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$5,000 for every U.S. born baby: is she nuts?

October 1, 2007

While perusing the news over the past few days, I ran across an article about Senator Hillary Clinton’s (D-NY) speech at a forum hosted by the Congressional Black Caucus. She suggested that each child born in the U.S. should get a $5,000 “baby bond” from the government. Of course she didn’t mention how much a program of that magnitude would cost, or how it would be funded.

It doesn’t take a genius to understand exactly where funding for this new program would come. There really are no free rides. We the people would simply have to pay ever-higher taxes.

So why is it that every time a politician makes a speech, they always promise something for nothing?

Here’s a better idea for you Mrs. Clinton… why don’t you introduce legislation to abolish income taxes on savings of up to oh, let’s say $250,000? It’s much better than a new program that will result in taking more money away from the people you claim to want to help.

Another example of a politician with a total ignorance of economic principles is Rep. Stephanie Tubbs Jones (D-OH). She praised Sen. Clinton’s idea and went on to say “Every child born in the United States today owes $27,000 on the national debt, why not let them come get $5,000 to grow until they’re 18?”

Ms. Tubbs Jones, here’s a clue for you… by giving them $5,000 up front and paying them interest on that $5,000 until they reach majority, you’ve increased everyone’s share of the national debt by a currently incalculable amount.

When will our elected officials understand that they cannot keep writing checks with the belief that we will always be there to pay the tab?

It’s time to begin paying the national debt, not increasing it.

Until next time,
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