NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT
"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams
Tuesday, October 23, 2018
Free $50,000 handouts by Democrats
From each according to their ability
(Vox) - 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 $50,000in 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.