"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.
The New York senator did not offer any estimate of the total cost of such a program or how she would pay for it. Approximately 4 million babies are born each year in the United States.
So, that's $20 billion a year she wants to spend. Maybe if $12 billion a month was not continuing to be spent in the Iraq fiasco, then there would be a way to pay for this.
Now, if $5000 is deposited into an account paying 7% compounded monthly, then after 18 years the account will have $17,562.70. Hmmm, I'm thinking in 18 years that is not going to be near enough to pay for the cost of a higher education. In addition, it will barely make a dent in a down payment on house.
She's a freakin' nightmare.
Read more.
The New York senator did not offer any estimate of the total cost of such a program or how she would pay for it. Approximately 4 million babies are born each year in the United States.
So, that's $20 billion a year she wants to spend. Maybe if $12 billion a month was not continuing to be spent in the Iraq fiasco, then there would be a way to pay for this.
Now, if $5000 is deposited into an account paying 7% compounded monthly, then after 18 years the account will have $17,562.70. Hmmm, I'm thinking in 18 years that is not going to be near enough to pay for the cost of a higher education. In addition, it will barely make a dent in a down payment on house.
She's a freakin' nightmare.
Read more.
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