Cory Booker wants a 'baby bond' for every U.S. child. Would it work?

[brooklynite]

Washington Post

Cory Booker’s plan to fight intergenerational poverty, a cornerstone of his presidential bid, includes a novel proposal: a trust fund for every American child seeded by the federal government that could eventually provide up to nearly $50,000 for college tuition, buying a home or starting a business.

The “baby bond” measure is among a number of bold and often controversial policy ideas animating the Democratic presidential primary, a reflection of how the candidates vying for the party nomination are focused on addressing historical inequities in American society.

Like a universal basic income or a federal jobs guarantee, Booker’s baby bond plan would face considerable political and administrative hurdles, experts said. It has never been fully tested, after an experiment in the United Kingdom was cut short a decade ago.

“I’m not sure that there is anything out there that is truly a precedent,” said William A. Darity Jr., an economist at Duke University and leading exponent of the baby bonds idea.

[TheRealNorth]

1. Not sure how giving $50,000 Is going to help

When many kids don't have education or skills to balance a check book let alone start a business, or to get into college.

If they want to same low or no interest loans available for home ownership, that's another thing.

[brush]

2. Must be some criteria involved to recieve the 50k once a young adult reaches a...

certain age, i.e. a certain educational achievement, a written, workable plan for the money, a non-criminal record, a stable living situation, no drug addiction.

I agree you can't just drop 50k on everyone who reaches the age of 21.

[SharonClark]

5. It would be an administrative nightmare

[brush]

6. It could be done though. We run just as complex or more complex programs now...

Medicare, Medicaid, Social Security, the VA. It could be done. The chances of it happening is just about nil.

[spinbaby]

7. I can see any number of issues

Including an entire industry devoted to separating 18-year-olds from their money.

[flotsam]

3. As long as it's retroactive...N/T

[delisen]

4. Hillary Clinton 2016 baby bond proposal

was for $5000.00.

Washington Post has a wall and I did not read article-so don't know whether it addresses the 2016 proposal.

Many people who oppose immigration also oppose baby bonds.