New Jersey Senator Cory Booker went on Al Sharpton’s MSNBC program and talked about his “baby bonds” proposal.

He wants to provide $1,000 to every baby born in the US and placed in a low risk savings account. After that, if your household has a low enough income, an additional $2,000 would be placed in the account and that would continue every year until the person is 18, provided they maintain their low income status. The expected return is 3% and the money could not be withdrawn until age 18 and could only be used for specific purposes: education, home ownership, and retirement. Why? Well, according to the Senator’s Facebook account, the economic disparity between young black people and young white people is too great, with young white people having 16 times the wealth of young black people.

So, apparently young people have too much money, even though 47% of New Jersey millennials still live at home. Senator Booker believes that his measure would virtually close the racial wealth gap, because, I assume, more black people would be eligible for his program than white people. He has the support of one Columbia University researcher who says that the measure would close the racial gap among 18 year olds from a ratio of 15.9 to 1.4; almost equal. The senator said in South Carolina that he would fund the program by reinstating the estate tax and closing corporate tax loopholes.

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