm calling the
• 23:05
  Speaker 6: speaker and telling them to put it in the bill.
• 23:07
  Speaker 1: And the only way we could put it in the
• 23:09
  Speaker 1: bill is.
• 23:09
  Speaker 6: If we had drafted the legislation, scored it, and had
• 23:12
  Speaker 6: it ready to go. That's why this became the law
• 23:15
  Speaker 6: of the land. But why I'm so excited to be
• 23:18
  Speaker 6: here in Texas today is there are 7.3 million kids
• 23:22
  Speaker 6: in the state of Texas eligible for a Trump account.
• 23:25
  Speaker 6: Hundreds of thousands have already claimed their account, but we're
• 23:29
  Speaker 6: going to get all 7.3 million signed up. Stay tuned.
• 23:34
  Speaker 6: In the months ahead, because of the leadership of Frank,
• 23:37
  Speaker 6: we're going to make sure that no child in this
• 23:39
  Speaker 6: country is left behind. The President said very clearly, every child.
• 23:44
  Speaker 6: The Invest America Act left the discretion to the Treasury
• 23:48
  Speaker 6: Secretary and to Frank to get every child automatically signed
• 23:52
  Speaker 6: up for.
• 23:52
  Speaker 1: An account, and that's what we intend to do.
• 23:55
  Speaker 2: You can even just hear it in his voice. He
• 23:57
  Speaker 2: is really excited about what this means and how it
• 24:00
  Speaker 2: came together.
• 24:01
  Speaker 1: He fought hard for it.
• 24:02
  Speaker 2: You guys, the three amigos got it done.
• 24:04
  Speaker 1: Uh, and, and it's going to be your legacy. I
• 24:06
  Speaker 1: said this to you early on.
• 24:07
  Speaker 2: I think in a, in a private conversation, I remember
• 24:09
  Speaker 2: I was like, this is going to be what you're
• 24:11
  Speaker 2: going to be remembered by from your time.
• 24:13
  Speaker 1: And it may be the most important thing you've ever
• 24:14
  Speaker 1: done in the Senate.
• 24:16
  Speaker 3: Yeah. Look, it, it, it, uh, I don't think that's
• 24:19
  Speaker 3: an exaggeration. This and school choice, the federal school choice program,
• 24:23
  Speaker 3: are the two most consequential things I've been able to
• 24:26
  Speaker 3: do in the Senate, and they both, I think, are
• 24:28
  Speaker 3: going to make a massive difference for kids for generations
• 24:31
  Speaker 3: to come. You remember the origin story of the Trump accounts.
• 24:34
  Speaker 3: You know it, but it's a fun story, and verdict
• 24:37
  Speaker 3: listeners have heard it before, but not everyone has heard it.
• 24:40
  Speaker 3: It actually started from a poker game. And by the way,
• 24:42
  Speaker 3: you and I played poker. You just had a birthday, right?
• 24:46
  Speaker 1: I had a birthday.
• 24:48
  Speaker 3: You turned 74. Yes, yes.
• 24:50
  Speaker 2: Halfway to 90 is, I think, how you described it.
• 24:53
  Speaker 2: I just want everybody to know. I'm halfway, closer to
• 24:55
  Speaker 2: 90 than I am to zero. So there's, yeah, it's
• 24:57
  Speaker 2: all perspective, folks.
• 24:58
  Speaker 3: You are past the halfway point now.
• 25:00
  Speaker 1: Yeah, yeah.
• 25:01
  Speaker 3: And so we had a poker game and you and
• 25:03
  Speaker 3: I played poker together. But another poker game.
• 25:07
  Speaker 1: Hold on.
• 25:08
  Speaker 2: I'm going to give you accolades. You were one of
• 25:10
  Speaker 2: the winners at the birthday poker. I just want people
• 25:12
  Speaker 2: to know you did come out ahead. You did not
• 25:14
  Speaker 2: lose money at my birthday party. I want to make
• 25:16
  Speaker 2: that very clear.
• 25:17
  Speaker 3: I did take home chips and I took home cash.
• 25:20
  Speaker 3: And I will say my daughter's investment accounts, thank you
• 25:24
  Speaker 3: for that.
• 25:25
  Speaker 1: Well played. Well played. But it was another poker game
• 25:28
  Speaker 1: where this came up.
• 25:29
  Speaker 3: Yeah. It was another. So two years ago, I do
• 25:32
  Speaker 3: every year I do a poker fundraiser, which which you've
• 25:35
  Speaker 3: been to. We do it. Do it out in Vegas.
• 25:37
  Speaker 3: And I love to play poker. And we bring a
• 25:40
  Speaker 3: number of poker pros who are buddies of mine. They
• 25:42
  Speaker 3: come play. And so April two years ago, I'm I'm
• 25:46
  Speaker 3: I'm playing poker. And one of the people there is
• 25:48
  Speaker 3: Phil Helmuth, who Phil is is one of the greatest
• 25:51
  Speaker 3: poker players to have ever lived. He's won the World Series.
• 25:54
  Speaker 1: He's he's.
