The Republican plan has some promising features, but there are ways it could be improved.
One of the more remarkable aspects of the MAGA ideology is how often it fulfills the left-wing policy wish list. The latest example is a proposal for so-called MAGA accounts, which House Republicans are currently considering as part of their $4 trillion tax bill.
Under the plan, every baby born between 2025 and 2029 will get $1,000 from the government in a MAGA account (it stands for Money Account for Growth and Advancement). The general idea was popularized by Democratic Senator Cory Booker in 2018, when they were called “baby bonds.” With the crushing cost of education and housing, not to mention wealth inequality, it is easy to see the appeal —which explains the bipartisan support.
Continue reading the entire piece here at Bloomberg Opinion (paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
Photo by Demetrius Freeman/The Washington Post via Getty Images
