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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’m a physician and would have blown this entire account on partying in college.[/quote]

Ok.  But how do you think your Medicaid patients would have spent it? [/quote]

I work in Medicaid case management and love my patients and my job.  I spend my days connecting people with resources (which are many in this city including free childcare for everyone under a certain income).

But 95% of them would blow through a 50K one time payment within a few months.  
5-10% would probably use it for long term goals and/or education.

I honestly think this would be worth it---we could change the trajectory of 5-10% at the cost of losing 90% of the money.

[/quote]

I think the idea is that you get it when you are born, but don’t have access to it for twenty years.  I think less people would blow through it if they had time to think about it.  [/quote]

It’s 18 years and you can only use it for education or to buy property. But that’s even worse, because $50k is a down payment but it’s not enough to keep paying the mortgage for 30 years on an income that reflects an unreformed school system. Or, you can flip a condo and keep the balance. There will be tons of subprime lenders and scammers trying to help you do that.

$50k won’t even get you 2 years at UMD in-state, so does the recipient have to take out student loans for the rest? Meanwhile, blacks with a college degree earn less than whites with a college degree, but we haven’t addressed any of the reasons (besides discrimination) why this is the case, including forward-thinking policies like Head Start for all.

Meanwhile colleges are raising tuition and housing prices are going up. Inflation is real. [/quote]

If you insist it goes to education then you'll have tons of people using it for shady "passion degrees" from diploma mills or programs that aren't diploma mills per se but are still just cash cows with no barriers to entry or standards. Enrollees often don't finish.  The programs will just get richer and the handout does nothing to improve outcomes or correct for years of crappy K-12 education and the fact many low income kids graduate from high school without meeting basic standards.[/quote]

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