An exclusive look at Cory Booker’s plan to fight wealth inequality: give poor kids money
Baby bonds, explained.
By Sarah Kliffsarah Oct 22, 2018, 6:00am EDT
America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family.
Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.
These “opportunity accounts†would, theoretically, make sure all children have significant assets when they enter adulthood, rather than just those who grow up in wealthier homes.
https://www.vox.com/policy-and-politics/2018/10/22/17999558/cory-booker-baby-bonds
