Getting that Hillary Clinton vibe
Sen. Hillary Clinton has gotten caught sounding like a socialist/communist, most recently she told an audience that if elected president she would "take" the oil companies' profits and use them to fund alternative sources of energy. Not "tax" them, "take" them.
California, under the leadership of a bunch of legislators with too much time and too little brains, is perhaps committing to a similar path.
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.
Once again we have the tax system used not to support the limited functions of government, but as a means of redistributing wealth -- sort of.
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.
Can someone tell me why I should be giving $500 to the children of illegal aliens? Or rich Hollywood millionaires for that matter? There's no means testing on this.
And how the heck are they going to guarantee the repayment of the initial nest egg? What if they move out of state? Or out of the country. Heck, this doesn't even require residency -- people vacationing from anywhere in the world could visit California just to give birth -- and get $500 bucks!
If families added $50 a month to the state's initial contribution, the savings account would grow to nearly $17,500 at 5 percent interest over 18 years. Steinberg said that would promote saving money in a culture that now is carrying record levels of debt and has the lowest savings rate since the Great Depression.
Just out of curiousity, who exactly is getting 5 percent interest on a savings account nowadays?
[Bill co-sponsor state Sen. Bob] Dutton [R] said the money would be “an investment in the child's future,” said his spokesman, Larry Venus. “He looks at this as a hand up, not a hand out.”
Anytime anyone characterizes this sort of transfer of funds as "a hand up, not a hand out" they're lying.
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"If families added $50 a month to the state’s initial contribution"
Thats pure gold. To support their bill, they are saying, "Hey, look how much money it ends up if you add $50/month."
Well DUH. If you just did the $50/month, you'd be less 11 months behind the initial $500. Hold your kid back a year in kindergarden and you'll end up ahead to pay for college.
This is criminal.