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Daily Mail
a minute ago
- Daily Mail
Report: 'Trump accounts' for newborns could grow to $1.9M
Babies born this year could become millionaires before they turn 30, thanks to the 'Trump accounts' established when President Donald Trump signed the 'big, beautiful bill' into law earlier this month. Fox Business reported Wednesday that the one-time government investment of $1,000 per child could grow to as much as $1.9 million by the time that individual turns 28 if the account if fully funded and left untouched. The Treasury assessment found that if a maximum contribution is made each year on the child's birthday through age 17 the account could grow to between $191,500 and $676,400. The money can't be used until the individual turns 18. A child's Social Security number has to be provided in order for parents to sign up. The current law applies to children born between January 1, 2025 and December 31, 2028. Democrats have raised concerns about the program due to a comment uttered Wednesday by Treasury Secretary Scott Bessent. 'In a way, it is a back door for privatizing Social Security,' Bessent said at an event hosted by Breitbart News. 'If, all of a sudden, these accounts grow and you have in the hundreds of thousands of dollars for your retirement, that's a game-changer, too,' he added. On Thursday, Senate Minority Leader Chuck Schumer gave a floor speech on the matter. 'Yesterday, the Trump administration did something they rarely do – they told the truth. It wasn't Donald Trump, but it was one of his minions. They told the truth,' the New York Democrat said. 'The Trump administration, in this case, was talking about wanting to privatize Social Security.'
The Guardian
a minute ago
- The Guardian
Republicans slam Trump's firing of Bureau of Labor Statistics chief
Senior Republican lawmakers are condemning the decision of their party leader, Donald Trump, to fire the leading US labor market statistician after a report that showed the national economy added just 73,000 jobs – far fewer than expected – in July. The disappointing figures – coupled with a downward revision of the two previous months amounting to 258,000 fewer jobs and data showing that economic output and consumer spending slowed in the first half of the year – point to an overall economic deterioration in the US. Trump defended his decision to fire US Bureau of Labor Statistics (BLS) commissioner Erika McEntarfer. Without evidence to back his claims, the president wrote on social media that were numbers were 'RIGGED in order to make the Republicans, and ME, look bad' and the US economy was, in fact, 'BOOMING' on his watch. But the firing of McEntarfer, who had been confirmed to her role in January 2024 during Joe Biden's presidency, has alarmed members of Trump's own party. 'If the president is firing the statistician because he doesn't like the numbers but they are accurate, then that's a problem,' said Wyoming Republican senator Cynthia Lummis. 'It's not the statistician's fault if the numbers are accurate and that they're not what the president had hoped for.' Lummis added that if the numbers are unreliable, the public should be told – but firing McEntarfer was 'kind of impetuous'. North Carolina senator Thom Tillis, a Republican, said: 'If she was just fired because the president or whoever decided to fire the director just … because they didn't like the numbers, they ought to grow up.' Kentucky senator Rand Paul, another Republican, questioned whether McEntarfer's firing was an effective way of improving the numbers. 'We have to look somewhere for objective statistics,' he said. 'When the people providing the statistics are fired, it makes it much harder to make judgments that you know, the statistics won't be politicized.' According to NBC News, Paul said his 'first impression' was that 'you can't really make the numbers different or better by firing the people doing the counting'. Tillis and Paul were both opponents of Trump's recent economic legislative package, which the president dubbed the 'big, beautiful bill'. But Alaska senator Lisa Murkowski, a Republican who supported the legislation after winning substantial economic support for her state, remarked that the jobs numbers could not be trusted – and 'that's the problem'. 'And when you fire people, then it makes people trust them even less,' she said. William Beach, a former BLS commissioner appointed by Trump in his first presidency, posted on X that McEntarfer's firing was 'totally groundless'. He added that the dismissal set a dangerous precedent and undermined the BLS's statistical mission. Sign up to This Week in Trumpland A deep dive into the policies, controversies and oddities surrounding the Trump administration after newsletter promotion Beach also co-signed a letter by 'the Friends of the Bureau of Labor Statistics' that went further, accusing Trump of seeking to blame someone for bad news and calling the rationale for McEntarfer's firing 'without merit'. The letter asserted that the dismissal 'undermines the credibility of federal economic statistics that are a cornerstone of intelligent economic decision-making by businesses, families and policymakers'. The letter pointed out that the jobs tabulation process 'is decentralized by design to avoid opportunities for interference', adding that US official statistics 'are the gold standard globally'. 'When leaders of other nations have politicized economic data, it has destroyed public trust in all official statistics and in government science,' the letter said. Democrats have also hit out at Trump's decision. Vermont senator Bernie Sanders described it as 'the sign of an authoritarian type', and he said the decision would make it harder for the American people 'to believe the information that comes out of the government'. Paul Schroeder, executive director of the Council of Professional Associations on Federal Statistics, described the president's allegation against McEntarfer as 'very damaging and outrageous'. He said: 'Not only does it undermine the integrity of federal economic statistics, but it also politicizes data which need to remain independent and trustworthy. This action is a grave error by the administration and one that will have ramifications for years to come.'
