4 minute read
What's Rustling Jimmy's Jimmies?
A Bond For Every Newborn
Advertisement
— Matt. 25:40 (KJV)
In the original opening sequence to The Simpsons, while Marge is checking out her groceries, Maggie is rung up at $847.63, the price of raising a child in 1989. More than 30 years later, and not only is The Simpsons still airing, but sadly, the cost of raising a child has risen to more than $1,000 per month, according to the USDA.
With child care costs going up, is it any wonder birth rates have gone down? As MarketWatch reports, “birth rates in the U.S. have steadily declined since the 2008 recession, and the birth rate in 2020 hit another record low, falling 4% from the previous year.” In half a century, America has gone from a “Baby Boom” to a “Baby Bust”!
But what if having a baby was less expensive? In fact, what if every parent was guaranteed a return investment on their newborn? What if every baby in America was born with a $1,000 nest egg that grew at the rate of inflation until that child turned 18? That child would be able to use that money to go to college, buy a home, or even start a business.
This idea is known as “baby bonds”, and it’s recently become popular. U.S. Senator Cory Booker (D-NJ) introduced such a policy last year in his American Opportunity Accounts Act. His proposal would have created federally-funded savings accounts for every child at birth. According to his website, each newborn would have received $1,000 “with additional deposits of up to $2,000 each year, depending on household income.”
Other politicans and pundits have pushed similar proposals. University professor William Darity Jr. and his partner, Darrick Hamilton of the New School in New York City, as NPR reports, would have provided trust funds between $500 and $50,000, which were guaranteed to grow at the rate of inflation plus one percent a year. His proposal would have cost $80 billion a year, while Booker’s plan would cost $60 billion.
Admittedly, $60 to $80 billion would be a lot of money for our government to spend, but it’s a paltry sum when compared to our military spending. Forbes reports that our military has spent over $100 billion on contracts in Afghanistan. Even more egregious, it has “wasted $32 billion on doomed weapons projects since 1995.” America spends more on its national defense than the next 11 countries combined. Surely, we could afford to make every newborn a millionaire by retirement if we cut back a little on our bloated military budget.
And it’s not like baby bonds are an untested idea. Hungary has been providing tax-free savings bonds since 2006. Those bonds have since increased in value to more than $100,000, as reported by Hungary Today. Baby bonds are some of the policies the country have passed to help reverse its declining birth rates. Perhaps America can emulate them.
America claims to be a land of opportunity, yet how much opportunity do most children have at birth? Nearly 1 in 7 children in America are born poor, which is nearly one-third of people living in poverty, according to the Center of American Progress. We insist the poor lift themselves up by their bootstraps, but would it help if they could afford to buy the bootstraps to pull themselves up with? Why not give them a hand lifting themselves up with a financial boost at birth?
The views and opinions expressed in columns are not necessarily the views and opinions of Today & Tonight Magazine or Today & Tonight, Inc.
Carillon Classic 5K presented by AdventHealth
Returns Saturday, March 12
Lake Wales, FL - Offering one of the most picturesque routes in the country, the Carillon Classic 5K presented by AdventHealth returns to Bok Tower Gardens, Saturday, March 12 at 7:30 a.m.
Registration for the event begins Friday, January 28, and is available at www.boktowergardens.org. The cost for participation is $40 per participant and includes an event t-shirt, medal, and post-race refreshments. Prizes will be awarded for the top three runners in each age category. A virtual option is also available.
Post run, participants can relax and recharge with whole health activities provided by AdventHealth. A kid's fun run will occur later in the morning, providing junior runners with a shorter course.
The event is a partnership of Bok Tower Gardens and Polk County Tourism & Sports Marketing. Race logistics and operations are under the direction of Raelynn Dessart of Polk County Tourism & Sports Marketing.
Popular for its demanding course and beautiful scenery, the Carillon Classic 5K has become an annual tradition for running enthusiasts. The event was established in 2012 and has grown in popularity over the years as many runners consider it Florida's most challenging 5K course.
Runners experience elevation changes and various running surfaces, including paved roads plus grass, gravel, and mulch trails. One of the race's most unique aspects is the Singing Tower's musical encouragement as the bells ring out during the race.
