Obama,Version 2.0

An exclusive look at Cory Booker’s plan to fight wealth inequality: give poor kids money

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.

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2 responses to “Obama,Version 2.0

  1. chrissythehyphenated

    This sounds like another one of those brainless ideas whose real life consequence will mainly be to drive more black fathers out of their kids’ lives (lower income, more chance to score the big “incentive”) and keep their mothers on welfare.

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  2. chrissythehyphenated

    Meanwhile, Trump and the Republican leadership are planning additional tax cuts next year for middle income families. IOW, incentives for low income folks to improve their circumstances. I wonder (not really) whether tax cuts or free money is likely to result in better outcomes for the kids.

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