To be clear, take the $1K that Trump wants to give newborn kids—I mean, why not? But never put another dime in an account like this.

Money contributed to Trump Accounts at launch will be put in the State Street SPDR Portfolio S&P 500 ETF as an initial default investment.

The Trump administration officially launched "Trump Accounts" on July 4, which have been set up for parents to save money for their children.