• 25:55
  Speaker 3: Phil would tell you he's the greatest poker player I've
• 25:57
  Speaker 3: ever lived, and he's easily on the very, very short list.
• 26:02
  Speaker 3: We're playing late at night, and he asks me, he says, hey, Ted,
• 26:07
  Speaker 3: do you know Brad Gerstner? And at the time, I
• 26:09
  Speaker 3: did not. I did not know Brad. And I said, no,
• 26:11
  Speaker 3: tell me who he is. And he says he's an
• 26:12
  Speaker 3: amazingly successful venture capitalist in Silicon Valley, and he has
• 26:17
  Speaker 3: this idea called Invest America. And I had never heard
• 26:20
  Speaker 3: of it, and he describes it to me, and it's
• 26:22
  Speaker 3: what became the Trump Accounts. And I said, wow, I'd
• 26:26
  Speaker 3: be really interested in that. That sounds like the sort
• 26:28
  Speaker 3: of policy I could get really excited about. And so
• 26:31
  Speaker 3: Phil pulls out his cell phone and he puts together
• 26:34
  Speaker 3: a text thread and he texts Brad and me and
• 26:36
  Speaker 3: puts me on the thread and says, you two really
• 26:38
  Speaker 3: need to talk. And the next week, Brad gets on
• 26:41
  Speaker 3: a plane and flies to D.C. and sits down in
• 26:44
  Speaker 3: my office and he just pitches the idea. He said,
• 26:46
  Speaker 3: here's the idea, lays it out. And I listened to
• 26:49
  Speaker 3: it and I said, this is fantastic. Let's do it.
• 26:52
  Speaker 3: And I called my policy team in. And I said,
• 26:54
  Speaker 3: let's draft the bill right now. And we drafted it
• 26:58
  Speaker 3: right there. That is the bill that became the Trump accounts.
• 27:02
  Speaker 3: It is literally that bill that we drafted out of
• 27:04
  Speaker 3: that meeting. And the wild thing is, if I'm not
• 27:07
  Speaker 3: sitting at three in the morning at the Bellagio playing
• 27:10
  Speaker 3: poker with Phil Hellmuth two years ago, the Trump accounts
• 27:14
  Speaker 3: don't exist. There's literally trillions of dollars that are not
• 27:17
  Speaker 3: invested for our kids without that poker game.
• 27:20
  Speaker 1: And it is.
• 27:23
  Speaker 3: I think the legacy, the rewards from this for our
• 27:26
  Speaker 3: kids and their kids and their kids are just going
• 27:29
  Speaker 3: to keep reverberating for a long time to come.
• 27:32
  Speaker 1: Yeah, I'll say it again. Sign your kids up for this.
• 27:35
  Speaker 1: Don't wait.
• 27:36
  Speaker 2: There's money out there. It's free money. It is there
• 27:39
  Speaker 2: for you right now. Get your Trump accounts open and
• 27:42
  Speaker 2: do it with your kids. It's really, really educational and really.
• 27:44
  Speaker 1: Really fun.
• 27:46
  Speaker 2: All right, Senator, I want to pivot real quick and
• 27:48
  Speaker 2: move to James Tallarico. He'd be the perfect candidate for
• 27:52
  Speaker 2: California for Senate. He's running, though, in Texas, and there's
• 27:57
  Speaker 2: those Zoom meetings, and they're coming out of what he
• 28:00
  Speaker 2: actually believes and what he's actually said, and it's a
• 28:04
  Speaker 2: really bad look, especially in Texas.
• 28:07
  Speaker 3: Well, I got to say, it is a sharp contrast
• 28:09
  Speaker 3: to what we talked about in the first part of
• 28:10
  Speaker 3: the pod was the Trump accounts and capitalism and creating
• 28:13
  Speaker 3: a whole new generation of capitalists, and that's I am
• 28:17
  Speaker 3: a diehard unapologetic capitalist. I believe that if people are
• 28:21
  Speaker 3: invested in the future of America, that's good for everyone. Well,
• 28:24
  Speaker 3: it turns out James Tallarico believes exactly the opposite, and
• 28:27
  Speaker 3: he's running for Senate. It's a very close race in Texas.
• 28:30
  Speaker 3: He's not going to win. Ken Paxton is going to
• 28:32
  Speaker 3: be the next senator from Texas because James Tallarico is
• 28:37
  Speaker 3: a radical. He's extreme. Now, he's trying to hide that.
• 28:39
  Speaker 3: He's trying to pretend... that he's somehow middle of the road.
• 28:42
  Speaker 3: This is a guy who says God is non-binary. This
• 28:45
  Speaker 3: is a guy who says there are six genders, whatever
• 28:48
  Speaker 3: the hell those six are. But this week, there's a
• 28:52
  Speaker 3: video that was unearthed where a few years back, James
• 28:55
  Speaker 3: Tallarico was on a Zoom call with a bunch of
• 28:58
  Speaker 3: Sierra Club activists. I want you to listen to what
• 29:01
  Speaker 3: Tallarico said. This is in his own words, him speaking
• 29:04
  Speaker 3: to radical left-wing activists just a few years ago in 2020.
