1) Trump Accounts and the Power of Compound Interest

We like the Trump Accounts because they are designed to create a nation of owners and it democratize stock ownership allowing today’s children to accumulate anywhere between $175,000 to $700,000 (depending how much supplemental money is put into the account) by the time they reach age 18.

By the time these kids reach 30, they could have as much as $1 million. We can be a nation of millionaires and these accounts can and should replace most welfare programs in 20 years.

Think about how rich 20 and 30 year olds would get if they could put 10% of their payroll tax money into index fund accounts like this. They’d be multimillionaires. But the left hates this idea of all Americans becoming stock owners because they hate capitalism and they could no longer complain about wealth inequality.

2) Corporate America Steps Up for Trump Accounts

At the Trump Accounts Summit yesterday, which we attended, one of the highlights was the number of firms that pledged to deposit money into these accounts. Visa will launch new credit cards that issue cash back rewards directly to the designated Trump Accounts of eligible children. (We would warn the president that credit card price controls could imperil these rewards programs.)

Axios reports that employers who have promised to match the $1000 in federal seed money for the children of their employees now include: JPMorganChase, Bank of America, Bank of New York Mellon, BlackRock, Intel, Charles Schwab, Steak n' Shake, Robinhood, SoFi, Coinbase, Russell Investments Group, and the Investment Company Institute.

Not a bad start. Especially with billionaires like Michael Dell and Ray Dalio also making big early commitments. Even pop star Nicki Minaj says she will deposit money into her young fans’ accounts.

3) More Proof Health Insurers Get Rich (Or Poor) off of Our Tax Dollars

This headline caught our attention:

This is real world proof of what we have been saying all along. Our health care system as it presently exists makes health insurers rich and the rest of us sick.

The Washington Post reports how the insurance companies plan to fight against reform:

There will also be an effort by the industry to encourage older Americans enrolled in private Medicare Advantage plans to get involved -- focused on averting the potential cuts to the supplemental benefits -- such as gym memberships, meal services and transportation to doctors' appointments -- the plans provide.

Wouldn’t it be great if we had a health care system that rewarded saving money rather than wasting it?

4) Great Work, Gavin

5) California’s Solution to Fraud - See No Evil, Hear No Evil

From time to time we've showcased HBO comedian Bill Maher's acerbic criticism of California's "woke" political climate.

Now it appears Maher has company. Dana Carvey and David Spade, two famous alumni of "Saturday Night Live," now co-host a popular podcast "Fly on the Wall." They've taken to roasting Governor Newsom on a semi-regular basis.

Their latest riff scorched Newsom for his support for the state's failed high speed rail project. Then David Spade zeroed in on Newsom's recent veto of a bill mandating an annual audit of where $20 billion in missing homeless services money was spent - even though it passed the Democratic legislature UNANIMOUSLY:

"The homeless, they lose $20 billion, but they want more money for it. That's why people get tired of paying taxes and going, what are you doing? Gavin Newsom just vetoed a bill asking for an audit of where the money for homeless goes. He said, not a chance. You're not gonna see that. That's the problem."

Dana Carvey jumped in to note:

"There are states, who basically you go to their website, and they tell you where all the money is going line by line, thousands of pages  a year.  But you can see where it's going.  When (Newsom) is behind the curtain saying 'Don't pay attention to Gavin Newsom,' it's a little bit frustrating."

6) Smart Phones, Dumb Kids

CORRECTION: The quip from yesterday's HOTLINE: "no one goes there anymore, it's too crowded" was NOT from Woody Allen but rather... Yogi Berra.

We got dozens of readers demanding a correction. We knew it was Yogi all along, but we were checking to make sure you were paying attention!  😊

And in our own defense putting the HOTLINE together is 90 percent mental, the other half is physical.

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