According to this press release, Patrick Kennedy has proposed legislation entitled the ASPIRE Act. Politicians from former Senator Rick Santorum and Newt Gingrich to current White House Chief of Staff Rahm Emanuel have supported ASPIRE in the past.
Alabama must seek ways to recapitalize the poor and working people of our state. Great concentrations of power, both political and financial, are dangerous to the country. Review the concept behind this federal legislation; perhaps we could employ this Act as a model for Alabama children.
This type of legislation encourages savings and thrift instead of reckless consumer debt. Our children must be encouraged and incentivized to become long-term thinkers. The program further transforms our welfare policies from a spending model into an investment model. I would go further and restrict the ultimate expenditures of such savings accounts for home purchases, education expenses, or preferably entrepreneurial activities such as small business investment.