• 29:09
  Speaker 7: The multifaceted threat of a climate crisis and economic crisis
• 29:15
  Speaker 7: and a social justice crisis. I think that kind of
• 29:19
  Speaker 7: New Deal effort would be the only approach to start
• 29:22
  Speaker 7: to address all three in a thoughtful and meaningful way.
• 29:27
  Speaker 5: Thank you very much. The second question, communities of color
• 29:31
  Speaker 5: receive the most harm from the impacts of climate change
• 29:35
  Speaker 5: and yet receive the least government support to deal with it.
• 29:39
  Speaker 5: Tell us about one of the committees you are on
• 29:42
  Speaker 5: or hope to be on and the most important actions
• 29:45
  Speaker 5: that committee could take to fight for climate justice and
• 29:49
  Speaker 5: mitigate the impacts of climate change for all Texans.
• 29:52
  Speaker 7: Yeah, and I'm so thankful that you asked this question
• 29:56
  Speaker 7: and also thankful that young activists have really drawn the
• 29:59
  Speaker 7: link between climate change and white supremacy and capitalism in
• 30:04
  Speaker 7: our country. And I think only in the ways that
• 30:07
  Speaker 7: all three of those oppressive systems work together are we
• 30:10
  Speaker 7: going to be able to begin the process of dismantling them.
• 30:12
  Speaker 1: Dismantling.
• 30:13
  Speaker 2: That word, if you didn't hear it, he just talked
• 30:16
  Speaker 2: about dismantling what makes this country this country.
• 30:19
  Speaker 3: Well, what he specifically said is he said capitalism, climate change,
• 30:25
  Speaker 3: and white supremacy are are all linked together. They are
• 30:29
  Speaker 3: all three systems of oppression, and he wants to dismantle
• 30:35
  Speaker 3: all three. Now, again, you mentioned he'd be a great
• 30:39
  Speaker 3: Senate candidate in California. Sadly, that is probably the case.
• 30:43
  Speaker 3: But he ain't a great candidate in Texas, because there
• 30:46
  Speaker 3: are very few Texans who want to dismantle capitalism. That's
• 30:50
  Speaker 3: in his own words. That's not me speaking for him.
• 30:52
  Speaker 3: That's what he's saying he wants to do. And by
• 30:54
  Speaker 3: the way, in that same conversation... he said the oil
• 30:58
  Speaker 3: and gas industry is going to go away. And he
• 31:02
  Speaker 3: says that Texas's leadership of the oil and gas industry,
• 31:07
  Speaker 3: he said, is like, quote, being a leader in cassette
• 31:11
  Speaker 3: tapes in the 1980s. That industry is not going to last.
• 31:16
  Speaker 3: So he wants oil and gas to go away, which
• 31:19
  Speaker 3: would destroy millions of jobs in the state of Texas.
• 31:22
  Speaker 3: And by the way, would massively benefit communist China. And
• 31:26
  Speaker 3: Tallarico has also voted to allow communist China to buy
• 31:31
  Speaker 3: hundreds of thousands of acres of Texas land, including land
• 31:34
  Speaker 3: next to military bases in Texas. So he wants to
• 31:39
  Speaker 3: end oil and gas in Texas and dismantle capitalism. Well, listen,
• 31:45
  Speaker 3: comrade Tallarico, I get in the woke circles you run
• 31:49
  Speaker 3: in where when you say God is non-binary. People clap
• 31:54
  Speaker 3: and go, oh, yes, oh, yes, so nice. Remember, Tallarico
• 31:57
  Speaker 3: is also the guy who declared his campaign was going
• 32:01
  Speaker 3: to be vegan because meat is destroying the world. This
• 32:06
  Speaker 3: is a woke radical, and the media is deeply invested
• 32:10
  Speaker 3: in making sure you don't know that. So this portion
• 32:14
  Speaker 3: of the podcast, look, I'm going to ask everyone to
• 32:16
  Speaker 3: share this podcast, but especially the video. Watch Tallarico.
• 32:20
  Speaker 1: Watch, yeah.
• 32:21
  Speaker 3: Own words, and he thinks he's just talking to left-wing radicals.
• 32:25
  Speaker 3: So on the campaign trail today, he's not admitting he
• 32:29
  Speaker 3: wants to dismantle capitalism. That's just what he tells the radicals,
• 32:32
  Speaker 3: the DSA nuts who elected Mondami, who are supporting El-Said.
• 32:37
  Speaker 3: That is James Tallarico's base, and it's why he's going
• 32:41
  Speaker 3: to lose this Senate race in Texas, because we don't
• 32:43
  Speaker 3: want a nutcase who wants to dismantle capitalism. We want
• 32:47
  Speaker 3: capitalism to grow. We want free enterprise. And we want
• 32:50
  Speaker 3: every American to be an investor, invested in capitalism, invested
• 32:53
  Speaker 3: in the future of our country.
• 32:55
  Speaker 1: Amen.
• 32:55
  Speaker 2: Don't forget to share the podcast. We do it Monday, Wednesday, Friday.
• 32:58
  Speaker 2: And the Senator and I will see you back here
• 33:00
  Speaker 2: on Friday morning.