Sen. Cory Booker is introducing a bill to give every U.S. child an interest-bearing savings account at birth in an attempt to reverse rising economic inequality.
The bill opens an interest-bearing account administered by the Treasury Department and start with a $1,000 principal balance granted by the federal government for each child born in the U.S. The government would then deposit up to $2,000 a year into each child’s account depending on total family income until the recipient turns 18.
“Everyone in America should have a real shot to succeed, but federal policy over decades and an upside down tax code that heaps benefits on the very rich and big corporations have grown the gap between those who have much and those who have little,” Booker said.
“Today, nearly one in three American families have zero to negative wealth, and it’s hard to get ahead if you begin life behind the starting line.”
A similar federally funded savings program was instituted in Israel last year.
Read more at The Hill.
{Matzav.com}
Why have it just for newborns? How about us older folks who work full time but still can’t make ends meet?
Ooooh look look! FREE MONEY!! Vote for Me!!!!!!
Great idea. The Government can fund the accounts with the money they’ll save by defunding Planned Parenthood.
Absurd democrat.
People start with Time wealth. A life ahead. If you can put things together for yourself you can help yourself to university and ever to job. There is a mind and one may build upon it daily.
Skip the pop culture, skip the trash talk and skip the changing pranks of the secular experience. A religious mind can excel and succeed in the American economy.
And we need not grudge the world, Mr. Booker. New cradles are the asset of generations. Not the temptation of the ruin the rich. We agree men work.
Will it come from his pocket, from The Clinton Foundation or from the taxpayer’s hard earned money? What kind of idiot would vote for someone who’d raise taxes in order to stuff bank accounts of newborns all over the US?
Hey Senator Booker, are you going to artificially raise interest rates so that these savings accounts are worthwhile? Are you going to limit withdrawals? Are you going to require a signature and a social security number? Have you fleshed out the details as well as those preceding you did with other social order bills? This is governance? This is what we elect to represent us? Look in the mirror, folks, this reflects the United States and its values. Maybe in the new era of “it’s all about me”.
“Depending on the total family income”. Read – this is a bill to benefit black children, raised in a Welfare homes, with, or without fathers.
Great – so every 10 year old will be able to buy as much Cocain and cigarettes as he/she pleases.
nice job Cory.
Hope you run…