State can't teach us how to save money

Saving accounts for every child? On April 22, the Daily Herald published an AP article reporting that Illinois financial officials want every child born in the state to have a savings account and that Robin Kelly, chief of staff for state Treasurer Alexi Giannoulias, had launched a 20 person "task force" to study the issue. The task force will hold four public meetings around the state starting next month.

All of my children had their own savings accounts and just this week my grandchildren opened their first savings accounts. So while I'm in favor of kids having a savings account, I oppose the creation of this task force.

Why? First, because our state cannot afford the transportation and accommodation expenses for the task force and their support staff. If the task force members are compensated for their participation, we cannot afford that expense either. Second, I oppose the task force because Kelly said the accounts will "foster a new generation of responsible savers."

Our state's financial officials do not know what a responsible saver is. If they did, our state would not be on the brink of bankruptcy.

As our state Treasurer, Alexi Giannoulias allowed the Bright Start program to lose millions of dollars and now his bank is on the brink of default. Responsible saver ... give me a break.

Let's keep government out of parenting and let's foster a new generation of financial officials by teaching our children: "Don't spend money, you don't have! And don't spend other people's money you don't have either."

Robert Schultz

Palatine