Dems propose new G.I. Bill...

From The Bridge, news that two prominent Democrats (Harold Ford Jr. and Al From) are proposing what they call a new G.I. Bill...

The federal government would deposit $5,000 in the name of every newborn U.S. child into a tax-free, college education-type fund. Families would be encouraged to supplement it with additional payments. Through the miracle of compound interest, that fund would be worth nearly $17,000 by the time the child reached college age-even if a dime was never added to the account. A family that contributed just $100 a month would, 18 years later, have an additional $60,000. The money could be tapped any time between the ages of 18 and 25 to pay for college, start a business or buy a first home. To access the government’s contribution (with interest), however, a person would have to commit to one year of civilian or military service.

A few things to say off the top:
-A $20 billion program in benefits-- plus the cost of the immense bureaucracy necessary to run the financial and especially the work/service component
-Monies that the government would set aside and promise not to touch (good luck with that)
-Not enough money to avoid rich people getting their kids out of the service burden, leading people (especially Democrats) to complain
-A typical emphasis on compulsion

And then, my comment on the irony of what the G.I. Bill did (vs. this proposal) is reproduced here:

I have an idea that is:
a.) much closer to the G.I. Bill idea
b.) much cheaper (actually reducing govt expenditures)
c.) would deal with the root of such problems
d.) would deal with the tremendous injustice of forcing the poor and the lower middle-class to deal with a government monopoly

What is it? Vouchers for education, allowing school funding to go with parents and children rather than to the producers. (Vouchers of $3000 could be adjusted for income levels [more for the poor], grade level [more for higher grades], disabilities, etc.) It would be far less than the $10K we spend now per student. And would one have more faith in a competitive market or a government monopoly to provide quality and be attentive to consumers?

I hope and pray that Ford, From, and friends are able to put aside the preferences of a special interest group that wants to preserve its monopoly power.