$5,000 baby bond?
OH the pandering presidential hopefuls, whatever!
WASHINGTON — Democratic presidential candidate Hillary Rodham 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. ... "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. (Approximately 4 million babies are born each year in the United States. )
http://www.startribune.com/587/story/1453260.html
Aren't there ENOUGH entitlements? Am I against this $20B/year entitlement? Of course, but I first get caught up wondering how it could be implemented. For one there's have to be some sort of transition, or "backpromises" to those alive now under 18 now for fairness. Then the immigrants will complain their kids need money, and then those who adopt kids from other countries will want their cut too. There's no end!
And where is this money going to be invested? I assume it is a "government bond", SO there's no cost to the program until the payouts come, AND so she's promising money in 18 years which may not even exist, except adding to an already overburdened goverment trying to cover all the unfunded costs of social security and medicare. Perhaps it'll be like bond that is indexed on inflation, even more likely to burst the budget when it comes due.
Why can't I see any good at all in her kind suggestion? (1) I don't believe the money will be available seeing irresponsible goverment spending now and existing future costs that seem unpayable. (2) It is taking money AWAY from those who most need it, giving money EQUALLY now means less money help with college. (3) The more the government does for people, the less altruism comes from citizens. (4) Financial guarantees for children WILL encourage people to have more kids than they would otherwise, even if marginally.
I'm too much a doomer to have any good thoughts about the future. I want to believe in the future and I just see nonsense solutions that do nothing to face the difficulties we'll have coming.
WASHINGTON — Democratic presidential candidate Hillary Rodham 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. ... "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. (Approximately 4 million babies are born each year in the United States. )
http://www.startribune.com/587/story/1453260.html
Aren't there ENOUGH entitlements? Am I against this $20B/year entitlement? Of course, but I first get caught up wondering how it could be implemented. For one there's have to be some sort of transition, or "backpromises" to those alive now under 18 now for fairness. Then the immigrants will complain their kids need money, and then those who adopt kids from other countries will want their cut too. There's no end!
And where is this money going to be invested? I assume it is a "government bond", SO there's no cost to the program until the payouts come, AND so she's promising money in 18 years which may not even exist, except adding to an already overburdened goverment trying to cover all the unfunded costs of social security and medicare. Perhaps it'll be like bond that is indexed on inflation, even more likely to burst the budget when it comes due.
Why can't I see any good at all in her kind suggestion? (1) I don't believe the money will be available seeing irresponsible goverment spending now and existing future costs that seem unpayable. (2) It is taking money AWAY from those who most need it, giving money EQUALLY now means less money help with college. (3) The more the government does for people, the less altruism comes from citizens. (4) Financial guarantees for children WILL encourage people to have more kids than they would otherwise, even if marginally.
I'm too much a doomer to have any good thoughts about the future. I want to believe in the future and I just see nonsense solutions that do nothing to face the difficulties we'll have coming.
posted by Ares Olympus at 12:11 PM
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