CNBC, June 23, 2021, The $60 billion plan to give every American baby $1,000 at birth
The racial wealth divide between white and Black families in the U.S. is more of a chasm than a gap.
In 2019, the median household wealth for white families was nearly $190,000, almost eight times higher than that of Black households, according to Federal Reserve data.
“Baby bonds” are one proposal to help close the divide. Unlike regular bonds, they are not a debt instrument traded in the public markets. Instead, the proposal would create a federally funded trust fund account for every newborn baby in the U.S.
