Biden Challenger Wants to Give Every American Baby $1,000

Democratic presidential hopeful Representative Dean Phillips of Minnesota said on Tuesday he wants to give every American baby $1,000.

Phillips is running a long-shot campaign against Joe Biden's reelection bid in 2024. In 2018, Phillips flipped Minnesota's 3rd Congressional District and was the first Democrat to win there since 1958 as he went on to win reelection twice.

In late October 2023, the 54-year-old announced he would challenge Biden for the Democratic presidential nomination, saying the president should "pass the torch" to a new generation.

In an interview on Tuesday with CNN's Jake Tapper, Phillips said he is "one candidate who can win" and that as he has been campaigning, he's been listening to voters about the issues that affect them.

Phillips said that one of those issues is the cost of living, explaining that if elected, he would provide babies with an American Dream Account at birth, which is a $1,000 endowment that would be added through their high school years.

"I've been listening and that's what I do, when you campaign for any office, you listen to people," Phillips told Tapper when asked about the difference between his and Biden's policies. "And, I'll tell you, it's costs and chaos. When I'm president, I'm going to introduce something called 'American Dream Accounts,' the federal government endowing every baby born in America with a $1,000 account that will grow through their years, early years, and through high school.

Phillips mentioned how the endowment will provide the "equality of opportunity" amid the rising cost of living.

"They'll actually learn about investing in high school and elementary school. When they turn 18, if they graduate high school, they get an account that would be worth up to $20,000, so that we actually have the equality of opportunity in this country," Phillips said.

Newsweek has reached out to Phillips' campaign via email for comment.

Phillips' endowment plans come as the Democratic congressman has struggled to make headway since he announced his presidential bid. Polling released by CNN and the University of New Hampshire on Sunday showed Biden in the lead.

The survey, which was carried out from January 16 to 19, showed that nearly two-thirds, or 63 percent, of likely Democratic primary voters plan to write-in Biden's name. Meanwhile, 10 percent said they'd support Phillips and 9 percent said they'd back progressive author and spiritual leader Marianne Williamson, who is also in the running for the Democratic nomination. An additional 11 percent said they'd cast their ballots for someone else. The sample of Democratic voters included 838 respondents, with a margin of error of plus or minus 3.5 points.

Phillips launched his run by saying that he respected Biden and largely aligned with his agenda, but he raised alarms about the president's historically poor approval rating, saying that he believed the incumbent would lose in November.

In a poll by American Research Group conducted from January 12 to 15, Phillips was shown to be in a stronger position but still well behind Biden. The president had the backing of 58 percent of respondents, while Phillips was at 28 percent and Williamson 3 percent. The survey included 600 likely voters.

Update 1/23/24, 1:40 p.m. ET: This article was updated with additional information.