Senator and Presidential hopeful Cory Booker is proposing the American Opportunity Accounts Act which will hand $50k to every 18-year-old in the lowest income bracket.
It would be done by giving them annual subsidies in a federally managed savings account.
Between Booker’s AOAA and Ocasio-Cortez’ Green New Deal, we will be a third world nation in no time!
Booker cited his plan in a Tweet he sent out this morning.
“We must close the wealth gap that’s undermining equal opportunity in our country,” Booker said in his Tweet. “My baby bonds will help level the playing field by creating a savings account for every U.S. child—to invest in themselves through things like paying for higher education.”
We must close the wealth gap that’s undermining equal opportunity in our country. My baby bonds bill will help level the playing field by creating a savings account for every US child—to invest in themselves through things like paying for higher education. https://t.co/FDWJxSdW2S
— Cory Booker (@CoryBooker) February 20, 2019
The article states:
Today, with the announcement of the American Opportunity Accounts Act, we’re excited to see Senator Cory Booker (D-NJ) take a concrete first step to help level the wealth-building playing field and ensure that all children—especially those who come from low- and moderate-income families—have a fair shot to reach financial security and prosperity.
Building off an idea developed and long-championed by economist Darrick Hamilton and William “Sandy” Darity Jr., as well as 15 years of practice and research around children’s savings programs, the American Opportunity Accounts Act would provide every child, at birth, with the economic resources needed to begin building long-term economic security and generational wealth. More importantly, by incorporating automatic enrollment as a design feature of the policy, the American Opportunity Accounts Act ensures that all children benefit from the program, regardless of what economic circumstances they are born into or what actions their parents take.
Administered by the U.S. Department of the Treasury, each one of the approximately four million children born each year would receive an American Opportunity Account seeded with an initial $1,000 deposit. Each year, until the child turns 18, their accounts would be boosted through additional, automatic yearly investments of up to $2,000 deposited directly into the accounts. At age 18, the funds could be used by the child to invest in wealth-building opportunities, such as a higher education or home-ownership.
The left has a real problem understanding the word: RAMIFICATIONS!
The whole concept that ‘the funds could be used by the child to invest in wealth-building opportunities, such as a higher education or home-ownership” belies what would actually happen in the first place.
Young people, for the most part, at 18 have yet to understand the value of a dollar, thus, they do not respect it. Chances are, close to 100% of that money would be spent frivolously.
Two fathers. One gives his child a car, one makes him pay, and or work, for some or even all of it.
Which child takes better care of the car? The child who has invested, not the child that received something for nothing.
It is basic human nature, and why our country has been so successful. Personal responsibility and investment are at the root of success. Give someone something, it means nothing to them.
The left wants to remove all hurdles and give things for free. That results in a weak society, made up of weak individuals…every time!