Los Angeles officials believe that giving every first-grader a $50 savings account will somehow help kids graduate high school and attend college.
“You can concentrate on your studies,” Los Angeles mayor Eric Garcetti boasted at a Friday press conference. “Don’t worry about being priced out of an education.”
The Opportunity L.A. program will provide 13,000 public school students with fee-less, deposit-only Citibank savings accounts this Spring, and expand to over 35,000 children in 519 schools by Fall of 2021.
“This is an investment and a vision, to not just say you’re important, but to prove it by putting the resources in the pathway in all of our zip codes for all of our people,” Garcetti remarked. “This is about racial justice. This is about economic opportunity. This is about a stronger economy.”
How a one-time deposit of $50 can prevent both racial injustice and students from being priced out of a solid education is unclear, but all children, regardless of their parent’s income level, or immigration status, will be eligible.
L.A. City Council President Nury Martinez, whose reinvestment funding program is putting up $1 million to fund part of the project, insists the program will have an impact.
“A child with a college savings of a dollar to $499 is three times more likely to go to college and four times more likely to graduate,” Martinez commented. “However, 40% of families do not have $400 in their savings account to even address an emergency — let alone having a savings account to go to college.”
At the very least, students won’t be able to withdraw the money prior to high school graduation, unless there’s an emergency, and their families can make contributions to the account as desired.
Opportunity L.A., which will cost more than $666,000, plus administration and other fees to start up the first year, is aligned with California governor Gavin Newsom’s proposed $2 billion programs, which will provide 3.7 million qualifying low-income kids with a $500 college savings account.
The opinions expressed by columnists are their own and do not necessarily represent the views of AmericanActionNews.com
And the money is coming from?
The taxpayers of LA, where else? Certainly not outta Garcetti’s pocket.
That is what the parents are to do, along with teaching them fairness, self respect, and respect for others. Not the job of government or the neighborhood
Where is the money coming from hum let me see, my crystal ball says taxpayers whether you like it or not! So all you people who want newsom out when is this going to happen, he’s already trying to get 2 billion from you, did you lose steam with the recall how could you just give up, all I can say the other 49;states don’t want you, we don’t need your kind of trouble, stay where you are!
Idiot !!
We need MUCH LESS of this communist regime in the wh now!!! biden actually compared himself to the WWII POTUS. When I finally stopped laughing, I wanted to cry. biden is KILLING AMERICA AND AMERICANS. His comparison to FDR IS A JOKE, HELL HE DIDN’T REMEMBER THE 77th ANNIVERSARY OF D-DAY.
THIS IS THE ABSOLUTELY WORSE ADMINISTRATION EVER!!!
This is just another way to fleece working people to give to those who aren’t willing to put in the effort .
And a great opportunity for politicians to pander!!
By the way I was born to subsistence farmers.
*******IT IS YET JUST ANOTHER OF MANY MEANS FOR THEM TO BOTH HIDE MONEY OR LAUNDER TAX PAYERS MONIES INTO “OTHER” THINGS!*******
This will never truly benefit the children.
My question like so many is where is this money being stolen from knowing that history of LA County anything. They will steal from that good citizens and give to the losers.
Pure wealth redistribution.
Exactly!!
Robbing Peter to pay Paul? So much for the fools who have and display childlike, infinite faith in Big Government!
Another day, another stupid idea from another useless politician.
What this REALLY is is the Unionized Academic Foundations getting a Bank account Savings that will be Avail to them in the future to Purge into their Coffers!!! Slight of hand!
*******THIS WILL NEVER TRULY REACH THE CHILDREN!!*******