Hillary Clinton, a Democratic candidate for President, recently announced a plan to provide each baby born in the United States with a $5000 savings bond.
"I like the idea of giving every baby born in America a $5,000 account
that will grow over time, so that when that young person turns 18 if
they have finished high school they will be able to access it to go to
college or maybe they will be able to make that downpayment on their
first home," she said. (Quote from the ABC News story linked to above.)
While this idea is a step in the right direction toward leveling the playing field to allow the talented, but economically disadvantaged, to contribute what they can towards bettering American society. However, the plan itself seems flawed. First, the bond could, and in some cases, I'm sure, would be used by unscrupulous parents for their own use. Also, for some teenagers with less self-control, the promise of thousands of dollars, there for the taking, would encourage them to drop out of school the minute they turn eighteen. Hillary said that the bond could be used for college, or for making the down payment on a home. While providing more affordable homes is a noble goal, I think that as the American economy shifts to a service-based economy, we must do all we can to make sure as many American teenagers (and adults) attend college as possible.
To achieve this goal, instead of Hillary's bond plan, we should simply establish a fund to make a four-year bachelor's degree education at any university free, after work-study. Books, tuition, fees, and if the student can't afford it, room and board as well. Why any university? If economically-disadvantaged students could only afford state universities, if they aren't lucky enough to win large scholarships to private universities either on their own merits or to fulfill that school's "diversity quota," then our countries university system would become more stratified than it is now - with rich students at private universities, and the rest of us at state schools, with few exceptions.
Also, for some teenagers with less self-control, the promise of thousands of dollars, there for the taking, would encourage them to drop out of school the minute they turn eighteen.
When they turn 18 and graduate. That implies that they have to meet both requirements to get the money.
First, the bond could, and in some cases, I'm sure, would be used by unscrupulous parents for their own use.
That's easy enough, put the bond in the child's name and have it so it can not be cashed out before the child turns 18.
To achieve this goal, instead of Hillary's bond plan, we should simply establish a fund to make a four-year bachelor's degree education at any university free, after work-study
How do you plan to pay the professors and the maintenance for the buildings?
-- quis custodiet ipsos custodes?
When they turn 18 and graduate. That implies that they have to meet both requirements to get the money.
Hillary's quote seems to suggest otherwise. Perhaps she misspoke. Even if the student had to graduate high school to get the money, still, they might be less likely to work to gain experience and money for the future if they know they have a certain sum waiting for them.
That's easy enough, put the bond in the child's name and have it so it can not be cashed out before the child turns 18.
If there's a will, there's a way.
How do you plan to pay the professors and the maintenance for the buildings?
Direct payments from the fund from the Federal Government. We'd get the money from bringing home our troops in Iraq, cutting pork (bridge to nowhere?) and if need be, additional taxes. I think that the spillover benefits from an educated populace are worth the extra $100 I might pay.
our countries university system would become more stratified than it is now - with rich students at private universities, and the rest of us at state schools, with few exceptions.
You say that like state schools are bad. I personally think I'm getting a better education at my state school than I would at an ivy league school, because my professors aren't focused solely on research. They truly want to help their students, and will come to school on a Sunday in order to give us review sessions.
~C
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They certainly aren't. I'm offered free tuition at the University of North Carolina or any other NC school, and I might take up that offer. However, private schools, such as Duke, Harvard or Yale, offer the name recognition value that is worth quite a bit, especially in certain fields.
UNC - Chapel Hill has the name recognition too. So do the UC schools. They're state schools with the reputation of Ivy Leagues.
~C
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it's money and free--what's there to think about, j/k
but it's really not a bad idea
"Things have a life of their own. It's just a matter of waking up their souls."
--Gabriel García Márquez
http://www.progressiveu.org/231615-this-is-a-muslim-girls-plight
Nothing's ever free, but it's not a bad idea at all. I personally don't understand why everyone's criticizing it already when she made it clear that it's just an idea in the planning stages.
-- quis custodiet ipsos custodes?
I love how we send our money to the government (taxes) and they 'give' it back to us and we act like we've been given a gift. Amazing.
Politicians are quick to give money away. Other people's money. Our money! My money! How about this as an alterate solution. We give every family a $5,000 tax refund and let them spend it any way they want?!
Nah, that would be freedom, and we wouldn't want that. I should be held at gun point (IRS) to give my hard earned money to other people's causes (which may not be mine). Sounds more like Socialism to me.
OK fine, no more socialism. Want to drive on a road? Gotta pay a toll. Want to send your kids to school? Gotta pay thousands a year. Want your kids inoculated? Well, each does costs over $100. Pay up.
Spreading the costs of things which benefit society (educating kids, making sure kids don't get measles and die, roads) across everyone lessens the cost for everyone. (Buying one bag of snacks five times is more expensive than buying five bags once - the costco principle. Likewise, paying for the minimum number of school administrators saves money.)