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Beware Showering Babies With Bonds

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The Tampa Tribune

Published: October 8, 2007

A new, childish entitlement was advocated by Sen. Hillary Clinton in a recent speech to the Congressional Black Caucus.

The front-runner for the Democratic presidential nomination said she likes the idea of giving every newborn a $5,000 bond that will grow in value and can be cashed in 18 years later to pay for college or a home.

It would at first glance appear to help the nation's appallingly low savings rate. And it sounds great to Rep. Stephanie Tubbs Jones, an Ohio Democrat and Clinton supporter who heard the speech.

'Every child born in the United States today owes $27,000 on the national debt,' she pointed out. 'Why not let them come get $5,000 to grow until they're 18?'

As long as we're asking questions, let's think of a few more. Why not just give the babies $27,000 and make them debt free?

Why not give today's poor students and first-time home buyers more financial help instead of taxing them to pay for future benefits for citizens as yet unborn? What happens to the bonds of those who later rent homes and decide not to go to college?

How many pages of federal rules will be needed to describe the kinds of schools and homes that qualify? Could a teen spend the $5,000 learning to play the guitar or use it to buy a houseboat?

How many additional agents will be needed to investigate the fraud? Why give money to babies with rich parents?

How much inflation in housing and tuition would arrive on the 18th birthdays of the first crop of 4 million kids with extra cash to spend?

Would $5,000 nest eggs be tossed into the cribs of children of illegal immigrants, and could they take the money home with them if their family is deported?

Would the bonds be funded, or would the government just keep a record of the debt and leave it to subsequent administrations to figure out how to pay for it?

Why isn't Clinton offering details?

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