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September 29, 2007
A Chicken in Every Pot and $5,000 to Every Child
Politicians will promise voters the moon if they think it will help get them elected. But Hillary Clinton has taken that concept to its extreme limit by proposing that all 4 million babies born in the United States every year be given a $5,000 bond:
Democratic presidential candidate Hillary Rodham Clinton said Friday that every child born in the United States should get a $5,000 "baby bond" from the government to help pay for future costs of college or buying a home. Harvard economist Greg Mankiw fills in the blanks in Hillary's proposal:
Clinton, her party's front-runner in the 2008 race, made the suggestion during a forum hosted by the Congressional Black Caucus.
"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.
How might this be funded? There are only three groups that could be asked to pay for the new entitlement with higher taxes (or lower benefits): the current elderly, those currently of working age, or the same future generations who are getting the new benefit and are slated to pay for existing unfunded entitlements. Which group do you think Senator Clinton has in mind?Hillary is obviously determined to out-promise the champion of presidential candidate promise making John Edwards. She has a way to go yet since Edwards health care plan alone would probably bust the treasury. But it should be interesting to see if Hillary starts to try and bribe the electorate in order to win election as President.
The real entertainment will then become watching as she tries to make good on her promises...
Hat Tip: Ed Laskey