Posted on 09/29/2007 7:49:24 AM PDT by jdm
Fresh off of pushing for an expansion of S-CHIP into the middle class and adding tens of billions of dollars on insurance subsidies, Hillary Clinton decided to create another entitlement program for her cradle-to-grave nanny state vision. In her address to the Congressional Black Caucus, Hillary said she'd like to spend $20 billion each year on checks to newborn infants:
Democratic presidential candidate Hillary Rodham Clinton said Friday that every child born in the United States should get a $5,000 "baby bond" from the government to help pay for future costs of college or buying a home.
Clinton, her party's front-runner in the 2008 race, made the suggestion during a forum hosted by the Congressional Black Caucus.
"I like the idea of giving every baby born in America a $5,000 account that will grow over time, so that when that young person turns 18 if they have finished high school they will be able to access it to go to college or maybe they will be able to make that downpayment on their first home," she said.
The New York senator did not offer any estimate of the total cost of such a program or how she would pay for it. Approximately 4 million babies are born each year in the United States.
The US has had over 4 million births per year since 2000. The calculation is easy. In 2004, with 4,121,000 births, that would mean $20,605,000,000 dollars ... for just one year.
Where does Hillary plan to get that money? It's easy to talk about writing checks, but the federal budget already runs in the red, especially on entitlements. If we talk about spending even more money that we don't have, why stop at $5,000? John McCain wondered aloud in his blogger conference call whether $100,000 wouldn't sound more compassionate, as long as we didn't talk about how we plan to pay for the program.
This represents pandering politics at its worst. Want to get votes for an election? Promise to buy people off with free money! It takes the worst instincts of Norman Hsu to suggest yet another entitlement Ponzi scheme to get elected to office. The company Hillary keeps has started to rub off on her. Read Philip Klein for more.
UPDATE & BUMP, 3:40 PM: Teresa in the comments claims that Clinton's remarks were taken out of context. "Clinton was responding to a program suggested by Time Magazine in which the gov't would set up this program, but kids could only withdraw the money IF they served in the military or some other national service organization first."
Unfortunately, to take advantage of the 18 years of compounded interest Hillary thinks will pay for a college education or a new home, the government has to buy the bonds at birth -- which means the money gets outlaid right from the start, and we're paying $20 billion a year for this entitlement. Either that, or the government has to calculate the compounded interest for 18 years at the point of that decision and write a check -- which makes this an unfunded mandate, a liability that won't even get accounting until the lump sums start getting paid. Either way, it's an irresponsible fiscal disaster.
“Gee, since every baby born in the US is a citizen, does this mean that Anchor Babies of illegal aliens would also qualify for the $5K?”
Yup. So if she wins and this passes, look for illegal immigration to increase.
Boy,we’ve come a long way from McGovern’s $1,000 gimmick. Inflation, I guess.
The environmental groups should protest.
Why not just give each child when they turn 18 years, starting from now, $12,500! Available as soon as they verify by some document or other their date of birth. Today, that would be a cheap new car, or a down payment on a Mustang, whatever the receipient wanted to spend it on.
Obviously giving an immediate $12,500 instead of $5000 would balloon the cost from $20 Billion to $50 Billion or so. But hey, it's for the children, right?
And what the hell, it's just government money, after all! Not like it would come out of your pockets, or anything!
Can you imagine the “Coming of Age Parties”?
Can you imagine the “Coming of Age Parties”?
It will buy a hell of a lot more than $0.00 now won’t it?
ballplayer seems to get it. (#36) “How can the witch be in favor of this when she is not for privatization of social security.”
This was my point. The two are not really much different. But I believe if you did the math, Hillary’s idea would have a more positive long term impact on the economy.
As I said, it is worth looking at closer. And believe me, I NEVER thought I would EVER agree with “the witch”.
Let the economists examine the options. I have said for years that this government does the same crap over and over and never quite gets it just right. Lets look at something new. Like this or SS privatization again.
I always get a little resentful when politicians try to buy our votes with our own money.
Student: What is the bill for the semester?
Registrar: Well oddly enough the cost per semester recently went up $20,000.
“Hillary said she’d like to spend $20 billion each year on checks to newborn infants”
Considering her fixation on robbing from those who have earned and giving to those who have not earned...and the resultant sacrifice...and her knee-jerk support of Planned Parenthood and her occultic religiousness,
This would be the Infant Sacrifice Act.
My point was, this pandering witch seems to think we are all stoopid! Doesn't she understand that, we the unwashed hicks, pretty much know where the gov't gets its money and who will do the paying? Sheesh! (Not you, hophead. Hillary!).
The late Senator Everett Dirksen said way back in the 1960's "A billion here, a billion there, and pretty soon you are talking about real money".
Yo Hillary! Twenty billion is real money!
Don, another good thing about Hillary’s $5000 give away plan is that the more money that goes to ‘the people’ the less they can spend on useless things. I would rather have it go the the people than to build a ‘bridge to nowhere’.
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