Comments on: A Lifetime Savings Account http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/ Just another actlocallysf.org weblog Sat, 17 May 2008 07:10:39 +0000 http://wordpress.org/?v=wordpress-mu-1.0 by: william mccracken http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-200 Sun, 01 Apr 2007 00:35:39 +0000 http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-200 is this a bread and circus idea? The accumulated amount would be $20 some thousand more or less, not enough for a year at a UC campus. What happened to individual responsibility? Are parents and family not responsible for this anymore? And why are university costs so high? Has anyone looked at academics retirement and severance plans?<ul><li><label>Overall Rating</label>: 1</li> </ul> is this a bread and circus idea? The accumulated amount would be $20 some thousand more or less, not enough for a year at a UC campus. What happened to individual responsibility? Are parents and family not responsible for this anymore? And why are university costs so high? Has anyone looked at academics retirement and severance plans?
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]]> by: Jill Hitchman http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-158 Fri, 30 Mar 2007 17:06:21 +0000 http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-158 While certainly well-intended in concept, legislation such as this generally has unintended negative consequences. Would this encourage higher birth rates, additional illegal immigration, and/or will only those with means be able afford to continue to deposit into this to earn the matching funds? We know that higher birth rates have contributed to global warming, and while it may not specifically be U.S. birth rates that have had the greatest impact, we are all part of the problem and the solution together. I haven't evaluated this specific proposal in any detail, but I believe unintended consequences such as these are very real possibilities. Mayor Newsom's "Care Not Cash" initiative, although I recognize addresses a different issue, is a concept that is broad enough to apply to children and college savings. I am a strong proponent for children, education, and related issues. I believe there are better solutions available than just throwing money at the problem. We need to educate children beyond teaching to the test. We need to teach critical thinking skills, prepare children for the world outside their formal education experience, and this should include some real life financial lessons as part of the curriculum. I believe it best to first look to fix our public education system before we go off with all sorts of peripheral "fixes." In fixing our education system (which is very broken at this point), our social services, and our ability to provide all with health care -- in tackling the real problem, not just the symptoms -- we will achieve the desired end result. This proposal appears, at least on the surface, to be a Band-Aid (and a costly one at that!) It appears to look at one problem in isolation, not in how it relates to other issues we are facing or by stepping back and looking at the real cause of students who leave school unprepared for the job market and world that awaits them. Perhaps there are specifics to this proposal that I have missed, details that would limit the unintended negative consequences. I am happy to hear more about this before I draw firm conclusions...<ul><li><label>Overall Rating</label>: 1</li> </ul> While certainly well-intended in concept, legislation such as this generally has unintended negative consequences. Would this encourage higher birth rates, additional illegal immigration, and/or will only those with means be able afford to continue to deposit into this to earn the matching funds? We know that higher birth rates have contributed to global warming, and while it may not specifically be U.S. birth rates that have had the greatest impact, we are all part of the problem and the solution together. I haven’t evaluated this specific proposal in any detail, but I believe unintended consequences such as these are very real possibilities.

Mayor Newsom’s “Care Not Cash” initiative, although I recognize addresses a different issue, is a concept that is broad enough to apply to children and college savings. I am a strong proponent for children, education, and related issues. I believe there are better solutions available than just throwing money at the problem. We need to educate children beyond teaching to the test. We need to teach critical thinking skills, prepare children for the world outside their formal education experience, and this should include some real life financial lessons as part of the curriculum.

I believe it best to first look to fix our public education system before we go off with all sorts of peripheral “fixes.” In fixing our education system (which is very broken at this point), our social services, and our ability to provide all with health care — in tackling the real problem, not just the symptoms — we will achieve the desired end result.

This proposal appears, at least on the surface, to be a Band-Aid (and a costly one at that!) It appears to look at one problem in isolation, not in how it relates to other issues we are facing or by stepping back and looking at the real cause of students who leave school unprepared for the job market and world that awaits them. Perhaps there are specifics to this proposal that I have missed, details that would limit the unintended negative consequences. I am happy to hear more about this before I draw firm conclusions…

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]]> by: lik roper http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-156 Fri, 30 Mar 2007 04:16:47 +0000 http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-156 if tax money spent on military and/or secret projects was instead spent on universal health care and/or education, we wouldn't need those savings accounts... the problem then would be land use issues (wildlife habitat encroachment etc) as more and more affluent people would inevitably want to develop undeveloped land (then shoot the animals that live on it etc)... so i guess it's not about all of us being rich, it's really about all of us living healthy, happy lives within our means and in a sustainable fashion...<ul><li><label>Overall Rating</label>: 1</li> </ul> if tax money spent on military and/or secret projects was instead spent on universal health care and/or education, we wouldn’t need those savings accounts…

the problem then would be land use issues (wildlife habitat encroachment etc) as more and more affluent people would inevitably want to develop undeveloped land (then shoot the animals that live on it etc)…

so i guess it’s not about all of us being rich, it’s really about all of us living healthy, happy lives within our means and in a sustainable fashion…

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]]> by: lik roper http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-154 Thu, 29 Mar 2007 16:13:21 +0000 http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-154 yeh dude, it's called 'social security'... www.likroper.com<ul><li><label>Overall Rating</label>: 1</li> </ul> yeh dude, it’s called ’social security’…

www.likroper.com

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]]> by: Jamie Whitaker http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-129 Wed, 28 Mar 2007 21:55:36 +0000 http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-129 Hmm... I think making sure folks are more financially literate and understand the time value of compounding interest/market returns in a better way to spend a portion of dollars - and use the rest (wherever it was going to come from) to make sure debts already owed by state and local governments are funded (like retiree healthcare).<ul><li><label>Overall Rating</label>: 1</li> </ul> Hmm… I think making sure folks are more financially literate and understand the time value of compounding interest/market returns in a better way to spend a portion of dollars - and use the rest (wherever it was going to come from) to make sure debts already owed by state and local governments are funded (like retiree healthcare).
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]]> by: Debra Yick http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-97 Tue, 27 Mar 2007 23:30:48 +0000 http://actlocallysf.org/blog/talkingpoints/2007/03/22/lifetime-savings-account/#comment-97 I believe that this is a good idea for babies born in the U.S. Unfortunately, nowadays not all children are born with a silver spoon in their mouth and don't have the financial resources to help them while growing up. If the government can help people here in the U.S., I think it is great. I personally am benefitting from a matched college account from EARN. It was a great incentive to really budget and learn better ways to manage my finances. I am now beyond poverty and double poverty level now but the programs helped me so much that I am truly greatful. Others will be as well.<ul><li><label>Overall Rating</label>: 7</li> </ul> I believe that this is a good idea for babies born in the U.S. Unfortunately, nowadays not all children are born with a silver spoon in their mouth and don’t have the financial resources to help them while growing up. If the government can help people here in the U.S., I think it is great. I personally am benefitting from a matched college account from EARN. It was a great incentive to really budget and learn better ways to manage my finances. I am now beyond poverty and double poverty level now but
the programs helped me so much that I am truly greatful. Others will be as well.
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