what a great idea… lets raise taxes so i have to pay for some kids bond so he/she cant learn to save. better yet, lets waste an avg of 20 billion dollars a year and push ourselves further into debt:bloated:
WASHINGTON (AP) – Democratic presidential candidate Hillary Clinton said Friday that every child born in the United States should get a $5,000 “baby bond” from the government to help pay for future costs of college or buying a home.
Clinton, her party’s front-runner in the 2008 race, made the suggestion during a forum hosted by the Congressional Black Caucus.
“I like the idea of giving every baby born in America a $5,000 account that will grow over time, so that when that young person turns 18 if they have finished high school they will be able to access it to go to college or maybe they will be able to make that downpayment on their first home,” she said.
The New York senator did not offer any estimate of the total cost of such a program or how she would pay for it. Approximately 4 million babies are born each year in the United States.
Clinton said such an account program would help Americans get back to the tradition of savings that she remembers as a child, and has become harder to accomplish in the face of rising college and housing costs.
She argued that wealthy people “get to have all kinds of tax incentives to save, but most people can’t afford to do that.”
The proposal was met with enthusiastic applause at an event aimed to encourage young people to excel and engage in politics.
“I think it’s a wonderful idea,” said Rep. Stephanie Stubbs Jones, an Ohio Democrat who attended the event and has already endorsed Clinton. “Every child born in the United States today owes $27,000 on the national debt, why not let them come get $5,000 to grow until their 18?”
Britain launched a similar program in January 2005, handing out vouchers worth hundreds of dollars each to parents with children born after Sept. 1, 2002.
Earlier this month, Time magazine proposed a $5,000 baby bond program.
also one thing that hasnt been addressed is inflation rate. $5000.00 will no where near be worth as much 18 yrs from now as it is today
well if anything, this upcoming election will be damn entertaining
Yea, give the kids $5000 so when they get to college they can buy an XBox 4500 or an iPod Mimi (future names I made up)
How about maybe parents instill some values on how to make and save a buck. And how to work? Instead of growing up with a silver spoon in their mouth like Hillary.
they do this, something similar or something even way more awesometown in other nations… some of which are inhabited by dirty people with brown skin… ewww evil terrorists
Hrmm. Well, I can think of worse things that we’re currently paying for.
But, to play advocate, let’s think of the benefits.
Better educated economy = stronger economy. The US as a whole will overall make more $. All of those (like myself actually) who didn’t have a chance to go to college because their parent made just the right amount to not qualify for TAP, etc, would be able to have a head start.
I will have kids someday, so it will positively impact both myself and family. I’d feel MUCH better knowing my tax dollars are going to something worth every cent. Education should be top priority over almost any other funding. Less people on welfare, less heath costs ( educated people sustain better health? I think it’s a damn good possibility). I can go on. I’m sure the $ would HAVE to go towards tuition if this took off, so no XBox.
Because that is what happens with our tax dollars now, right?..
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Hell no, I didn’t agree to that. Education should be at or close to the amount per tax $ as the top uses. I think the war is close to a half a trillion right now. F-that
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The surge in defense hits Education. For every dollar spent on education, more than five dollars are spent on what is euphemistically referred to “defense”. "
Where are you guys when the gov’t wants to spend billions on a war we can’t win?
I atleast say this is a step in the right direction, maybe somthing similiar will be proposed, but I’d rather the gov’t work on our education problems than spending trillions on a shit hole contry
I’m afraid to go outside if I say this, for fear of being struck by lightning… but this doesn’t seem like a bad idea to me.
We already give lots of tax credits for having a kid. 20 billion isn’t THAT much when you look at our budget.
As long as there are SEVERE restrictions that this money can ONLY be used for tuition, room and board, and legitimate school expenses I’d support it.
I can’t believe Hillary came up with something I agree with. What’s the old saying, even a blind squirrel finds a nut once and a while?
$5000 at 10% (if we were allowed to put this money in a decent investment account for example) compounding for 18 years = $30023.46. Even better, force parents to contribute $25 a month to be elligible for this initial 5k and it turns into $45037.54 in 18 years.
I can’t believe Hillary came up with something I agree with. What’s the old saying, even a blind squirrel finds a nut once and a while?
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Technically she didn’t. Just a twist on some other ideas.
As per the above article
Britain launched a similar program in January 2005, handing out vouchers worth hundreds of dollars each to parents with children born after Sept. 1, 2002.
Earlier this month, Time magazine proposed a $5,000 baby bond program
Its funny how people get upset of a proposed $20 billion a year plan for kids, yet have no problem with our country having a defense budget of world conquest proportions. Or how our government gave Al Queda 6 billion dollars between 1989 to 1992. I would rather our tax payer money go to helping the future of this country, then spent on our inefficient military expenditures and US imperialism.
Its funny how people get upset of a proposed $20 billion a year plan for kids, yet have no problem with our country having a defense budget of world conquest proportions. Or how our government gave Al Queda 6 billion dollars between 1989 to 1992. I would rather our tax payer money go to helping the future of this country, then spent on our inefficient military expenditures and US imperialism.
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I’m not for $20 kazillion spent on the war. But we have more of a chance stopping spendind like Hillary is proposing than we do the military budget.
I work in a college. I see where the money goes. Either by students, or by the departments. And having the government involved isn’t going to make it any better.
Why empower people even more. There are a ton of programs out there to help financially plan for a future, be it education, housing, etc. Once they come out the womb, you have 18 years to prepare. It’s not hard to raise $5000 in 18 years
$277.78 a year x 18 years = $5000.00
Let’s break it down more.
$277.78 a year / 52 weeks = $5.31 a week
Give up the Starbucks once a week and put it in a savings account for a kids education fund.