$500 for Cali newborns?

**the nut** · 03-01-2007, 11:42 AM

California Bill Would Give Newborns $500 Savings Accounts

Thursday, March 01, 2007

SACRAMENTO — 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.

**DOMS** · 03-01-2007, 11:47 AM

What a waste of money.

**BoneCrusher** · 03-01-2007, 11:51 AM

Now see I think it's a good idea ...

**the nut** · 03-01-2007, 12:25 PM

Even the immagrant part?

**BoneCrusher** · 03-01-2007, 12:40 PM

Originally Posted by the nut

Even the immagrant part?

Not even. I missed that part. Fuck that. Gotta be an American to qualify. When you apply for the money you wait in a secure area, and if you fail to meet the requirements you go straight to Mexico. Do not pass go, do not collect $500 dollars and no get outta deportation cards allowed. I don't even care if you're not from Mexico ... we throw you on the bus then drop you off in TJ anyway and you can walk home from there. We seize your assets here in the states as restitution for your immigration bafoonery and other probable crimes you must have committed to get the stuff in the first place.

**Brachiisaurus** · 03-01-2007, 12:55 PM

FUCKING STUPID!
God they are morons.

**Burner02** · 03-01-2007, 12:58 PM

yep- scrap the illegals part.
and use the funds from prison budgets.
Oh...I'm sorry you have to now bunk four guys into a 8X12 cell....it's cut backs, you understand. Here's nutty idea: DON'T BREAK THE LAW, ASSHOLE...and you won't have to worry about over crowding.

**bigss75** · 03-01-2007, 01:04 PM

If they are going to give their money away they should work on lowering tuition costs instead of trying force people to save. 500 bucks at 10% interest over 18 years will barely pay for a half of a semester at a public college

**the nut** · 03-01-2007, 01:06 PM

Originally Posted by bigss75

If they are going to give their money away they should work on lowering tuition costs instead of trying force people to save. 500 bucks at 10% interest over 18 years will barely pay for a half of a semester at a public college

Aren't all California State Universities tuition free for residents?

**BoneCrusher** · 03-01-2007, 01:11 PM

Originally Posted by bigss75

If they are going to give their money away they should work on lowering tuition costs instead of trying force people to save. 500 bucks at 10% interest over 18 years will barely pay for a half of a semester at a public college

I made it through my degree on the sweat of my brow with only one student loan for the first semester for about $3000. After that I hit the books and made my way on scholarship money. Aspiration and perspiration will get you to your destination.

**bigss75** · 03-01-2007, 01:11 PM

Originally Posted by the nut

Aren't all California State Universities tuition free for residents?

I dont know, maybe. They do that in the southern states alot.

**bigss75** · 03-01-2007, 01:26 PM

Originally Posted by BoneCrusher

I made it through my degree on the sweat of my brow with only one student loan for the first semester for about $3000. After that I hit the books and made my way on scholarship money. Aspiration and perspiration will get you to your destination.

I wish I only needed one loan for 3k my whole college experience. I don't know when you went to college but its hard times for scholarships for white middleclass males without the 4.0s nowadays but I keep on busting my ass.

Opportunity is missed by most people because it is dressed in overalls and looks like work- Thomas Edison

**BoneCrusher** · 03-01-2007, 02:05 PM

Originally Posted by bigss75

I wish I only needed one loan for 3k my whole college experience. I don't know when you went to college but its hard times for scholarships for white middleclass males without the 4.0s nowadays but I keep on busting my ass.

"Opportunity is missed by most people because it is dressed in overalls and looks like work" - Thomas Edison

I started in 1989 at the age of 29 in Texas on my own and I'm a white boy. I looked over how the scholarship money was awarded and made sure I qualified academically. It was hard to do no doubt but I didn't want my future to be defined or dennied by a lack of education. I went in and spelled the tittle to the English part of the entrance exam like a dork;

"Why I want to go to collage" duh ... lol.

I was (am) a high school drop out with a GED and no family resources but I still made it. If I can get it done anyone can. The cry babies who claim they're denied their deserved opportunities are empty of ambition and full of shit IMHO.

**Brachiisaurus** · 03-01-2007, 02:52 PM

Originally Posted by bigss75

I dont know, maybe. They do that in the southern states alot.

Not in Texas. Not at all.
They should make public colleges free tuition though at least...
I mean Texas is sitting on Excess BILLIONS of dollars in budget.

It would be great if they opted to do that.

**DOMS** · 03-01-2007, 02:56 PM

Yeah, but then you'd be giving a lot of Mexicans free eduction.

The only lesson that they should get is: Next time, don't stand on the receiving end of a gun.

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