Daily Mail
31 minutes ago
- Daily Mail
Southern suburb shakes off sleepy image amid spillover from nearby city and offers ultimate lakeside living
As the population of North Carolina 's most popular city skyrockets, around 30 minutes north of Charlotte, a different city with the ultimate small–town charm is experiencing it's own boom. Davidson, North Carolina, is located about 22 miles from Charlotte, making it an appealing option for those who want a quieter environment while still having access to city amenities. With a population of over 16,000 in 2024 – up from 13,000 in 2019, Davidson has seen substantial growth since the pandemic. The population of Charlotte – North Carolina's most populous city – has seen almost 56,000 new residents since 2019. Charlotte became a trendy city to flock to during the pandemic because of its strong job market, relatively low cost of living compared to other major cities, pleasant climate and infamous Southern charm. And Davidson has certainly felt the spillover effects of Charlotte's population boom. Davidson combines the quintessential vibe of a Southern suburb with luxurious lakeside living and a bustling downtown to create the perfect multi–faceted city that offers something for everyone. Rusty Knox, Mayor of Davidson, told the Daily Mail that he has lived there all his life – and that his father, the former mayor, was also born and raised in the North Carolina city. 'We offer folks that move here something that everybody brings with them when they come from some other place in the country, and that's the hometown value they had in small towns they grew up in,' the mayor said of Davidson. Despite the population growing, Knox said Davidson is still a town of small businesses – with over 300 locally–run establishments, and only four large employers. The sudden demand in both Charlotte and Davidson are creating a fierce housing market. 'With a strong labor market, Charlotte is an attractive housing market, and this benefits not only housing demand in the downtown but also in the suburbs,' Danielle Hale, senior economist at told Mansion Global. 'Davidson saw a surge in popularity during the pandemic,' said Hannah Jones, a senior economic research analyst at 'The influx of demand created fierce competition in the market, which propped up record–high home prices.' 'In terms of price per square foot, home prices are more than 85 percent higher than pre–pandemic [in] Davidson,' Jones added. As of April 2019, just 8.4 percent of homes for sale in Davidson were listed for over $1 million, according to data provided by Jones. By April 2025, the amount of $1 million–plus listings stretched to a whopping 29.8 percent of all homes for sale. 'Anybody that chooses to call Davidson home should have that ability to live here,' said Mayor Knox. 'So we've got a very vibrant, affordable housing program here,' adding that the median income in Davidson is about $98,000. In terms of what Davidson has to offer residents, the list is endless. For those looking for nature, Davidson sits on the stunning Lake Norman, making idyllic lakeside living a reality for locals. 'Lake Norman itself is a huge draw – 32,000 acres of freshwater beauty where residents spend weekends boating, paddleboarding or just catching the sunset from the dock,' said Marzia Mazzotti, a global adviser at Premier Sotheby's International Realty, who lives in the area. Davidson is also known for being a pedestrian and bike–friendly neighborhood, with wide sidewalks and greenways, giving it even more of a small–town feel. The town also has many parks and trails for hiking and biking. 'We've got over 17 miles of Greenways in town. We've got over 400 acres of passive parks, where you can go run your dog and throw a frisbee and ride mountain bikes. And we have an archery range,' Mayor Knox said. Davidson boasts a lively downtown – with local shops, art galleries, restaurants and preserved historic buildings in Italianate, Greek Revival, and Gothic Revival styles. With annual events such as Town Day, arts festivals in April and Concerts on the Green, the city is bustling with culture. There is also a farmers market held each Saturday from May to November which offers seasonal produce and live music. Every year Davidson's downtown transforms into a magical holiday wonderland for Christmas celebrations, and there is an annual Halloween March for families to attend. There is also Davidson College, a respected liberal arts institution, in the heart of the city. With a 14.5 percent acceptance rate and small student body of just under 2,000 undergrads, the college adds a positive youthful dynamic to the population. 'There are students at Davidson College from 40 different countries,' according to Mayor Know - who revealed that, last year, the school had kids from all 50 states. 'We've got a very vibrant downtown with a couple of bars, a great coffee shop, and the students hang out there regularly, even though they have a lot of that stuff on campus,' Mayor Knox said, adding that the students are 'really intertwined' in the community. 'We're also in one of the region's top–rated public school districts, and there are excellent private school options nearby,' Mazzotti noted. Despite its tremendous growth over the last few years, Davidson maintains a close–knit and welcoming community. 'A lot of people from Charlotte, come here on the weekends to eat, and they fall in love with what it is, because it's safe, it's inviting, the sidewalks are brick, you can walk down the street, and people greet you,' Mayor Knox said of the city.
