ASPIRE Act/KIDS Accounts

On Taxpayer-Funded Savings Accounts

  • By
  • Anne Stuhldreher,
  • New America Foundation
March 12, 2007 |

Even though California is being modeled as the birthplace of post partisanship, ideological divisions still run deep in the political process. Two state senators who just crossed the aisle to forward a creative solution to a pressing state problem are getting more grief than glory.

Daniel Weintraub Writes on Immigration and Kids Savings Accounts

March 6, 2007

Two seemingly unrelated developments last week tell us a lot about immigration and the public's attitude toward it.

One was the conservative reaction to a bill introduced in the Legislature that would give a $500 savings account to every child born in California.

The other was a study by the Public Policy Institute of California concluding that immigration -- legal and illegal -- tends to increase wages for everyone except earlier immigrants.

Going for Broke

  • By
  • Reid Cramer,
  • New America Foundation

In the aftermath of Hurricane Katrina, which struck the Gulf Coast with such ferocity in late August 2005, Americans were shocked by the broadcast images of desperately poor people left to fend for themselves. The depth and consequences of poverty in America, normally hidden from public view, had once again become the subject of debate and national soul-searching. And yet, a year and a half later, the subject of poverty has fallen so far off the public’s radar screen that President Bush did not give it a mention in his recent State of the Union Address.

David Lesher Discusses Kids' Accounts on Sacramento's KXTV

March 2, 2007

California lawmakers are considering giving $500 to every single baby born in the state. The bipartisan bill aims to give babies a financial head start with a savings account.

"Anything we can do to encourage savings and investment and to provide a young adult -- especially young adults from lower income families, families of modest means -- to be able to have a small nest egg to go to college to learn a career, down payment on the house, would be a good thing," said Sen. Darrell Steinberg, D-Sacramento.

David Lesher on San Francisco's KGO-TV Explaining Kids' Savings Accounts Bill

March 2, 2007

Mar. 1 - KGO - A new plan to give newborns a head start is getting mixed reviews. The idea is to give every baby born in California $500 dollars. It would be a nest egg they would have money out of taxpayers pockets today -- that would be a nest egg when those babies become young adults...

San Francisco Chronicle Reports on Kids Savings Account Bill

March 1, 2007

SACRAMENTO, Calif. — Every child born in California would get a $500 savings account to start building a nest egg for college or a down payment for a home, under a state Senate bill introduced Wednesday.

California would be the first state with such a program, said David Lesher, a program director for the nonprofit New America Foundation, based in Washington. A national savings program has languished in Congress since 2005; a similar program has increased savings in Britain since 2002.

New America's Kids Savings Accounts in The Sacramento Bee

March 1, 2007

Happy birthday, baby, here's $500 -- courtesy of California taxpayers.

Legislation announced Wed- nesday would provide a tax-free, long-term investment account to every baby born in California, regardless of the parents' financial or immigration status.

Senate Bill 752 is meant to persuade more families to invest for the future.

"If we ask people to invest in California, California must invest in its people," said Sen. Darrell Steinberg, D-Sacramento, who is co-authoring the bill with Republican Sen. Bob Dutton of Rancho Cucamonga.

American Banker Profiles New America's Ten Big Ideas Event

February 5, 2007

Senators from both sides of the aisle addressed a public policy institute last week on issues that could shape banking policy. Democratic Sen. Hillary Clinton and Republican Sen. Lindsey Graham spoke to members of the New America Foundation about the need for bipartisan compromise on issues like a federal savings account and a government-run investment plan.

NY Times Profiles New America's Ten Big Ideas Event with Sen. Clinton

January 31, 2007

At a conference devoted to “big ideas” for the nation’s future, Senator Hillary Rodham Clinton said this morning that compromise need to be “a goal – not a dirty word” in politics and government, remarks that reflect her own pragmatic style but that are more moderate than the views of some of her rivals and hard-core elements of the Democratic primary electorate.

Children's Savings Accounts

Wednesday, September 27, 2006 - 10:15am

America’s personal savings rate is abysmally low. Last year the personal savings rate was negative, the lowest annual rate since the Great Depression. Whether the objective is to promote retirement security, improve educational attainment or increase financial literacy, the need to increase household savings is vitally clear.

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