Considering the state of our economy, one might look at this announcement from Rep. Don Beyers as a positive…

A 401K for every child! Everyone loves a good savings account, right?

But as usual, the devil is in the details. Per CNBC, this Don Beyer/Chuck Schumer plan “calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers” (emphasis mine).

Welp—there’s the problem. Instead of encouraging parents to start a 401K or 529 that they can manage until their children turn 18, this plan will be completely controlled by Uncle Sam.

And as we all know, Uncle Sam is notoriously bad with your money.

Look, it IS true that Americans are woefully unprepared for the future. Only 44% of Americans surveyed could afford a $1,000 emergency expense. But perhaps we’ve reached this point because most Americans assume that the government is there to take care of them from cradle to grave.

It is precisely that culture that we need to work to overcome. We should empower Americans (and yes, teach our children) to take advantage of the copious resources available to help save and plan for the future (get started here).

And Rep. Beyer? 

Stop trying to deflect from the fact that misguided economic policies are the reason our economy is in such dire straits in the first place. Inflation, driven by reckless federal spending, remains persistently high. Today, 60% of Americans can’t afford groceries.

If Rep. Beyer really wants to “build wealth for the next generation,” he should start by supporting a return to fiscal sanity—cutting wasteful spending and taxes.