Joint Center leaders argue that the president’s new accounts for newborns will widen the racial wealth gap by rewarding families who already have the means to save, while leaving low-wealth Black households behind. They urge Congress to adopt progressive Baby Bonds instead, with larger automatic investments for children from families with the least wealth.
Tag: Darrick Hamilton
Posted inWord In Black
‘Bank of ‘Mom and Dad’ isn’t always an option for Black young adults
Black young adults are less likely to receive financial assistance from their parents than their White counterparts, due to the racial wealth gap, and this can contribute to the widening of the gap.