NEWSLETTER: corruption disguised as policy

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Billionaires Michael and Susan Dell will put $250 in investment accounts for 25 million children. The New York Times described the $6.25 billion donation as “one of the largest philanthropic gifts ever,” eliding what it really is: a campaign contribution to President Donald Trump.

Trump campaigned on creating investment accounts for newborns. The idea, known as “Trump accounts,” ultimately found its way into the One Big Beautiful Bill Act. Babies born between Jan. 1, 2025, and Dec. 31, 2028, will receive $1,000 in seed money starting next summer. Several crucial details remain murky, however, including how the accounts will be funded and where they will be housed.

The Dells’ contribution expands the pool of eligible children to those born after Jan. 1, 2015, who live in ZIP codes where the median household income is below $150,000.

The program may have real benefits, but the bribery behind it—and the way it hands essential government work to the ultrawealthy—should set off alarm bells.

Michael Dell is the founder of Dell Technologies and a registered Republican. Last year, his company earned $3.4 billion from federal contracts. When the One Big Beautiful Bill Act was being debated in early 2025, Dell Technologies was simultaneously competing for—and later won—a Department of Energy supercomputer contract.

Trump has rewarded other companies that do his bidding. In July, the White House greenlit the acquisition of CBS by Skydance Media after CBS paid Trump a $16 million legal settlement, installed one of his allies as news director, and ousted MAGA nemesis Stephen Colbert.

Is it really a stretch to conclude that the Dells’ donation may result in Dell Technologies getting a kickback?

Private investments by billionaires into government services rarely turn out well. In 2009, the Bill and Melinda Gates Foundation partnered with local school districts on a $1 billion initiative aimed at improving teacher effectiveness. The RAND Corporation, a nonpartisan think tank, determined in 2015 that the program did more harm than good.

The irony is that we could easily create investment accounts for children with a modest tax increase on billionaires like Michael and Susan Dell. A 2022 report from the Institute for Policy Studies found that a progressive tax of 2% on wealth over $5 million, 5% on wealth over $50 million, and 10% over $1 billion could generate $1.34 trillion in new annual revenue.

When we make billionaires the arbiters of government services, we put the citizens who rely on those services at their mercy. Michael and Susan Dell could deny Trump accounts to future children if a business deal falls through or if they don’t like the winner of the 2028 election. That moves us away from democracy and closer to something resembling feudalism.

ICYMI

President Donald Trump said Americans’ concerns about affordability are “fake news,” despite several economic indicators showing that life is more expensive than it was a year ago.

“There’s this fake narrative that the Democrats talk about—affordability,” Trump told a gaggle of reporters at the White House on Tuesday. “I think they’re getting fake news from guys like you … Affordability is a hoax that was started by Democrats.”

Affordability became a buzzword in American politics last month, when Democrats won big victories in Virginia, New Jersey, and Georgia with campaigns laser-focused on the cost of living. That trend continued Tuesday night when Democrat Aftyn Behn came within nine points of defeating Republican Matt Van Epps in a special U.S. House race in Tennessee. Trump carried the district by 22 points just last year.

Read more: Trump calls affordability concerns a “hoax” despite dire economic data

WATCH AN AD

The Musk-run group Building America’s Future is running an ad in Washington, D.C., urging lawmakers to support a “federal A.I. standard.” This is code for loosening regulations on artificial intelligence.

A handful of states have introduced laws to rein in AI. California, for instance, passed bills requiring companies to label AI-generated content and adopt clear cybersecurity protocols. AI companies oppose these measures and have been pressuring Trump and House Republicans to stop states from enforcing them.

It should surprise no one that many of those pushing for the federal standard also claim to be the biggest proponents of states’ rights. Check it out point 👇

2028 WATCH… Josh Shapiro was profiled by The New Yorker… Andy Beshear was profiled by the Wall Street Journal…  Ruben Gallego rolled out an affordable energy plan… Cory Booker got married… 

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