Baby Bonds proposal key to Booker’s approach to wealth inequality

4 The Record

Another part of Senator Cory Booker’s ambitious agenda is what he would do to address wealth inequality.

He wants the federal government to establish savings accounts for every baby born in the country.

Here’s the third part of our conversation on 4 The Record.

College financing

Another different proposal Booker offers relates to college financing. He calls it the Baby Bonds proposal.

Every baby born in this country would get $1,000 put into a savings account from the federal government at birth, then every year after that up to $1,000 could be added depending on family income up until the age of 18.

They could then use it to pay for college, buy a house or direct it to retirement savings.

This comes with an estimated price tag of $60 billion a year. Booker would pay for it by taxing the wealthiest Americans.

This is a form of universal basic income. Andrew Yang proposes giving every American regardless of income $1,000 a month.

Booker made his case for his plan and explained why he doesn’t approach this from keeping the cost of college under control.

Education

On education, Booker has critics who will point to his past support of school vouchers.

He addressed by saying he was proud of his record. See the full video above.

Local 4 News, your local election headquarters, is proud to present 4 The Record, a weekly news and public affairs program focused on the issues important to you.  It’s a program unlike any other here in the Quad Cities. Tune in each Sunday at 10:30 a.m. as Jim Niedelman brings you up to speed on what’s happening in the political arena, from Springfield, Des Moines, Washington, D.C. and right here at home.

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