Lawmakers look at universal savings accounts for children at federal, state and local

[Twisted Titan]

http://www.foxnews.com/politics/2014/02/18/lawmakers-look-at-universal-savings-accounts-for-children-at-federal-state-and/


Can somebody please cut and paste the article....i cant do it right now.

[Twisted Titan]

City officials in San Francisco offer college savings accounts to every kindergartner in the city school district. Each student receives $50 deposited into a trust fund under the city’s name. Some low-income children qualify for more - up to $100 in the trust fund.



The San Francisco plan allows families to add money into the account over the years but they can only withdraw funds for educational purposes, such as books or tuition, once the child is enrolled in college. If a child chooses not to go to college or to pursue secondary education, the account dissolves when the recipient turns 25, with any personal savings returning to the account holder and matching funds going back into the city program.




I just about fell outta my chair...any body in kommiefornia can confirm this?

[vacuum]

Lawmakers look at universal savings accounts for children at federal, state and local levels

Published February 18, 2014FoxNews.com

[removed disgusting closeup of politician image]
Oct. 14, 2009: Sen. Ron Wyden, D-Ore. speaking to reporters on Capitol Hill in Washington.AP2009

An Oregon Democrat says he wants to create federal legislation that would set up each child born in the United States with a savings account as part of a major revamping of the country’s tax code.

Sen. Ron Wyden, on track to become the Senate’s top Democrat on tax policy, says he wants to draft legislation that would provide each child with a $500 savings account as a way to curb poverty.

Speaking earlier this month at the University of Southern California School of Law and the Urban-Brookings Tax Policy Center, Wyden said universal savings accounts for newborns would “really put a dent in the poverty rate.”

He described the country’s current tax code as a “dysfunctional, rotten mess of a carcass.”

While he has yet to write the legislation, Wyden cited a 2009 proposal by Sen. Charles Schumer, a New York Democrat, as a possible blueprint for a future plan that would give all children born in the U.S. $500 toward the cost of college, buying a home or to be used toward retirement.

Although Wyden’s proposal would be on a federal level, there are several similar initiatives in play on state and local levels.

City officials in San Francisco offer college savings accounts to every kindergartner in the city school district. Each student receives $50 deposited into a trust fund under the city’s name. Some low-income children qualify for more - up to $100 in the trust fund.

The San Francisco plan allows families to add money into the account over the years but they can only withdraw funds for educational purposes, such as books or tuition, once the child is enrolled in college. If a child chooses not to go to college or to pursue secondary education, the account dissolves when the recipient turns 25, with any personal savings returning to the account holder and matching funds going back into the city program.

So far, about 7,500 children have city-sponsored college savings accounts.

Later this year, state officials in Hawaii are expected to take up the topic. A state Senate proposal establishes and appropriates funds into the Universal Children’s Savings Account Trust Fund.


vacuum comments: while on the surface it looks like maybe a good idea, invariably it's probably just part of a larger control framework to manage the cattle

[Glass]

Is it compulsory? It says offered to. Or does it just get set up, the details sent to the parent and it is a take it or leave it deal? When I was in our equiv or elementary school we had savings accounts. It was compulsory voluntary. It was done during the weekly assembly and was a bit of a show. I think the idea was good but it's clear not every family can afford to give the kids something to save.

Then the change from saving money to using debt/credit meant kids didn't need to know about saving to buy something.

Could they inadvertently teach something good here?

[mick silver]

i wish someone would set a fund up for me . thats right i pay for this shit

[Glass]

i wish someone would set a fund up for me . thats right i pay for this shit

It's ok. They are going to borrow the money. The irony is that some people can't afford to save so lets not fix that.

[palani]

i wish someone would set a fund up for me

Yes. They already have set up that fund. It is called social security which in combination with your birth certificate (a negotiable instrument) establishes a fund that is going to pay for your incarceration (aka 're-education'). These are trust accounts.

Enjoy your new-found knowledge. It isn't going to cost you a penny!!!!

[chad]

if you don't go to college, you won't be getting the money back. if you do go to college, it will be required that the money is spent on a state school. the state gets the money either way, pure genius.

[madfranks]

City officials in San Francisco offer college savings accounts to every kindergartner in the city school district. Each student receives $50 deposited into a trust fund under the city’s name.

Another reason why LANGUAGE and the use of it is key to understand what's really going on. If I offer you something, it is logically inferred that I own that which I am offering you. This is not what they are doing. Using stolen goods to cement their own positions of power would be more like it.