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]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]

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