$500 "gift" for all newborns?!
By soccermom
@soccermom (3198)
United States
March 1, 2007 9:02pm CST
I just saw a blurb on the news that in California they are trying to pass legislation to give all newborns a $500 savings account when they are born. It doesn't matter whether the parents are here legally or not. The idea is to start all these kids out with a "nest egg" and when they turn 18 they have to pay the $500 back but get to keep whatever interest. I think it's kind of a dumb idea. Unless the parents aren't allowed to touch it who says the money will still be there when the kid turns 18? It was reproted this program would cost California taxpayers $285 Million a year. Wouldn't that money be better spent on programs to help children in poverty? Maybe on education and work programs for less fortunate parents? DOes anyone else out there have any idea how this would work? It seems like an awfully complicated program to monitor and regulate.
2 people like this
4 responses
@Debs_place (10520)
• United States
2 Mar 07
WOw, this makes me glad that I don't live in California, that sounds like a ridiculous plan.
If california has that much money they should look into better education for all including teaching immigrants English.
2 people like this
@grandkids08 (246)
• United States
2 Mar 07
Do you know how many people on the poverty level will have kids just to get the money? Like you said it would be better to use that money to help with medical, dental and other things to help people out. You know the tax payes will be paying for it one way or the other.
2 people like this
@klystron635 (1519)
• Philippines
2 Mar 07
At first the news was a great idea for the children. Then after you've explained your thoughts about the issue it reveals the flaws of the law. $285M is a big amount. I think the government should invest it to some other projects. It's a very long period to wait for the $500 return. That's 18 years.
@AmbiePam (120630)
• United States
2 Mar 07
Oh wonderful, another government program. Hey, they have legitimate people who need them, but this idea is too far reaching. It's ridiculous to put aside 500 dollars for each newborn, even if the parents aren't citizens! It's unethical, not practical, and frankly, ill thought out.
1 person likes this
