President Donald Trump was all set to unveil a new plan to allow Americans to dip into their 401(k) retirement accounts to make down payments on houses, and he had some key figures in the GOP on his side like Sen. Josh Hawley (R-MO).
But all of a sudden, he is now against the idea.
The plan was one of several ideas Trump is mulling to try to, at least temporarily and in certain narrow circumstances, bring down the cost of living in the United States, as his administration has been plagued with similar ongoing inflation woes to the Biden administration before him.
In an Air Force One press gaggle on Thursday, though, Trump sang a different tune, according to CBS News’ Jennifer Jacobs.
“I’m not a huge fan of it,” said Trump. “Other people like it. They’re talking about taking money out to put a deposit down on a home. And one of the reasons I don’t like it is that their 401(k)s are doing so well. 401(k)s are up 80, 90% in some cases. And you know, you’re talking about a lot of people. I like keeping their 401(k)s in great shape. I like keeping their 401(k)s. And I’m not a huge fan of that, putting down a deposit.”
Other plans Trump and his officials have floated as trial balloons include the adoption of 50-year mortgages, which experts warn could actually make homes more expensive, and new restrictions on large investment firms from buying up single-family homes, which experts say has an extremely negligible impact on home prices.
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