The racial wealth divide between white and Black families in the U.S. is more of a chasm than a gap.
In 2019, the median household wealth for white families was nearly $190,000, almost eight times higher than that of Black households,"Baby bonds" are one proposal to help close the divide. Unlike regular bonds, they are not a debt instrument traded in the public markets. Instead, the proposal would create a federally funded trust fund account for every newborn baby in the U.S.
"I support this idea called baby bonds," Sen. Cory Booker, D-N.J., told CNBC. Booker has proposed a baby bonds policy called the American Opportunity Accounts Act, which has been co-signed by many of his Democrat colleagues."Depending on the wealth of your family, every child will get a deposit annually up to [age] 18 into that account, upwards of $2,000 for the lowest income children," Booker told CNBC.
When the child turns 18, depending on the families' income, they could have nearly $50,000 in this account. If the child comes from a well-off family, they'd end up with just over $1,600 by age 18 since they wouldn't be getting annual payments.
acorns This is socialism at its finest. So, give no incentive for anyone to try to better themselves and work for what they get. How about we invest in Free Trade schools in the inner city’s. Once these kids graduate they are almost guaranteed jobs most likely at high union rates.
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acorns The GOP will require the baby’s to provide ID, line up at the courthouse between 10:27 am to 10:21 AM on Election Day. The baby cannot be fed or changed while standing in line and checks cannot be requested by mail. Baby must apply in the state where born. Thank you the GOP
acorns The challenge with this idea is the vast majority of people do not have the knowledge of how best to invest $1k, nor have the discipline to leave the money invested for long term.
acorns Just invest it for everyone at birth until retirement
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