The 401Kids Savings Act would create savings accounts for newborns. While state child savings accounts have shown promise, inflation and taxes prompt concerns.
You are not required to contribute the maximum. Some of the programs only required $5 for an count. Saving some, even a little, is better than saving nothing.
But it doesn't do anything about inequality. Rich kids will have an even bigger tax shelter to retire on while poor kids will have nothing. This is a tax break for the wealthy.