Working Americans provide baby gifts
Sen. Ron Wyden, an Oregon Democrat wants to create legislation designed to set up universal savings accounts for all children born in the United States. Under his plan, every newborn would get a $500 savings account — part of the wealth transfer favored by Barack Obama.
Wyden said universal savings accounts would “really put a dent in the poverty rate.”
This deep thinker is new chairman of the Senate Finance Committee — the top Democrat on tax policy.
Although the federal legislation has not yet been written, Wyden cites a 2009 proposal by Sen. Charles Schumer, a New York Democrat, as a blueprint for his scheme. The $500 could be put toward the cost of college, buying a home or even used toward retirement.
The city of San Francisco, represented by Nancy Pelosi, in nearly bankrupt California, currently offers these college savings accounts to every kindergartner in its school district. Each student receives $50 deposited into a trust fund under the city’s name. Low-income children qualify for more — up to $100 in the trust account. ‘Kindergarten to College’ is one of a raft of such programs offered by the city.