21 billion per year and growing: Hillary's big birthday present

“George McGovern, who parlayed his $1,000-in-every-pot proposal into a 49-state loss in 1972, should sue for copyright infringement after Sen. Clinton told the Congressional Black Caucus’ annual legislative conference that every baby born in America should be given a $5,000 ‘baby bond.’ Actually, Hillary’s $5,000 is just McGovern’s $1,000 adjusted for inflation. McGovern’s $1,000 was equivalent in 2006 to $4,808.90. By the time she is sworn in, she should be right on the mark.

Hillary argued that wealthy people ‘get to have all kinds of tax incentives to save, but most people can’t afford to do that.’ So her ‘baby bond’ is designed to give the kids of people who can’t afford to save ‘a $5,000 account that will grow over time, so that when that 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 down payment on that first home.’ But to pay for that home they will have to go to work and pay taxes. Hillary doesn't propose cutting their taxes or those of their parents. Nor does she propose increasing the dependent deduction on their federal tax form. What Clinton proposes is another brick in the cradle-to-grave wall envisioned by liberals—paid for by ever-rising taxes...

In 2004 (the latest year for which official figures are available), there were 4,116,000 live births in the United States. That works out to a current price of $21 billion per year, every year. It is an amount that will get bigger, particularly if illegal immigration is allowed to increase unimpeded. Since we now have a budget deficit, this $21-billion-plus new entitlement will have to be funded by borrowing. So the $5,000 savings ‘gift’ in fact is a government loan to each new baby, payable in full through their taxes when they grow up. Happy Birthday!”

—Investor’s Business Daily