Skip to comments.New Jersey Proposes First-Ever $1,000 ‘Baby Bond’ To Fight Inequality
Posted on 08/28/2020 4:40:36 PM PDT by lowbridge
New Jersey Gov. Phil Murphy proposed Tuesday the first-ever state program to give children born in the state an $1,000 baby bond that they will receive when they turn 18, as the state attempts to address ongoing inequalities that have become more apparent amid the Covid-19 pandemic and racial justice movement.
The baby bond proposal, which still must be approved by the state legislature, will put $1,000 into an account when children are born, which will accrue interest and be payable when children turn 18.
The bonds, which will start with babies born in 2021, will be given to children born in households earning less than 500% of the Federal Poverty Levelup to $131,000 per year for a family of fourwhich Murphy said will apply to approximately three in four children born in the state.
The New York Times projects that, based on bond rates, the $1,000 bond would amount to approximately $1,270 with interest after 18 years; Murphy told the Times that the state reserve[s] the right to add even more money to childrens account, calling the $1,000 proposal the start.
The proposal would cost the state approximately $80 million per year, the Times reports.
The New Jersey proposal was inspired by congressional legislation introduced by New Jersey Sen. Cory Booker and Rep. Ayanna Pressley, which Booker also proposed as part of his presidential primary campaign; the federal bill would provide $1,000 at birth plus additional yearly payments based on family income.
(Excerpt) Read more at forbes.com ...
I’m surprised they didn’t add “no whiteys” to their scheme....
I wonder if this can be converted into a Bail Bond when the holder turns 18?
“Bond. Baby Bond.”
Better idea: Give poor women $1,000 up front as a bonus for having their tubes tied for free.
Give them $10000 to get sterilized.
Give it to them when they’re bore you idiot! Put it in the S & P. The wait 18 years and see where it is! Turn them into conservatives.
Just stupid - how high will property taxes have to be raised? $1000 this year, $2000 next year ... so how much is enough?
Planned Parenthood will never go for this ...my God they,d go out of business... actually this might not be a bad idea it sure is easier than trying to overturn Roe v Wade
Whatever happened to people working harder to improve their lives?
Whatever happened to people improving themselves to improve their lives?
This is just another Democrat policy to keep the Americans of African Descent down.
$1000 toward an education that costs 50 times that, or for bling bling.
The lunacy MORE. Ever seen the movie ?
I think it would be a great way to do the social security program. Give 1,000 a year to each person for 18 years and then stop. At 67, theyd have enough to live on for the rest of their lives.
Government endorsed racism paid for my white tax payers.
Working harder to improve lives? Here ya go:
I dont need to go to school cause I got money coming when I am 18
That's 1.34% interest. Can I get a baby brokerage account instead?
HOW ABOUT THIS: They only get the money if the parents remain are married and remain married. And there is a father in the house for all 18 years. Then I would consider it.
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