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Hillary’s $5K per newborn same as failed OH casino amendment


King’s Right Site links to this Associated Press story which details Hillary Rodham Clinton’s thought about how to help students pay for college:

“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.

This idea is no different than the individual accounts idea that Ohio Learn and Earn grafted from what the Ohio Board of Regents have wanted to do for at least a few years. But, alas, Hill sees the same constraints the Regents did too:

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.

Anyone think she’d join with the gambling interests that supported Ohio Learn and Earn to the tune of more than $21 million to try and fund a national law modeled after Issue 3?  For sure, she should read the 57 Reasons before she talks anymore about the concept.

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By Jill Miller Zimon at 1:12 pm October 1st, 2007 in Education, Politics, WH2008 

Comments

4 Responses to “Hillary’s $5K per newborn same as failed OH casino amendment”

  1. 1 Paul on October 1st, 2007 3:52 pm

    Has the Senator said what institution would hold the money? My guess is some kind of savings bond held by the U.S. Treasury that matures in 18 years, earning interest at something not much higher than inflation.

    The impact? Nothing today, other than yet another future liability on the books. When the kid turns 18? That $5,000 today will buy about a semester’s worth of tuition in a public university. One can expect that it will be about the same in 18 years. Big Whoopie.

    But it 18 years, it will infuse a huge amount of cash into the economy. The most likely outcome is a whack of inflation that won’t help anyone.

    She’s not stupid, so why bother? Maybe the 5 grand is something that she knows will get a lot of immigrant votes. Could be long-range planning by the Democrats?

  2. 2 Jill Miller Zimon on October 1st, 2007 7:38 pm

    Wow, that would be super duper long range, yes? That’s not something the Dems are usually accused of doing is it?

    This reference was the first I’d ever seen of it. It sounds, sounds, as though she was thinking rather off the cuff. I don’t know.

    Yeah – I don’t know – I mean, maybe if there were some matching deal at some lower rate and involved some effort on the part of the kids or families or something.

    Just setting aside 5K for every single person born?

    I’d be interested to know if that’s done in any other countries – do you happen to know?

    Also – any chance you’ll blog on your blog about how your campaign for school board is going? :)

  3. 3 Paul on October 1st, 2007 11:48 pm

    Don’t know for sure what other countries do, but in the European countries where I have spent most of my time, college tends to be free for kids who demonstrate their worthiness at the high school level. Medical care is nationalized, and income tax rates are very high. It’s a different way of doing things.

    Just got back from an 8,000 mile, 28-day cross country motorcycle ride, so the campaigning is just beginning in earnest. I was interviewed this afternoon by the leadership of the teachers’ union, who will decide which two of the four candidates it will endorse. I’m not sure how much weight this endorsement carries, but it was a worthwhile exercise.

  4. 4 Jill Miller Zimon on October 2nd, 2007 1:46 pm

    I hope you’ll write about that interview. I’m curious to know on a personal level how you felt about it.

    Congrats on the bike ride – I’m going to take a look at the other link you sent me. I didn’t know you rode a hog. :)

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