Tag Archives: Banks

Saint Paul to Give $3M to Newborns based on a Study of Less than .5% the Population of the City

Melvin’s Money, by TSN_

Saint Paul, MN–Over the next three years the city of Saint Paul will give $3 million dollars (in $50 allotments) of taxpayer money to newborns in hopes that savings accounts generate college degrees. Giving out money to make progress based on cherry-picked data, that seems legit, and Democratic.

That said, this program is noble, honorable, fantastic, and based on very limited data. CollegeBound Saint Paul, the program in question, appears to rely solely on a singular data set of 1,554 participants from a 2013 study done by the Center For Development Research at Washington University.

MPR recently highlighted CollegeBound Saint Paul in an article titled, “Welcome to the world, and here’s 50 bucks for college“. In light of the limited data and the funding involved, this program should be called TaxpayerBound Saint Paul, to emphasize where the financial gift is coming from: citizens’ pocketbooks.

To clarify, the population of St Paul is 304,442 in 2016; the number of participants in the Center for Social Development’s study was 1,554 in 2013. That means the results of this study make up less than .5% of the population of the very city where this program is being implemented.

For compassion sake, to give children a fighting chance at getting an education is an honorable goal, a very progressive idea, especially done right with much research, scientific method, and proof of positive outcomes. However, to create programs funded with taxpayer dollars on scant information is reckless and poorly thought out.

I will end with this, as with any economic idea, time will tell. The truth will show itself as the aid gives way to the unrealistic promises in expensive programs. Economic ideas that work thrive over time. Economic ideas that do not work go bust, just after the politician that created them leaves office, most likely in 18 to 20 years down the line when we have no recollection of these programs or their champions or their intent in the first place.

I washed my car yesterday in 40 degree Minnesota cold and then I ate some Ramen Noodles, it cost me nothing and saved me a lot more

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Even notice how a boat with a few holes in it sinks over time and it becomes more worrisome the farther you are from land? I do. Now place this image of a boat sinking on your financial situation. You lose a dollar here, ten over there, $2.50 on that one thing; the boat is your bank account. That boat is sinking slowly and you are out to see, sharks, such as creditors, banks, and lenders are following in the murky deep. We almost sank again, but this time I told my wife instead of paying for a car wash I would do it myself. Watch.

Yesterday day came and went with a car wash in the 40 degree Fahrenheit warm of St Paul, Minnesota. I think people looked at me as though I were crazy, carrying buckets from my basement to splash and lather a car I cannot afford on a side street. Yeah, I feel pretty dumb leasing it, though the lease is up in less than 20 months and we will be on to something new. The whole time I polished this machine I thought of how stupid it made me feel, to live beyond my means. People watched that spectacle, another Subaru driver waved, my neighbor sold a beater and asked me how my day was. Great! Beautiful day!

And that is why I eat Maruchan ramen noodles and rice. (With a price tag of under $5 for a number of meals I can consider myself winning.) SO, imagine now your boat sinking, money floating away, those sharks behind, empty fridge at home, wife wondering what is going to happen, and then $10 is about to go away for a car wash that leaves you wanting better. Yeah, and that car is parked in the garage losing value, begging for insurance to be paid–the expensive kind. I can get a bit cold and wet outside on such a nice day, save us money, buy us time. My debt snowball is about to be rolling, debt avalanche.

After all this, I learned something. If you can’t get creative and do it yourself, it ain’t worth doing. And if your food restrictions do not work with your frugality or goals towards financial fitness, you may need to think about your goals. Because, how I see it, you can either be gluten free or debt free, I know the gluten is asking me to buy their beach house on credit, but that’s just my opinion.  That beach house is where those debt institutions are watching your boat sink slowly from afar, thinking about monetizing your financial death on YouTube (which is another story), so they can earn more.

Thoughts on: Inside Job, Narrated by Matt Damon