[7 Wishes]

I like the idea but as others said either wait until they are in their mid 20s and a little more mature and responsible or tie it to going to college or trade school.

Originally Posted by PamelaIamela

Hasn't anyone figured out that $11k in 18 years will be worth ~$2k in todays dollars?
That's using the REAL rate of inflation of over 10% according to the Chapwood Index... and everyone I know.
So it will make NO difference (except buy some good dope) because it's chicken feed!

Calling BS on that one. We haven't had 10% inflation since the 70s/early 80s. Reversing that to 18 years ago (2003) that would be like saying that gas was about 60c/gallon or NYC subway fare was about 50c then.


If you mean 10% over the entire 18 years, then 11K would simply be worth about $10K

[mdovell]

It's an interesting idea. keep in mind this is a bond so that means they're going to have to deal with a bank. It could be possible that redemption isn't cash but simply stays in a bank account. Otherwise you might see a stream of people going in to cash out. I can't picture dozens of people walking out of a bank on a given day with $3,200 in their pockets, that's a security risk.

[CTartist]

Originally Posted by JayCT

This is the first I heard of this one, the state is getting ready to give each child on Medicaid a Bond that would be worth $11,000 when they turn 18. What do you think? Jay

http://ctmirror.org/2021/06/09/ct-to...-into-poverty/

"The bill provides $50 million a year so the state can set aside and invest $3,200 for each child born after July 1 who is enrolled in Medicaid."

“I witnessed firsthand how generational poverty holds a community and individuals back,”

Generational poverty........Hmmmm......if you keep giving moms free stuff guess what.......that kills incentive to get a education and get off welfare. I have a better idea. Give the $3200 to the mom to go to school........then get a job.

[Stepfordct]

Where does this stop!?
Every week we read about some new way to spend money on!?

The problem with politicians is they feel compelled to do things.
New things, something. They can't get attention by just ensuring that the existing rules of law are enforced.

That's not newsworthy!

Its like a contest to see whose most Woke!?

[kidyankee764]

Originally Posted by CTartist

"The bill provides $50 million a year so the state can set aside and invest $3,200 for each child born after July 1 who is enrolled in Medicaid."

“I witnessed firsthand how generational poverty holds a community and individuals back,”

Generational poverty........Hmmmm......if you keep giving moms free stuff guess what.......that kills incentive to get a education and get off welfare. I have a better idea. Give the $3200 to the mom to go to school........then get a job.

Better idea than the proposed option, IMO, but a lot of the reason for the child’s failures are due to irresponsible parents (selfish, perhaps drug and alcohol abuse, etc).

There needs to be some sort of accountability - not just a payday.

[Stepfordct]

How about just NO!

Next.....

[mdovell]

We already do hand out money for pretty much nothing. Mortgage deduction costs the country more than food stamps. Then of course there's the farming subsidy to *not* grow crops etc.

I would argue that if you go three or more generations renting it can contribute to poverty. The net gains of home ownership are significant for revenue (renting out space) and a ton of tax incentives. If it wasn't for home ownership I don't think my childhood would have been the same given everything.

If the $3,200 is in an account and cannot be touched until the child is 18 I don't see an issue. That way there's no claims on child support or alimony etc.

[PamelaIamela]

Originally Posted by PamelaIamela

Hasn't anyone figured out that $11k in 18 years will be worth ~$2k in todays dollars?
That's using the REAL rate of inflation of over 10% according to the Chapwood Index... and everyone I know.
So it will make NO difference (except buy some good dope) because it's chicken feed!

Originally Posted by 7 Wishes

...

Calling BS on that one. We haven't had 10% inflation since the 70s/early 80s. Reversing that to 18 years ago (2003) that would be like saying that gas was about 60c/gallon or NYC subway fare was about 50c then.

If you mean 10% over the entire 18 years, then 11K would simply be worth about $10K

I call mega-BS on that!

Do you have any idea how the 'official' CPI and it's mutant variants are actually calculated?
They are outdated and do not reflect REAL living costs.
They consistently generate artificially LOW figures to support miniscule increases in government inflation-adjustments like SS, IRMAA tiers, income tax brackets... etc., which keeps government costs DOWN and the GDP artificially UP.
So it looks much more benign than it really is, at least for the folks I know!

But if you only live on white bread, American cheese and cheap beer, and work in the underground or gig economy I guess it will make little difference to your quality of life.

[Stepfordct]

Originally Posted by PamelaIamela

I call mega-BS on that!

Do you have any idea how the 'official' CPI and it's mutant variants are actually calculated?
They are outdated and do not reflect REAL living costs.
They consistently generate artificially LOW figures to support miniscule increases in government inflation-adjustments like SS, IRMAA tiers, income tax brackets... etc., which keeps government costs DOWN and the GDP artificially UP.
So it looks much more benign than it really is, at least for the folks I know!

But if you only live on white bread, American cheese and cheap beer, and work in the underground or gig economy I guess it will make little difference to your quality of life.

The CPI is most certainly rigged. To what extent.....who knows.

[Speegleagle]

The reason these type of “ solutions” are proposed is that the elected leaders do not have any answer for the existing problem. A problem many times they have contributed to.

So now they come up with a new gimmick to make it appear like they have a solution. The same thing occurred when 7 million more Americans were put on Medicaid, so it could be disguised as a solution for lack of health insurance. This is just following the same ideology we have seen in the past.