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Hillary:$20 billion “baby bond” scheme

Call it Hillary’s baby boom. Buying Votes? On the campaign trail yesterday, Sen. Clinton dropped a bombshell chicken-in-every-pot proposal to give each American newborn a $5,000 “baby bond” – a scheme that could cost taxpayers $20 billion annually.

“I like the idea of giving every baby born in America a $5,000 account that would grow over time, so when that young person turns 18, if they have finished high school, they would be able to access it to go to college,” the Democratic presidential candidate said at a Congressional Black Caucus event in Washington.hill.jpg

The European socialist-style plan would contain no guarantee the money would be used for college tuition.

If they didn’t spend the cash on college costs, Clinton said the children could tap into the taxpayer-provided funds to put a down payment on a home.

She sees the plan as a way of building a stronger economy by encouraging people to save in the face of rising college and housing costs.

“Every person born in this country would be given that kind of account because we want to make an investment in America’s young people,” Clinton said.

Left untouched, earning 3 percent interest, the $5,000 baby boon would build to $8,512 by the time toddlers turned 18.

Clinton and her aides provided no details on how the pro gram would be paid for, what it would cost, or how it would be applied or enforced.

But with around 4 million U.S. babies born each year, the grants would cost more than $20 billion yearly – not counting administrative costs.

Pressed for details hours after Clinton floated the idea, campaign spokesman Blake Zeff backpedaled, saying the plan “is not a firm policy proposal, but an idea under consideration.”

Republican presidential candidate Rudy Giuliani slammed the proposal, saying on the Sean Hannity radio show that the Clinton campaign is “based on pandering to the point where I think they think the American people are stupid.”

Source: NYP

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