Well Rebel, you hit it right on the nose. That is precisely how Covenant Theologians justify administering water to infants.
However, here is a simple way to expose the error of infant baptism.
1. Hebrews 10:1-4 says the Old Covenant ceremonial laws, especially the sacrificial aspect of the ceremonial law "could never take away sins". Because they were only figures/types or a "shadow" rather than the literal image casting the shadow.
2. Nevertheless, the Old Testament motif was to use the language of redemption with the figure because of the figure relationship with the literal, as the figure was a shadow of what did in fact remit sins (Acts 10:43). So if you go back into the Old Testament you will repeatedly find such language "for sins" for your "cleansing" associated with obedience to the types. Not because they could literally save or remit sins but because they were figures of what could.
3. The same motif is used by New Testament writers with figures/types of which baptism is explicitly said to be "the like figure" - 1 Pet. 3:21
4. The Old Testament provided the FIGURE of the New Covenant REALITY. Hence, under the figure 8 day old infants were circumcised, but under the reality that was a figure of literal spiritual children of God.
5. Finally, Abraham is set forth for "all who are of faith" as the pattern for remission of sins and imputed righteousness (justification) by faith WITHOUT external divine ordinances, as the blessedness of justification (Rom. 4:5-8) was obtained NOT IN CIRCUMCISION (Rom. 4:9-10) but in uncircumcision as a completed action (Rom. 4:11 "had" - aorist tense).
Therefore, in all ages, before and after the cross remission of sins and imputed righteousness has always been received by faith in Christ - Acts 10:43 without works, without divine ordinances.
I am not a paedobaptist, but you did not mention why Protestant paedobaptists baptize infants. They do not baptize them for remission of sins, they baptize them because they believe that baptism is the sign of the New Covenant and it is to be applied to all family members within the local, visible church. They still believe that salvation is by grace through faith and that an infant still needs to be converted. Ergo, they do not believe in baptismal regeneration.
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