Message 4861 of 6533

ASPIRE

From MSNBC:"Imagine a world in which every baby receives a trust fund at birth. It might sound like a fairy tale, but being born into money -- or at least into a $500 savings account -- could soon become a reality for all children born in the United States.

Lawmakers are considering a bill that would give each newborn just that, with the goal of promoting savings that would later be used for education, a first home or retirement.

Here's what you should know about the ASPIRE (America Saving for Personal Investment, Retirement and Education) Act:

How would this program work?

The ASPIRE Act would give each child born in the United States a $500 savings account. Low-income children would receive additional funding, and all participants could add to their accounts over time.

Would it really help people save more? oes this mean the children of illegals too?
moondancerinred's profile
Hmmm...interesting.

Would there be some limits on how they could spend the money when they were of age, or would they just receive a check and be able to use the money however they wanted? Would the parents be able to access the money in times of emergency to sustain the family (I think that would not be a good idea)? Would it count against a family who is applying for public assistance - would they have to use it for living expenses before receiving public assistance? Would $500 really be enough to encourage further savings for college/first home/retirement, all of which require FAR more than $500 to do? Who pays for it - nation, state, taxes on parents of children? Is there another country that does something similar?

I think if children of illegals are going to be considered legal citizens because they were born here, then yes they ought to get it too...but children who immigrate, perhaps should not.
MsKelly's profile

over 2 years ago
Our government is 12 trillion dollars in debt....how the heck can they afford to give $500 to each child?

My parents taught me and my siblings about financial responsibility when we were young. We were raised with the Presbyterian work ethic. Work hard....save something for a rainy day....live within your means....don't spend your money foolishly. Many people is this country don't save anything....they spend all their money....and when they encounter a rough spot in life....they find themselves in financial trouble. In my opinion, young people will be more responsible if they earn their money, rather than having someone give them $500.
doowoplover's profile

over 2 years ago
I think it's the worst idea I've ever heard. If the parents can't figure out a way to waste it, the kids will. And if they can't, somebody named Madeoff will figure out how to get ahold of it.
scn1950's profile

over 2 years ago
I don't agree with this. It isn't fair to taxpayers. There are already too many irresponsible people bringing children into the world, which places a very heavy load on taxpayers.

over 2 years ago
I would have to see more information, but on the outside it is a nice idea.
ROLLINGCURLERS's profile

over 2 years ago
It does sound like it could be a stimulus program for some people to have children for the wrong reasons.
I'd rather see a $500 credit given to kids who want to go to college after graduating high school.
BarbInBend's profile

over 2 years ago
I agree with Barb about giving kids $500 for college. In a perfect world, every motivated kid would be able to get a college education for free. How about giving irresponsible people $500 NOT to have kids until they're in a position to love them, care for them, and truly PARENT them?

over 2 years ago

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