Friday, September 28, 2007

Clinton proposes $5,000 'baby bonds'

WASHINGTON, Sept 28 (Reuters) - Democratic presidential candidate Hillary Clinton on Friday proposed giving every baby born in the United States $5,000 to start an account to use for paying for college.

Clinton made the comment at a forum sponsored by the Congressional Black Caucus as she and Democratic rival Barack Obama competed for support from black voters a day after leading Republican presidential candidates skipped a debate on minority issues.

"I like the idea of giving every baby born in America a $5,000 account that will grow over time, so when that young person turns 18, if they have finished high school, they will be able to access it to go to college," Clinton said.
Clinton, a senator from New York, offered no details on how to pay for the program. The $5,000 "baby bonds" would accrue interest over time.

This has to be one of the most idiotic things I have ever heard. Promising something like that without mentioning how it will be paid for to get votes from minorities. And there are probably morons out there who actually believe that line of bullshit. Does anyone have the slightest idea of how much that would take? And of course it would be paid for by raising someone's taxes. I would also like to see what happens if a person dies before they have a chance to use the accrued money. The legal battles, scams, and general all-around things that can go wrong (sad to say, there are people out there who have killed their own children for less) boggles the mind.
Just my opinion.


Brooke said...

Un frickin' believable!

I'd like some "free" money... Riiiight.

skywriter said...

Line up for your "free" money. . and there would be some morons that wouldn't understand how a bond works, and would be having exra babies just so they could get $5000.

And guess who would be paying for it. The rest of us.

Like the news article about the illegal immigrant stopped with a bag of $59,000 of earnings from getting on a plane last week. The outpouring of sympathy for him as the nasty feds took the money (it's not legal to take more than $10,000 cash out of the country on a plane without declaring it).

The news said he had managed to save $59,000 washing dishes. That's admirable. But then you figure, he didin't pay taxes (he admits that) didn't pay for health care (admits that too) didn't pay for any of the free social services he got.

I bet if I didn't have to pay taxes and got everything free I could save $59,000 in short order too.

Take his taxes out of the $59,000 give him the rest back, and put him back on that plane with a one way ticket.

Kenny said...

Socialistic program if I ever heard of one. Let me take your money and give it out how I see best. “All animals are equal, just some are more equal then others”

Simon Clark - Formerly The Cynical Libertarian said...

What happens if they never go to college? They'd be destroying money...

BobG said...

I have no doubt that somebody would find a shyster to get the money (using a loophole somewhere) without going to college.