Another slush fund (kind of like SSI) that the government can dip into when needed.
But this one is for Californian politicos only!
Every child born in California would get a $500 savings account to start building a nest egg for college or down payment for a home, under a bipartisan bill introduced Wednesday in the state Senate.
The proposal would cost taxpayers about $285 million a year.
A similar program has increased savings in Great Britain since 2002, but California would be the first state in the nation to enact it, said David Lesher, California program director for the nonprofit New America Foundation, based in Washington, D.C. A national savings program has been pending in Congress since 2005.
Under the bill, every child born in California after Jan. 1, 2008, would receive the money, regardless of their parents’ income or immigration status. Recipients would repay the state’s initial $500 investment once they turn 18.
“This is the essence of equal opportunity. Every child, every person ought to get a head start,†said Sen. Darrell Steinberg, D-Sacramento, who introduced the bill with Sen. Bob Dutton, R-Rancho Cucamonga.
Because parents really can’t be bothered to put money away for their children.
And what happens if they can’t fork over the $50 per month? Does the account go into delinquency? Or does the child just not get the full $17K?
taht in the not too distant future the state will just say that the kids who didn’t get the full amount should be given the difference.
All paid for by the taxpayers, of course.
This all stems from overly sensitive liberals not wanting the kids who get their meals for free at school to be seen as getting their meals for free at school.
Found at KisP
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This sounds similar to the “Heritage” of R. Heinlein’s “For Us the Living.”
I don’t think it is as unreasonable as it sounds. It may be a bit more socialist-sounding than I prefer, but I would be more concerned about how this would affect inflation in the future. If anything it might stimulate growth amongst CA used car dealers, Community colleges and malt liquer stores; simultaneously it might over stimulate the market as a whole generation of 18 yr olds makes a mad rush for property.
I haven’t looked at how much this would cost, yet. This will likely be my arguments downfall. I’m sure the birth rate is CA is something collossal.