Well, don't say you didn't know it was coming. The FDA issued an official public health announcement today stating that over-the-counter cold medicines and decongestants should not be given to kids under 2 years old. The drugs can cause "serious and potentially life-threatening side effects" that, though "rare," include "death, convulsions, rapid heart rates, and decreased levels of consciousness."
Though it's in the AP report, the CDC's finding that 1,500 babies/year ended up in the ER because of cold medicine complications was not mentioned in the FDA report. Neither was the fact that the vast majority of those cases involved overdoses caused by the confusing multi-symptom drugs the manufacturers prefer, or by improper dosage measurements.
Anyway, hoard if you must, and if you mustn't, use honey. Then sit back and watch the tally of accidental overdose cases roll in as desperate parents totally wing it with grownup/childrens' medicine.
FDA Releases Recommendations Regarding Use of Over-the-Counter Cough and Cold Products [fda.gov]
FDA: Cold medicines too risky for tots [ap/yahoo via dt reader darren]
Previously, beginning here: FDA Panel votes to ban cold meds for kids 0-6. 6 years.