What if every child started out in life with his or her own personal savings program for college, for first-time home purchases and for retirement?

A savings program started at birth has more years to earn and accumulate interest, resulting in a bigger nest egg through time. Granting every child such an opportunity would result in broader and more equal ownership of savings and capital for each citizen. Such widespread capital ownership would empower and liberate every American in their personal pursuit of happiness and the American Dream.

Sen. Chuck Schumer, D-N.Y., has proposed a program along these lines with a recent bill that would give every American newborn a government account of $500. A variation of the very successful Child Trust Fund plan in Britain, the bill was first introduced by former Sens. Jon Corzine, D-N.J., and Rick Santorum, R-Pa.

Under Schumer’s version of the plan, parents can invest a maximum of $2,000 a year in these “Lifetime Savings Accounts (LSAs)” with a government match of up to $500 a year, for each of their children. The plan offers an additional $500 per child for low-income families...Original article