A bill promoted by Democrat Cory Brooker in the Senate and Democrat Ayanna Pressley in the House of Representatives proposes that the federal government create a
savings account with $ 1,000
for everyone born in the United States.
The so-called
baby bonds
seek to decrease economic and racial inequality, and are gaining support among the Democratic majority in both houses of Congress.
Depending on the family's income, the government would add $ 2,000 annually to each account until the
person turns 18
.
Only then could they use the resources to pay for college, start a business, or make a down payment on a house.
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"By establishing
baby bonds
as a birthright, our legislation will provide every child with the opportunity to get a higher education, buy a home and generate wealth for future generations," Pressley explained in a statement.
This strategy, he added, is considered by economists as one of the best tools to close the wealth disparity in the United States, which particularly affects the
Latino and black communities
.
Booker said the bill will "level the playing field" so that everyone has an equal opportunity to create wealth.
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The strategy would
not imply extra cost for taxpayers
.
The resources would come from a fund that the Government would finance with the sale of savings bonds, which would be bought by investors as the Treasury Department normally does to finance debt.
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The bill was rejected in Congress in the last legislature, when Republicans controlled the Senate.
However, he now has the
support of 15 senators
, including Majority Leader Chuck Schumer, as well as Elizabeth Warren, Amy Klobuchar and Bernie Sanders.
With the support of the president, Joe Biden, who has yet to comment on this law, it could become a reality.
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According to a study by the Federal Reserve, a quarter of the people in the country who have
not
yet retired
do not have a pension or savings for retirement
.
Black and Latino people are more likely to have no savings than white people because of their socioeconomic status.
Similar programs already exist in Maine, Pennsylvania, and Nebraska.
Michael Sherraden, director of the Center for Social Development at the University of Washington, believes that these strategies bring more than economic benefits.
"Children will do better educationally, their social development will be higher at a younger age [and] parents will be more committed to the future of their children," he told the informational website Marketplace.
With information from
NJ.com,
The Washington Post, Marketplace
.