Let's just say I wouldn't want to be that kid who was supposed to inherit his family's piggybank manufacturing company. Yep folks, piggybank-making has become a dying art in this country today, where the idea of saving money has become foreign. And just like that kid, you know that same one who will be shutting down his family's piggybank business any day now, Hilary Clinton is not pleased about the whole piggy-bank thing.
On September 28, 2007, Hilary Clinton, who is increasingly being referred to as the leading democratic presidential candidate for the 2008 election, spoke at a forum sponsored by the Congressional Black Caucus. At this forum, Hilary Clinton made a particularly intriguing suggestion that every child born in the United States should receive a $5,000 “baby bond” from the government. She liked the idea of being able to give every baby of America a little something that can grow over time. Hold on now...she is suggesting we...save money...you mean...let that cash spend enough time in the bank that it will...gasp...increase!!! This kind of a bond could then be used to help a young person who has finished high school at eighteen to help pay for their college education. They could even use this money to put a down payment on their first home... the way things are going they will be able to put a down payment on a lovely doorknob.
On September 28, 2007, Hilary Clinton, who is increasingly being referred to as the leading democratic presidential candidate for the 2008 election, spoke at a forum sponsored by the Congressional Black Caucus. At this forum, Hilary Clinton made a particularly intriguing suggestion that every child born in the United States should receive a $5,000 “baby bond” from the government. She liked the idea of being able to give every baby of America a little something that can grow over time. Hold on now...she is suggesting we...save money...you mean...let that cash spend enough time in the bank that it will...gasp...increase!!! This kind of a bond could then be used to help a young person who has finished high school at eighteen to help pay for their college education. They could even use this money to put a down payment on their first home... the way things are going they will be able to put a down payment on a lovely doorknob.
To be honest, the program did sound extremely appealing, but then again I have a soft spot for cute little babies. However, I could not help but notice that Mrs. Clinton did not estimate the cost of this program or give any information on how the program would be financed. There are four million babies born in the United States each year; we are talking a lot of money. Not to mention that this would be a long-term deal. Even if that money was given to the next batch of babies, the turn-around time is going to be no less than 18 years. How is that kind of money gonna get to the millions of cute little babies and what issue is going to suffer because of such a long-term endeavor?
Through this proposition, Hilary Clinton was also making a statement about the clear distinction that exists in our country between those wealthy people, who are given all kind of tax incentives to save and the average person, who can’t afford to do that. I believe that in past decades, there has been a tradition in America of savings. But today, this becomes harder and harder to maintain as college tuition skyrockets and houses become more expensive. Forget about having more than enough, people just hope to have enough in the moment. This to me is sad and for this reason I welcome Hilary Clinton's proposal and simply ask: How are we gonna make it happen Hil?
1 comment:
I think thats a good question: How would we make that work? I think that it'd actually be very difficult, and that its a bit of a pipe dream. In general, I believe that this country bases what people deserve off of their accomplishments, and while its a novel idea to give every child a continually compouded 18 year bond, these kids haven't done anything to deserve it. I think that most people wouldn't make wise choices with this money, especially because it really isn't their own, it was simply a gift. I don't believe that kind of gift leads to an appreciation of money, but rather that takes work and the sense of accomplishment acquired by earning your money.
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