Miracle of compound interest

Where can I send my invoice for time served since being newborn, Mr. Donnelly?

Tim, perhaps you can point people in the direction of the annuity that provides a 10% yearly return on an initial investment of $1,000 , it does not exist. Minimal investments are typically $25,000, not $1,000. So let's be rational and start with a 5% return. $1,000 would become $23,840 after 65 years with a 5% annual return and $30,426 after 70 years. So after 66 or 67 years you can move the amount to a 10% annuity.

BTW, maybe each parent should deposit the $1,000 themselves rather than expecting others to invest? For me it always comes back to this, anyone who is in favor of this should write a yearly check for $1,000 made payable to the Federal government who then would redistribute the money to each baby. The only problem is I doubt those in favor would be willing to actually dig into their own wallets.

Of that $1,000 investment account the government administration would eat up at least 40% if not more, add in compound inflation of 3% and whatever is left over amounts to less than $500 for the student when they could actually use it.

A penny saved is a penny earned. Everybody with a solid sense of business should understand that the way to make education free - like it should be - is cutting away the pork.

The pork in most universities is the 'athletics' department. While the famous and beloved Santa Clara International Swim Center had to shut down because it's lacking a few million in funding for maintenance and repairs, every single high school, community college, and certainly university has the nicest swimming pools and wellness centers imaginable. In almost every state the highest paid public employee is a football or basketball coach, the next 10 guys are probably his assistant coaches. Students don't pay tuition for their own education, but so that a university coach can turn down the Lakers job, because in the end the university just pays better.

Universities have no space to house their students, but they sure can house NFL type football stadiums and several practice fields. And of course several baseball fields as well. UC Berkeley's general funds has covered for the athletics departments for many, many years already and with the new setup which provides little to no TV money, this is getting worse. Make colleges and high schools focus on education and put cities in charge of public community centers providing athletic equipment and fields for the public.

No additional programs needed when you just cut the pork.