Last month, Gov. Philip D. Murphy of New Jersey proposed a program that would create savings accounts for children in his state. The accounts would collect interest, and they would not be accessible until the child turns 18.
The article explains:
The “baby bonds” program would create a $1,000 savings account for each child born into a New Jersey household with an annual income below about $131,000.
The money eventually could be put toward school tuition, a down payment on a house or starting a business. Mr. Murphy’s office estimates roughly three-quarters of the state’s newborns would be eligible — around 72,000 children next year.
Do you think these $1,000 “baby bonds” are a bright idea or a poor use of tax dollars? Would most 18-year-olds put the money to good use or spend it on something frivolous? What would you spend the money on? Some critics have warned that children would be spoiled by the state gifts. Do you agree or disagree?
Tell us in the comments, then read the related article to learn more about this novel proposal.
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Students 13 and older in the United States and the United Kingdom, and 16 and older elsewhere, are invited to comment. All comments are moderated by the Learning Network staff, but please keep in mind that once your comment is accepted, it will be made public.
