Meaning of the Word 'Is' ― Redux
October 4, 2007
Just when you thought the “forever campaign season” couldn’t possibly get any more Bozoish...along comes Hillary with perpetuity baskets full of $5000 Baby Bonds.
Leave it to a Clinton to hand out prizes for procreation.
While addressing a Congressional Black Caucus forum last week, Hillary proposed giving every newborn a $5,000 bond (in classic Clinton style, you’re doing the giving and she’s reaping the rewards).
In Clinton’s own words, “I like the idea of giving every baby born in America a $5,000 account that will grow over time. When that young person turns 18, if they have finished high school, they will be able to access it to go to college, or maybe they will be able to make that down payment on their first home.” (Or maybe they can buy a car or some drugs or even take a vacation)
The Caucus forum’s audience responded with wild applause.
Hillary and her liberal minions live in the land of perpetual illusion.
But let’s accept that fact and take a look at Hillary’s proposal.
Since she provided no specifics about the Muli-$Billion confiscation and redistribution of your hard-earned dollars we will have to “channel” (aka John Edwards) the spirit of Hillary’s intent.
Did Hillary mean that she intends to (have you) give every newborn $5000 deposited in something like the Social Security Trust or did she really mean that she would give (with your money) every newborn a bond with a $5000 face value at maturity (similar to a US Savings Bond).
It depends upon what the meaning of the word “bond” is.
If the $5000 largesse was a lump sum invested at Savings Bond interest rates from birth with a 25 year maturity...babies born in 2008 would receive a total of $8223.16 in 2033 (if it was totally tax-free).
Otherwise, a bond with a $5000 face value today would really mean investing $3047.65 today and receiving $5000 in 25 years. Again, this is conditioned on a tax-free US Savings Bond type of investment and no “risky schemes” like investing in the stock market.
With 4 million babies born each year in the US, the $5000 upfront scheme equals $20 Billion a year in initial funding (if Clinton does not include Mexico in the final version).
With a $3047.65 initial payment, the annual initial cost would be $12,190,600,000.00.
Over 25 years, the $3047.65 plan would have a cost (in addition to any administrative and bureaucratic costs) of almost $400 Billion and the $5000 plan would have a corresponding cost of about $65o Billion. Somehow they will get this to a $Trillion.
Eureka...Hillary invented a new scheme to help bail out an old scheme.
What do I mean?
What was the first mandated government giveaway based on coerced “savings”?
You guessed it...Social Security.
After decades of robbing the Social Security Trust (over $1.5 Trillion of debt has been “borrowed” by the government from this trust alone), Hillary has just invented a new piggybank to rob.
Just think of it...while everybody is busy arguing about the legitimacy and cost of the Baby Bond program, nobody (except the thief) is looking at the details.
First, there is a tax hike to fund the Baby Bonds. Next, the government controls the program and its dollars (remember...Hillary and the Democrats are solidly against any “privatization” of retirement dollars). The first of the “Bonds” would not have to be paid out for 20 to 25 years from the start of the program. And, finally, the Congress can start dipping into the Baby Bond dollars and siphoning them into the Social Security system.
Hillary must have brainstormed this one with her old pal Norman Hsu.
Between National Healthcare and Baby Bonds, there will be so many new ways to justify the confiscation of taxpayer dollars that nobody will notice the oldest Ponzi scheme in the world...robbing Peter to pay Paul. (Peter Paul who?)
When you have stolen your old investors’ money and can’t repay it, there is little choice left for the flimflam artist except to create a new scheme with new investors.
Hillary will be long dead before the final bill comes for her latest schemes. But in the interim...the new stolen dollars can be used to repay the old stolen dollars and death will cheat her hangman.
That’s the beauty of living life as a liberal...when you create one failed scheme (Social Security), it just whets the appetite for a few more failed schemes like National Healthcare and Baby Bonds.
Some people call Hillary’s Baby Bond scheme crazy. Yeah...crazy like a thief.