Booker Rising http://www.bookerrising.blogspot.com reports that Congressman Harold E. Ford, Jr. (D-TN) has an innovative idea for increasing the national savings rate and opportunities for our nation's children. Ford, a member of the conservative Blue Dog Democratic Coalition, has proposed legislation that would establish a $500 savings account for every child born in the U.S.
America's savings rate has reached a record low with only $1.80 set aside for a rainy day out of every one thousand dollars in earnings. The proposal has wide support across the ideological spectrum as a means of lifting low income Americans out of poverty. Former Treasury Secretary Paul O'Neil is a strong supporter of the plan. The White House has failed to show interest in the proposal. Democrats should support the KIDS account plan as it will encourage savings and help to empower low income Americans.