"Tell 'Chuckles The Clown' Schummer to use His Own Money !"
WASHINGTON -- Sen. Charles Schumer wants to give every child born in the U.S. a $500 savings account, courtesy of the federal government. The Democrat from New York plans to introduce legislation next week that would establish savings accounts for all newborn U.S. citizens and allow them to grow tax free...snip
If adopted, Schumer's measure would only authorize the savings account giveaway; it would be up to Congress to find a way to pay for it each year.
With more than 4 million babies born annually in the U.S., according to the Census Bureau, the cost of the initial savings accounts in a single year could be about $2 billion.
The proposal could be a tough sell on Capitol Hill, given renewed criticism of the mounting federal deficit.
Under Schumer's bill, the U.S. Treasury would establish and oversee the individual accounts, awarding them to newborns when their Social Security numbers are issued. The Treasury would funnel $500 into each individual account.