Another Dem income redistribution $cam

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. 

6 Responses to Another Dem income redistribution $cam

  1. Sgt. Preston says:

    Wyden is an integral part of the leftist quest for a utopian society, accomplished by redirecting money earned by workers to the those the liberals define as “needy.” Class warfare programs like these insure the liberal voter base stays connected to the democrat party.

  2. Scott says:

    Left of center Hawaii is also looking at implementing this type of redistribution program. The Hawaii state Senate is proposing S.B. 2545, appropriating funds into what is called the Universal Children’s Savings Account Trust Fund:

  3. ZOO says:

    Under “benefit #3” of K to C, we get to the meat and potatoes:

    “…In lower-income and immigrant communities, too many families live without a relationship with a financial institution. This account automatically makes those families clients of a major bank, making it easier for them to open other accounts as well…”

    I see “immigrants” at Circle K pulling out a wad of bills that would choke a horse. How many years would it take them to muster a $100 to start a college fund for their child? If they want a “relationship with a financial institution”, isn’t Bank of America still in business?

    • Villanova says:

      Excellent point, ZOO. Let’s also remember that the Bank of America was complicit in extending the home loans that were out of reach to the “immigrant” (read ‘illegal‘) population. The fact that they and others who were unable to be in the home buying market, were given credit they couldn’t afford to repay, was instrumental in causing the nation’s horrendous economic collapse.

      Also these “immigrants” you speak of arrive here illegally after paying $THOUSANDS to their illegal transporters. Once here, they collectively send $BILLIONS in remittances back to Mexico and Central America that keep those county’s economies afloat.

      Read this stunning report in the Examiner:
      In May 2012, Mexican workers sent home 7,096 transfers, totaling $2.34 billion.
      The average size of the remittances also increased over last year by 3.7 percent to $329.21.

      Even more impressive, Mexico’s central bank reported that the amount of cash received by such transfers increased by 15.32 percent between April and May and this year.

      Those figures are further evidence that as U.S. workers are being left out of the job market in increasing numbers, illegal aliens are taking the place of their American counterparts.

      • ZOO says:

        Great information Villanova! This World Bank graph indicates a remittance peak in 2006. If accurate, that would indicate millions more illegals who were recipients of these remittances wagon-trained into the U.S. during the Bush/Kennedy/McCain/Obama ‘land-rush’ of 2007-2013. What else would explain it?

        The San Francisco justification of a ‘meet and greet’ between immigrants and financial institutions is pure fabrication. The banks have been handing illegals credit cards, so why would they refuse one wanting to open a no-risk savings account?

        The Wyden scheme is just foolishness and as advertised – a naked transfer of wealth. The CDC reports 3,952,841 U.S. births for 2012, generating over a $2 billion annual price tag for this Gerber-inspired fiasco.

  4. East Valley Conservative says:

    I see it’s time to drop some uncomfortable facts here. This was originally a Rick Santorum plan, in conjunction with radical liberal Chuck Schumer!! Yep. The same Santorum who hypocritically tried to grab the GOP presidential nomination as a conservative Republican.
    Here is his comment from back in 2005:
    “The government has long provided short-term assistance to those who require it. Does it not make sense to give young Americans the opportunity to have a head start in life, enabling them to have security in the long run? By making every young person an investor, KIDS accounts will expand opportunities, encourage self-reliance, promote savings and give every family a personal stake in America’s economy.”

    The Santorum’s home school their own children.