Is Newsom's Baby Savings Bond for Suckers?

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When Newsom introduced plans during his January 2008 inauguration speech to deposit $500 for every baby born in San Francisco, I was left wondering how many people who give birth in San Francisco today will manage to keep that child housed, clothed and fed in the City for the next 18 years, which is just one of the requirements for those hoping to eventually cash in on Newsom's proposed Baby Bond.

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The June Sucker in the indicator species for the health of the watershed known as the June Sucker Nation, which feeds the rivers flowing into Utah Lake. So, does that mean that newborns in San Francisco are an indicator species for the health of the City and County of San Francisco? If so, we, as a City, are in trouble, with the number of children steadily decreasing once they get out of the stroller and start pushing the envelope of tiptoe-through-the-condo-and-don't make-a-noise living...

According to Newsom, the fund would earn interest - and could be accessed by every graduating high school student, who participates in public service anmd whose family remains in the city that long, with the money intended to help pay for college or first-time home ownership.

Now we learn that Newsom has budgeted $1.478 million line item for the program in a budget from which he is making 22 percent cuts to vital preexisting services , thanks to a projected $338 million deficit.

All of which has got me wondering if there is any means testing in place for this Baby Savings Bond. Because if not, isn't it likely that the only folks whose kids will likely cash in on this program will be rich people, making more than $150,000, while the rest of us suckers and our poor offspring get displaced into the East Bay and beyond.
(Adios, suckers!)