Reply to "A Cheap, Race-Neutral Way to Close the Racial Wealth Gap..

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[quote=Anonymous]...It’s time to try baby bonds."

I had never heard of this before and thought it was a pretty interesting idea.  Looking back through a google search, it looks like this has been brought up several times since the government bailouts in 2008.  It seems like an effective way to even out the playing field.  I know that this is geared toward race equality, but it would really be race neutral.  I work a lot with poor teenagers in Appalachia, and one thing that gets to me is that they are kind of hopeless from the beginning.  Yes.  A lot of kids would blow it.  And a lot of parents would steal it.  But for a number of kids, having some seed money and knowing that it is there would allow and encourage them to expand their dreams.  And that is what America is built on, right?  A solid base of millions of dreamers working together.

From "The Atlantic:"

"Baby bonds are simple. The government would create investment accounts for infants, giving babies born to poor families large seed grants and babies born to rich families small ones. The money would grow, and kids would gain access to it when they reached adulthood, to use for school, a down payment, or a start-up.

…

Naomi Zewde of the City University of New York studied a hypothetical baby-bond program that would provide rich babies $200 in assets and poor babies $50,000 in assets, with infants born to middle-class families getting scaled amounts in between. As of 2015, the median white young adult had a net worth of $46,000, versus $2,900 for the median black young adult. Had they been granted baby bonds at birth, white young adults would be worth $79,159 and black young adults $57,845, Zewde found. White kids would be roughly 40 percent wealthier than black kids, not 16 times as wealthy."[/quote]

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