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Some people are really financially illiterate, and it shows.
It’s scary to see how many people are against 530A accounts just because it “sounds like communism” to them, or some other kind of bs, such as “it’s going to turn all kids into trust fund kids”.
Guys, do you realize how much money parents already spend on daycare? Which is partially state funded in some cases? Do you realize how much money homeowners pay towards taxes currently funding local failing schools which produce illiterate children?
A $1000 seed funding won’t bankrupt the country, and $5000/year towards a kids future would go further than tuition fees in most local schools. Also, encouraging childless elderly people to donate towards foster kids accounts on a voluntary basis sounds better to me than them getting stuck with options such as donating to shady nonprofits, getting scammed by bots or politicians seeking reelection.
Let’s call a spade a spade: the only reason why some people dislike Trump Accounts is because of the branding. Funnily enough, the same people who hate those probably loved Obama Care, also primarily because of the branding.
Stop being dumb and actually look into 530A accounts work. Do the maths.
While depending on one’s personal circumstances there might be better investment vehicles, it’s absolutely nonsensical to be against the idea of investing into a child’s future to begin with.
The only logical reason I can think of to be against these new investment accounts for children is that one might be a degrowther and is rooting for these kids to struggle as much as possible in life. I guess that if you’ve been brainwashed by Occupy Wall Street all your life, the cognitive dissonance is just too strong to accept that maybe a child can benefit from a small financial boost early on in life.
If you hate your own kids, that’s pretty sad. If you hate everyone else’s kids, that’s pretty sad too. But maybe you should start by fixing your own life instead of being angry at the idea that today’s babies might have a chance to escape absolute poverty when they turn 18? Or do you just hate the idea that it will be harder to turn them into commies if they can see the power of compounding for themselves?
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