Booker and his campaign released a new analysis on Friday morning that provided further details about how his plan would address “the growing wealth gap.”
WASHINGTON — One of the most dramatic policy initiatives by Sen. Cory Booker, D-N.J., in his presidential campaign is a plan to provide $1,000 grants to every baby born in the U.S. The money would come in the form of a “baby bond” that would be added to during childhood, on a sliding scale depending on the family’s income.
The Booker campaign’s analysis, which was crafted based on data from the University of Michigan’s Panel Study of Income Dynamics , provides details on how much Americans of different income levels would receive through the policy. Money from this policy could not be withdrawn before the account holder turns 18, and could be used only for specific purposes, including college expenses, home purchases, entrepreneurship and retirement.
Booker’s analysis said the policy would “flip the script” on the current dynamic where only children from wealthier households can afford college. Some observers have said the plan could be considered a form of slavery reparations. Booker has not shied away from that characterization. In an interview with Yahoo News last year, Booker said his policy would definitely have a “racial impact” because of the “stunning” wealth gaps between people of different races, but he said the policy “ultimately is about income.”
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