Dalio Pledges $70 Million to “Trump Accounts,” Sparks Debate on Future of Money
A new initiative offering savings accounts to young Americans has received a important boost from billionaire Ray Dalio, who announced a contribution estimated to exceed $70 million. The pledge, made alongside his wife Barbara, comes as the “Trump Accounts” – formally part of the “One Big, Beautiful Bill Act” – prepare to launch, offering a $1,000 government contribution to accounts opened for children born between January 1, 2025, and December 31, 2028.
The program, open to all U.S. citizen households regardless of income, aims to foster financial literacy and provide a foundation for future economic independence. Dalio’s investment will initially target children in Connecticut zip codes with a median income under $150,000. He and his wife believe in the power of compounding savings to offer “early insights into financial literacy and a path towards financial independence.”
Dalio’s commitment follows a larger pledge of $6.25 billion from tech billionaire Michael Dell and his wife, Susan, highlighting growing support for the concept of early savings. However, not all prominent figures are convinced of the strategy’s long-term value.
Elon Musk, the world’s wealthiest individual and CEO of tesla, publicly dismissed the contributions as largely ineffective. Responding to a post from Dalio on his social media platform X, Musk argued, “It is certainly a nice gesture of the Dells, but there will be no poverty in the future and so no need to save money. There will be universal high income.”
Musk’s skepticism stems from his belief in a future dominated by artificial intelligence and robotics. He envisions a world where clever robots in humanoid form will surpass the human population, providing each person with a personal mechanical assistant and fulfilling all needs for goods and services. In a post on X from December 17, 2025, he stated, “There will be universal high income (not merely basic income). Everyone will have the best medical care, food, home, transport and everything else. Sustainable abundance.”
This perspective suggests that the very concept of money may become obsolete. According to Musk, in a future where AI and robotics can satisfy all human needs, money will no longer be necessary as a tool for allocating labor. “If AI and robotics are big enough to satisfy all human needs, then money is no longer necessary.Its relevance declines dramatically,” he explained on the People by WTF podcast.
A “Plan B” for an Uncertain Future
Despite Musk’s optimistic outlook,Dalio and others are proceeding with initiatives like the “Trump Accounts” as a pragmatic approach to bolstering human capital – the skills and abilities that enable individuals to earn and manage money effectively.
The concept of early savings support enjoys bipartisan support, a point Dalio emphasized. He believes that investing in human capital “in a bipartisan way,we will have a strong country.” Worth an estimated $15.4 billion, Dalio views political partnership as crucial to addressing America’s challenges, including its $38 trillion national debt.
He warned that a lack of consensus could lead to “irreconcilable differences” and even civil war, stating to Bloomberg that society must “rise above it and realize that our common good is going to necessitate us dealing with it so that what works for most people is going to work.” he acknowledged,however,that this belief may be “a little bit idealistic.”
Dalio’s backing of the “Trump Accounts” may reflect a hope for the kind of cross-party cooperation he deems essential. While the accounts are named after the current president, the underlying principle of supporting young Americans’ financial futures transcends political divides.
Financial Literacy – The program aims to improve young Americans’ understanding of financial principles.
compounding Savings – Dalio and his wife emphasize the long-term benefits of starting to save early.
Artificial Intelligence – Musk believes advancements in AI will fundamentally alter the economic landscape.
Robotics – Musk envisions robots fulfilling most human needs, possibly rendering money obsolete.
Human Capital – Dalio views investments in skills and abilities as crucial for economic success.
Bipartisan Support – The initiative has garnered support from across the political spectrum.
Civil War – Dalio warns of potential societal breakdown without political consensus.
