I used to work for a very nice gentleman who was always open to new ideas. After listening to your idea, he would say, "That might work."

What he would actually mean would be, "Your idea has zero chance of working."

That's how I feel about an idea being floated by a US Congressman from Minnesota.

Photo by Annie Spratt on Unsplash
Photo by Annie Spratt on Unsplash
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Checks for kids

Dean Phillips, a Democrat from Minnesota is the man with the plan.

According to AOL.com, Phillips' idea is to give every American child $5,000.

Sounds interesting so far, right?

The idea is to give the money to every child—" American-born or naturalized child"—at birth.

Before Mom and Dad start licking their chops, know that the money wouldn't be an immediate payout, it would action be a payment that would be invested through the Social Security Administration.

Presumably, kids would have a say-so in exactly how the money is invested, so they could have some "skin in the game.". Assuming a modest 10% return each year, AOL.com says the investment could grow to $25,000 when the child turns 18.

At that time, the young adult could use the money for a variety of things, like college, starting a business, or a down payment on a home.

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Photo by David Trinks on Unsplash
Photo by David Trinks on Unsplash
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When does the plan start?

The main problem with this idea, of course, is the cost.

For Social Security to pay $5,000 every time a child is born, would be a huge burden, especially when the agency is already facing funding challenges.

Will it happen? Probably not.

Is it an interesting idea? Sure.

SOURCE: AOL.com

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