Study: Cory Booker’s baby bonds nearly close the racial wealth gap for young adults
“Baby bonds, a proposal embraced by likely presidential candidate Cory Booker, would give newborns savings accounts that would be worth tens of thousands of dollars by age 18. It’s an ambitious plan — and, according to a new study, it would almost entirely close the wealth gap between black and white young people. Booker’s plan would offer all newborns $1,000, and then add up to $2,000 annually for children in low-income households. By age 18, that could add up to serious money; Booker’s team estimates that for kids from lowest-income families, the nest egg would average some $46,000.”