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From Gov. Northam's office - good stuff. Governor Northam Announces Major Investment to Accelerate Virginia’s Progress Towards Universal Broadband Access ~ Budget package to up Virginia...

Yet again, the corporate, most decidedly NOT "liberal media" descends deep into self parody. This time, it's a column by Washington (Com)Post "national political...

Guest post by the Jennifer Lewis for Congress campaign A Healthy America, A Fair Society, and A Prosperous Economy There is no cause more important to...

by Lowell Here are a few national and Virginia news headlines, political and otherwise, for Sunday, February 25. Also, see below the clips for the...

Here are some highlights from part 2 of the new Virginia Quinnipiac Poll, for whatever polling is worth these days! "Virginia voters support 91-8...

Great to see this environmental and human rights activism from Rev. McEmrys of the Unitarian Universalist Church of Arlington - putting his values into...

Media Contact:
Jarrod A. Nagurka
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703.473.5097

Today, Delegate Patrick Hope, running for congress in Virginia's 8th Congressional District, announced support for Senator Ron Wyden's (D-OR) efforts to resurrect a proposal that creates savings accounts for newborns.  Similar to the 2009 'American Saving for Personal Investment, Retirement, and Education Act,' Wyden's legislation would create a $500 savings account for every child born in the United States.  These accounts would grow tax-free, and families could place up to $2,000 per year in the account.  For certain families below the poverty level, the federal government will also match up to $500 in annual deposits.

The funds in the account could be used towards a college education, down payment on a home, or a retirement fund.  "This is an opportunity to encourage smart savings and will result in investments in education and home ownership," Hope said.  "While the proposal does include up-front costs, we know that these types of investments can ultimately curb poverty rates.  The federal government must investigate and pursue every opportunity to spur economic growth, increase education rates, and reduce the number of welfare dependents, as this proposal has the potential to accomplish."

Patrick Hope was first elected to the General Assembly in 2009, and now chairs the Virginia Progressive Caucus.

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Additional Background Information Gathered About the Proposal

The Lifetime Savings Account

Senator Ron Wyden (Oregon - D) will push to establish universal savings accounts for all newborns in the U.S. as a way to "really put a dent in the poverty rate." The potential legislation modeled after the American Saving for Personal Investment, Retirement, and Education Act (ASPIRE) of 2009, would provide all newborns in the United States with a $500 savings account at birth.  After an account has been created for a newborn, the Secretary of the Treasury will transfer $500 into each individual account.  This amount will be indexed for inflation Contributions to the account would grow tax free, and annual contributions made by the child, his family, or any private source would be matched dollar for dollar, up to $500 a year, for families up to median income.  Up to $2,000 annually can be deposited into the account.
Children born into households making less than the national median income will be eligible for an additional contribution of up to $500 - those that live at 75% of the median income will receive the full $500 bonus, and the bonus phases out evenly until it hits $0 for people who are at the median income or above.  Children in households that make below 75% of median income can receive a dollar-to-dollar annual match of the first $500 of annual contributions until they turn 18 years old.

Permissible Uses of the Lifetime Savings Account

The money in the account could be used to defray the cost of college, for the purchase of a home, or to retire. An account holder would not be able to access the funds until their 18th birthday.  Before an individual turns 18, a parent or legal guardian will make investment decisions; after the account holder turns 18, their account will be governed by rules similar to Roth Individual Retirement Accounts (Roth IRAs). These rules allow for tax-free withdrawals without penalty for select pre-retirement uses including post-secondary education and first-time home purchase. When the accountholder is between 18 and 25, account withdrawals can only be used to defray the cost of college.  After the individual turns 25, withdrawals can be used to purchase a home or to supplement other retirement savings. Investment options for ASPIRE accounts will be similar to those for Thrift Savings Plans, such as a government securities fund, fixed income investment fund, and common stock funds. At any time after the account is opened, the family may transfer the account to a private sector financial institution.

The proposal allows parents, family members and other private sources to contribute to our children's future.  A corporation, for example, could offer to contribute a certain percentage of an employee's salary to his child's ASPIRE account as a benefit.  So instead of contributing to Roth IRA for themselves, a parent may be able to contribute to their Child's ASPIRE account.

Does Willard "Mitt" Romney have compartments in his brain that are hermetically sealed and inaccessible to the other parts? If not, how can one explain the following facts: 1) he signed "Romneycare" into law; 2) "Obamacare" is basically identical to "Romneycare;" 3) Romney claims he hates "Obamacare" and would work to repeal it; and 4) Romney now has heaped praise on Israel's government-run, universal, "socialized" health care system?

Romney, who championed the Massachusetts health care mandate, but is an opponent of the federal mandate passed by President Barack Obama, marveled at how little Israel spends on health care relative to the United States.

"Do you realize what health care spending is as a percentage of the GDP in Israel? eight percent," Romney told donors at a fundraiser at the King David Hotel in Jerusalem, speaking of a health care system that is compulsory for Israelis and funded by the government. "You spend eight percent of GDP on health care. You're a pretty healthy nation. We spend 18% of our GDP on health care. Ten percentage points more. That gap, that 10 percent cost, compare that with the size of our military - our military which is four percent - four percent. Our gap with Israel is 10 points of GDP. We have to find ways - not just to provide health care to more people, but to find ways to find and manage our health care costs."

Of course, this is EXACTLY the point many of us who pushed for Medicare for all, or robust public option, have been attempting to explain for a loooong time -- namely, that the U.S. health care system costs a lot more than other industrial democracies' health care systems, yet delivers far worse results. In other words, we get among the least "bang for the buck" of any advanced nation in the world in terms of health care, in a system that is mostly based on for-profit health insurance companies. The fact that Romney is busy praising Israel's system of "socialized medicine" is fascinating on many levels, not the least of which is the utter disconnect between everything he's been saying in this year's presidential campaign. It's also a case study on the lengths to which Romney will go to pander to whatever audience he happens to be in, and to say ANYTHING to kiss their butts. Blech.

P.S. I lived in Israel for 6 months and was automatically covered under Israel's "socialized medicine" system. Which is excellent, by the way, one of the best in the world. How do they do it? Ezra Klein explains that it's mostly a result of "strong government influence." Apparently, that's what Romney's now endorsing. We'll keep that in mind.

by John Seymour, a  40-year resident of Arlington A few minutes drive from Arlington’s border, just off Route 66, lies the headquarters of the National...

by Lowell Here are a few national and Virginia news headlines, political and otherwise, for Thursday, October 3. Putin jokes that Russia will meddle in...