View Full Version : California Bill Would Give Newborns $500 Savings Accounts

03-01-2007, 02:01 PM
They really are socialists in CA, aren't they...


California Bill Would Give Newborns $500 Savings Accounts
Thursday , March 01, 2007

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.
The money may be used for three purposes: college or continuing education, a down payment on a home or a retirement account.
"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.
About 566,000 children are expected to be born in California next year.
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.
"It sounds like another give-away with other people's money 'a chicken in every pot,"' said Jim Uhler, spokesman for The National Tax Limitation Committee in Roseville, a Sacramento suburb. "With the budget in the red again ... we have other pressing issues."
Dutton 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."
Steinberg said the state's $131 billion annual budget spends taxpayers' money on far more dubious programs.
"There's no question these are significant dollars," Steinberg said. "But look, we spend so much more on things that don't have nearly as much significant value."
The bill does not address what happens to the account if a child dies before turning 18.

Bill doesn't address what happens if the child dies, does it address enforcement of only to be used for college, etc.?
How much are the taxpayers going to pay to enforce this, or will they just not enforce it?
What about collecting the money at age $18.00?! How much are they going to spend to get the money back if/when they don't pay?

black campbell
03-01-2007, 02:25 PM
Is there any idiotic idea that Californians won't support?

03-01-2007, 02:25 PM
Is there any idiotic idea that Californians won't support?
None so far. :)

Medula Oblongata
03-01-2007, 03:12 PM
A $500 savings account... Hmmmm, sounds like nothing more than pandering to La Raza and MECA to me.. more than 70% of all children born in CA are hispanic, and 2/3rds of those are from illegal alien parents. Why don't they just hold up a sign that says "whelp your illegal offspring here, and we'll guarantee them enough money when they come into their majority, that we'll be able to kick the white man out for good!"

I wonder if the other 49 states should try and throw CA OUT of the union...?

03-01-2007, 04:11 PM
I wonder if the other 49 states should try and throw CA OUT of the union...?
Think a wall between CA and the USA is more important than one between USA and Mexico... and confiscate all their aircraft.

03-01-2007, 04:47 PM
Zumbo says: "The best way to hunt illegal imigrants (and Californication politicians) is with the 300 win. mag. It has excellent range and superior penetration. It does have more than harsh recoil unless you have been hunting as long as I have. All and all it is my weapon of choice for plinking such varmin. It contains less ammo than the typical terrorist rifle but they have no place in hunting anyway." :SS