Posted on 10/22/2018 6:05:38 PM PDT by EinNYC
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.
“It would be a dramatic change in our country to have low-income people break out of generational poverty,” Booker said in an interview with Vox. “We could rapidly bring security into those families’ lives, and that is really exciting to me.”
Similar ideas have swirled around think tanks since the early 2000s, but Booker appears to be the first high-profile senator to introduce legislation to create such a program. As possible 2020 presidential nominees like Booker begin to unveil ambitious policy ideas — like Sen. Bernie Sanders’s (I-VT) Medicare-for-all plan or Kamala Harris’s (D-CA) new cash assistance plan — Booker appears ready to focus on racial inequality in America, and how to solve it.
Opportunity accounts, explained America’s wealth gap grew rapidly through the late 20th century. In 1963, families at the top of America’s wealth distribution had six times the wealth of those in the middle. By 2012, the wealthiest had 12 times the assets of middle-income families.
Specific government policies have driven the racial gap by making it specifically harder for minorities to accrue wealth. The decades-long practice of the Federal Housing Authority refuse to underwrite housing loans to many black families, for example, made it difficult for those families to pass on the earnings of real estate to their children the way a white family might.
Booker notes that his own parents, who are African American, essentially had to pose as a white couple to purchase a house in a predominantly white neighborhood in 1969. They had a white couple put in the offer on the house, but Booker’s parents then showed up to the closing.
“I know the difference it meant for my family to be able to buy that house and accrue that wealth,” he says. “I know the Herculean things they had to do to get into that neighborhood.”
Booker’s proposal is meant to target young children who haven’t benefited from the type of situation he did.
Hay. They will able to get plenty of those $500 Tennis shoes.
Hey, Corey, you blockhead. Educate yourself (assuming that is possible). The way to lift poor kids out of poverty is not to hand them money, but to train them for a job. It helps if they have parents who will instill a strong work ethic in their kids. So if you really want to help out, go lecture the parents of the poor kids rather than rob other people of their money.
You blockhead.
No mention of that in the write ups I've seen.
Booker’s got to do something to take the attention away from that dead girl/live boy problem he has as a sex abuser.
I think cory booker should donate his marvelous brain to science TODAY!. The scientific community could learn alot from his freshly harvested brain. Its a travesty that brain is barely used by him and it would be such a great gift to humanity!
Not much in the fake news, lame stream media about Bookers sexual assault accusations. Wonder why? /S
If they give the kids money, what will be the kids’ reason for the playing Knock Out Games and assaulting of old people?
No problem, I am 69, I am self identifying as a kid, a poor kid. I mean we have men as women, women. as men, blacks as white and white as blacks, Warren is a Native American and for a moment Booker had a Spartacus moment.
Booker/Harris and Obama’s redistribution of wealth
With the right connections, the 50k could be quadrupled in a month or less.
Booker wants to teaching children not Toledo. He doesn’t want them to feel the pride of earning something.
“Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap.”
What an interesting way to avoid saying “steal”.
L
Why not give them money? It’s the quickest way to destroy a person’s dignity, spirit and drive. Tell them they can’t make it without being given a pittance from the govt. to subsidize them.
It’s ridiculous and the exact wrong msg to send to people. That’s why I’m totally not surprised that it’s coming from a liberal, know-nothing democrat like Retardicus.
Once again Booker T-Bones the tax payers...
FORCED, MARXIST-INSPIRED WEALTH REDISTRIBUTION. It is either a control mechanism, keeping black people in subjection (slavery) to the government—in which the government will bureaucratically waste the money into oblivion and then demand more . . . or give the money directly to people who will waste it themselves, because they didn’t earn it.
The present education system does not teach ANYTHING about smart money management, as was the case BEFORE Jimmy Cahtuh’s Federal Indoctrination Department came into existence.
Give a hood kid that kind of money, and they will be dead in a week from an overdose!!
Or they will pay somebody to get rid of a local nuisance, forever.
Tune in to Laura Ingraham right now, she’s about to do a segment on Cory Booker allegedly sexually assaulting a gay man in a bathroom.
My plans to help those that need transplants; take out Bookers liver, kidneys, lungs eyes and heart....and give them all to children.
FR: Never Accept the Premise of Your Opponent’s Argument
Not only does Sen. Booker evidently not understand that the Founding States gave the express constitutional authority to originate appropriations bills uniquely to the House of Representatives(1.7.1), but consider the following.
Sen. Booker also doesn’t seem to understand that the states uniquely have the 10th Amendment-protected power to tax and spend for kids, depending on the threshold of pain of a given state’s taxpayers.
More specifically, since the states have never expressly constitutionally delegated to the feds the specific power to tax and spend for the purpose of giving kids nest egg accounts, what post-17th Amendment ratification Sen. Booker is wrongly wanting to do is to pay for these Democratic vote-winning kid’s accounts with stolen state revenues, such revenues stolen by means of unconstitutional federal taxes.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States."—Justice John Marshall, Gibbons v. Ogden, 1824.
In fact, until patriots support Pres. Trump in stopping Congress from stealing state revenues, the states probably couldn't support kids this way even if they wanted to.
The remedy for constitutionally low-information senators like Booker ...
Patriots now need to exercise their voting muscle to not only fire career federal lawmakers left over from the lawless Obama Administration, replacing them with patriot lawmakers who will not only vote to kill unconstitutional appropriations bills like the one that Sen. Booker is proposing, but who will also support Trump’s vision for MAGA.
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