Billionaire Ray Dalio joins push to fund Trump Accounts, pledging $75 million to Connecticut kids

The billionaire hedge fund founder Ray Dalio, along with his wife Barbara, announced they would commit $250 to 300,000 children under 10 in Connecticut who live in ZIP codes where the median income is less than $150,000. Dalio founded the investment firm Bridgewater Associates and lives in Connecticut.

The U.S. Treasury asked major philanthropic donors to contribute to new investment accounts for children Wednesday as part of what Secretary Scott Bessent called a “50 State Challenge” to raise funds for the Trump Accounts program.

Prof. Steven Durlauf discusses recent monetary pledges from billionaires toward “Trump Accounts” for low-income American children.

I expect the accounts to make a very modest contribution toward the resources of young adults. Our research has examined what factors impact the success of children and improving early childhood education and rectifying racial and economic segregation at schools and in neighborhoods would do more to give children the skills and opportunities they need to be productive.

As much as the philanthropy of the affluent is admirable, I think it should remain out of politics and controversies. This is integrating the wealthy into the support of particular government programs that are associated with particular political figures, and that strikes me as extraordinarily dangerous.

Read full story in Associated Press coverage of philanthropy and nonprofits.