ASPIRE Act/KIDS Accounts

In 2004, Sens. Rick Santorum (R-Pa.) and Jon Corzine (D-N.J.) proposed the America Saving for Personal Investment, Retirement and Education (ASPIRE) Act, legislation that would have given every baby a minimum $500 endowment, untouchable for 18 years, at which time it could be used to help pay for college, put a down payment on a house or start a business....

The notion of a baby bond is grounded, according to supporters, in the concept of the American ownership society, which was… more

A bipartisan coalition introduced the America Saving for Personal Investment, Retirement, and Education Act (“The ASPIRE Act”) which would set up a “KIDS Account” at birth for every child in America which they can later use to pursue post-secondary education, buy their first home, or build up a nest-egg for retirement. The ASPIRE Act, which primarily benefits low-income kids, is based on research provided by the New America Foundation’s Asset Building Program. Representatives Patrick Kennedy (D-RI), Phil English… more

An unlikely group of legislators, spanning the full political spectrum, is proposing a fresh, long-term response to the challenges of saving, financial education, and retirement security: KIDS Accounts.

By providing every newborn child a savings account at birth, with matching deposits for lower-income children, KIDS Accounts will create a national culture of savings and investing, promote financial education, and encourage life-long asset accumulation-especially higher education, homeownership, and a nest-egg for retirement.

There could not be… more

Scott Jagow: A bill being introduced in Congress this morning might breathe new life into an old idea: Savings accounts for children…

Sarah Gardner: The idea is simple: give every American newborn $500 in a tax-free savings account. At age 18, kids can use it for college -- or they can sock it away until later for a first home or retirement.

Supporter Ray Boshara at the New America Foundation says more than a third of children grow up in… more

Introduction in the 111th Congress is Currently Pending

Section Titles

Presidential hopeful Hillary Clinton is pushing the idea of giving infants special bonds in order to give them a headstart in life, with Ray Boshara, New America Foundation V.P. ...

"This was the only proposal in the multibillion dollars that brought Democrats and Republicans together back when we were talking about savings and retirement security," said Ray Boshara.

"It's important to teach financial basics and to reestablish a savings culture in america."

"It's the kind of entitlement that more that pays for… more

The attached document answers the following questions about the America Saving for Personal Investment, Retirement, and Education (ASPIRE) Act:

Sen. Hillary Clinton, D-N.Y., floated the idea Friday of giving every child born in America a $5,000 "baby bond" from the government to help pay for future costs of college or buying a home...

"I'm pleased that Sen. Clinton keeps talking about 'baby bonds,' whether $500 or $5,000 at birth," said Ray Boshara, the vice president of the New America Foundation.

Boshara, who has worked with Clinton's policy staff on the concept, did not see the different dollar figure floated… more

The value of saving is finally making a comeback. After years of over consumption and accelerating debt -- and more than two years with a negative personal savings rate -- Americans are finally beginning to fret over their empty coffers and negative balance sheets. As headlines profile subprime borrowers going into default around the country, the average American’s sense of economic security has jumped from unease to panic. As policymakers scramble to develop new policies to bolster working families, echoes… more

Are the bad old days back? Read the headlines and you'd think so: "Violent Crime Blazing Back in America" and "Big-city murders way up since '04..."Let's assume the recent rise is serious. What's happening? Lots of competing explanations get offered: Gang problems are now growing in smaller cities. Gun laws are loose and the politicos fear to stiffen them. Because we have the world's highest incarceration rate, rising numbers of inmates are being released from prisons — far… more