Commentary: Those $1,000 Trump accounts don't match the hype

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Here’s a riddle for you: A conservative Republican senator, a top economic advisor to the Trump White House and a venture capitalist walk into a conference room at a financial conference and claim a new government program will be a boon for all American families.Question: Do you think these people are looking out for your interests?If you trust Sen.Ted Cruz, economic advisor Kevin Hassett and millionaire Brad Gerstner to do so, feel free to stop reading here.

Here’s the dirty little secret: Trump accounts are Social Security personal accounts.— Sen.Ted Cruz (R-Tex.) reveals that Trump accounts are designed to threaten Social SecurityIf you’re skeptical, read on.But keep in mind that Cruz (R-Tex.) was last seen in these pages promoting yet another big tax break for the 1%, Hassett appeared the other day on Fox Business arguing that while Americans are spending a lot more on gasoline, “they’re spending more on everything else too” on their credit cards, as if forcing households to max out their credit is a good thing; and Gerstner is, well, a millionaire tech investor.Commentary on economics and more from a Pulitzer Prize winner.

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At their panel discussion on May 4 at the annual Milken conference, Cruz, Hassett, Gerstner and their interlocutor, Michael Milken, talked as though the Trump accounts would be so fabulous for average American families that they would obviate the need for Social Security.“Here’s the dirty little secret,” Cruz said.

“Trump accounts are Social Security personal accounts.” Milken echoed that thoug...