Oh, baby: $500 to all newborns? - sacbee.com

Oh, baby: $500 to all newborns? - sacbee.com: "Happy birthday, baby, here's $500 -- courtesy of California taxpayers.
Legislation announced Wed- nesday would provide a tax-free, long-term investment account to every baby born in California, regardless of the parents' financial or immigration status.
Senate Bill 752 is meant to persuade more families to invest for the future.
'If we ask people to invest in California, California must invest in its people,' said Sen. Darrell Steinberg, D-Sacramento, who is co-authoring the bill with Republican Sen. Bob Dutton of Rancho Cucamonga.
'Every child ought to grow up knowing that they are worth investing in, from birth on,' Steinberg said.
The proposed account, called Kids Investment and Development Savings, or KIDS, is meant to grow until the child turns 18 and could withdraw the money for a house, education, vocational training or to roll over into a retirement account.
But critics say the state has more critical needs than padding accounts for children too young to say thanks. Sen. George Runner, R-Lancaster, said it's hard to support giving $500 to every newborn when the state says it doesn't have enough money to build prisons."