New York Senator Chuck Schumer must think money grows on trees. His latest proposal is to give every baby born in the US $500, plus another $500 a year until the age of 18. That’s better than a chicken in every pot.
Schumer on Wednesday unveiled a proposal to make the $500 payments a permanent federal program to help people save money for college, a home or retirement — starting from the day they are born.
The federal government would match dollar-for-dollar contributions to the savings accounts of up to $500 per year as the children grow up, Schumer said. The money would earn interest tax-free, but could not be withdrawn until the account holder turns 18.
The plan is part of Schumer’s ASPIRE Act, or the American Saving for Personal Investment, Retirement and Education Act of 2009. The senator plans to introduce the legislation next week as a separate bill or as part of Social Security reform.
“It’s a dramatic and different way of encouraging people to save, long after the recession is over,” Schumer said Wednesday as he unveiled his plan to reporters.”The middle class needs help,” he said. “And the other problem we have in America is we don’t save enough, in general.”
In other words, Uncle Chuck thinks Americans are too stupid to save money on our own. No, we need government to do it for us.
Beware – the price tag on this plan will surely be much larger than the benefit.
This was tried a few years ago. The ASPIRE act, over and over again, the liberals love us.
From THE LADDER;
…”The ASPIRE Act was first introduced in Congress in 2004 and will reintroduced again later this year.”…
http://www.newamerica.net/blog/asset-building/2009/ford-foundation-president-luis-ubinas-makes-case-universal-children-s-developmen
Here it is;
From The Orator.com
http://www.theorator.com/bills109/hr1767.html
Like or Dislike:
0 
0