The Journal concurs ... "Governor-elect Gina Raimondo, the state treasurer’s office and others are making it easier for young parents to enroll their newborns in a college savings fund."
So what could possibly wrong with this picture? As a purported member of the chattering class, am I so cynical, that I would deny Ms Ray-Mun-Dee her spot in the sun?
As a wise philosopher once said .. "Splain Lucy, Splain!"
Problem 1: 100$ Really?
By claiming that Governor Raimondo was giving each student a chance, did WPRI mean, literally, a chance? As the parent of a college student, I can attest that the only chance 100 bucks is gonna get you is 100 Scratchies .... Go to the State Line, on Rte 1 in South Attleboro, maybe they can give you a tip on which scratch cards are playing hot. 100$? Only 259,900$ to go ...
Problem 2: The AllianceBernstein CollegeBound Fund. Morningstar gives the Fund a Negative Outlook (Is this starting to seem achingly familiar?) The problem? AllianceBernstein has amongst the most onerous fee structure of any State 529 Plan. Sayeth Huffpo, in an analysis of top/bottom performing 529's "Here are the bottom of the barrel. If you are invested in these, you should consider rolling them into another plan because the fund fees are too high" Yeah, you betcha ... Lil Rhody was right there ...
Let's be blunt .. the 100$ is a come-on, designed to encourage the residents of Lil Rhody to double down on mediocrity. AllianceBernstein will profit handsomely if, with the encouragement of the Governor, the citizenry is duped into putting their hard earned savings there ... For Alliance/Gina, its win win ... Alliance gets some more victims ... errr.... investors, Gina gets a photo op ... and another healthy dose of feel good spin ... Who can resist?
My real complaint? The Legacy Media's wholesale acceptance of this swill ... Insulting us by classifying this as News. At least the Journal mentioned AllianceBernstein's atrocious performance at the tail end of their "news piece". But after a year of inadequately analyzed Mayoral promises, a Casino Debate that should have been a slam dunk, and their seeming inability to fully comprehend RhodeMap, can someone please sponsor a Media Intervention?
The PO Taxpayer.