Thursday, March 1, 2007

And A Bank of America Credit Card Also, por favor...



Senate bill would give all California children a savings account
(FROM KESQ.COM, PALM SPRINGS, CALIFORNIA)
SACRAMENTO, Calif. March 1, 2007. Babies born in California would get an early start on a nest egg, if some lawmakers get their way.

A bipartisan bill introduced in the state Senate would give every newborn a 500-dollar savings account beginning next year. All children would get the money, regardless of their parents' income or immigration status.

(Read that last phrase above, once again....)

Recipients would repay the state's initial investment once they turn 18. The money could be used for one of three things: college or continuing education, a down payment on a house or a retirement account.

The bill's Democratic sponsor says every person ought to get a head start in life. And his Republican co-sponsor says it's a "hand up, not a hand out."

But a spokesman for The National Tax Limitation Committee says it's a give away of other people's money.

The Localmalcontent's Take on This: This is only a savings account for the state of California, and here are the numbers to prove it:! (Limp Democrats, if $500.00 is good, then why not $1,000, or $5,000 per child??)

Today's bank savings' interests rates are in the TANK, roughly around 1.25 to 1.50%, per year. But Let's use that as the bottom number; and suppose for the sake of argument, that interest rates for savings accounts will rise through the roof, under an expected Democratic Administration.... Let's say up to 8.50%. But in the "interest" of this discussion, let's even consider a usual 5.25% as well.

THEN TAKING INTO ACCOUNT, THAT THESE RECIPIENTS MUST GIVE BACK TO CALIFORNIA THE INITIAL $500.00, ON THEIR 18th BIRTHDAY, HERE'S WHAT THESE LUCKY KIDS WILL GET IN 2026:

AT CURRENT 1.50%, COMPOUNDED SEMI-ANNUALLY, AT AGE 18, OUR TEENAGER HAS IN HER ACCOUNT: $654.72. AND THE STATE WANTS BACK FROM THAT, IT'S 500 BUCKS. LEAVING ONLY $154.72 FOR THAT COLLEGE TUITION, FOR THAT RETIREMENT, FOR THAT NEW TATTOO. WOW... $154.72.

Let's go to the former 5.25%.... That high school graduate now has $1,270.82 in that state account. Minus California's 500 dollars, that leaves only $720.82.

And now, assuming that Hillary Clinton steals the 2008 Presidential election next year, and is re-elected in 2012, let's apply a seriously high savings account interest rate to our example: Namely 8.50%.

Our teen aged gal has a whooping $2,337 free dollars. Or let's make that $1,837.00. (2,237 - 500) Enough for her to buy a couple of pounds of marijuana on a quick trip to Tijuana, Mexico... but not enough for even a semester at USC, or Cal-Pomona, or Stanford.
The California Democrats have concluded that people there are mesmerized by Dollar Signs, and will re-elect them in 2008, if their Ponzi scheme is passed by the stupid legislature, and signed by the stoned, popularity-contest winning, Governor of California, Ahhnold.

*** This does not even take into account what this Ponzi Scheme will cost California's taxpayers, factoring in the "Future Value of Money". ***
You Watch!! This will pass in California, as will same-sex marriage soon, and like blanket health care coverage for everyone. Democratic slime buckets! They think you all are fools! but you also vote....!!

What the rest of us states needs to be vigilant against, is that this burden, nor it's inevitable losses, will NOT be covered by the rest of us Americans. Think "FDIC or CUNA insurance."
I'm becoming embarrassed of this country.

3 comments:

a.k.a. Blandly Urbane said...

Will the interest earned be taxed at 18? CA needs to fall off into the ocean, so be sure to purchase land where one might estimate it will crack off. This would be prime ocean front property.

I have no idea where these *sshats get these ideas for spending our money. It's bad enough with the taxes we pay, then I'm supposed to be ok with what they decide we want it spent on? Gimme a break.

They're all a bunch of punks that look down their noses at us, because we don't know better.

BOA, yeah, I want my frickin' free wire....where's my free wire. Last time I dealt with a wire transfer, I think it was $15 or so charged to the sender and $12.50 charged to the receiver.

Check this out if you feel like it, it's perty good!

http://newmediajournal.us/staff/garnica/print/03012007.htm

Abouna said...

Just another fine example of the liberal lefts belief in income redistribution. Take it from those who have earned it and give it to those who have not. Once again we can see how the liberals have stuck their heads so far up their collective asses.

CreditThinker said...

A program like that exists in some other countries. It is meant to increase the number of children in families (this is a big issue in Europe). Money is given for every second or third. But the amount of money children receive can actually make a difference! And you don't have to pay it back!