Legislation to create a $500 entitlement for California kids is immoral, and bad public policy…
Earlier this week, legislation was introduced by Democrat Senator Darrell Steinberg and Republican State Senator Bob Dutton that would established a state-adminstered savings account for every child born in California starting in 2008, and deposited $500 of government funds into that account. Additional funds up to a certain amount per year could be placed into the account, and the account would draw some level of interest. The funds in the accounts would only be able withdrawn after the child turns 18, and only to be spent on education, a first-time home purchase, or to roll into an Individual Retirement Account. Reaction to this proposed legislation from a broad spectrum of Republican and conservatives around the state was quick, and overwhelmingly negative. Because of the startling co-authorship of this bill by a Republican legislator, Dutton, it received a high level of interest from the media, and in the blogosphere. Yesterday, just a day after the bill was introduced, Dutton sent out a media release withdrawing his support for the legislation. There are some who want to characterize that the main reason why the bill rose ire was… Read More