fixing racism with baby bonds

[cheka]

a lot of states are trying this crap -- so-called baby bonds. this is outrageous

State Treasurer files legislation to tackle racial wealth gap

Nevada State Treasurer Zach Conine announced he has filed draft legislation for the 2023 legislative session that he hopes will address the racial wealth gap in Nevada.

www.fox5vegas.com

State Treasurer files legislation to tackle racial wealth gap​

CARSON CITY, Nev. (KOLO) - Nevada State Treasurer Zach Conine announced he has filed draft legislation for the 2023 legislative session that he hopes will address the racial wealth gap in Nevada.

His bill would do so by creating the Nevada Baby Bonds Program.

The program would set aside funds for a baby upon their birth, be invested over a long period of time, and become available after the child turns 18.

“If we are serious about moving the needle to address disparities in wealth and economic outcomes for communities across our State, then we need big ideas that will help move Nevada forward,” said Treasurer Zach Conine. “If enacted, this initiative would be the largest effort to address generational poverty our State’s history and it would provide low-income kids a real shot at achieving the American Dream.”

An initial investment of $3,200 would be made to every child whose birth is covered under Medicaid. Over the course of 18 years, those funds would grow to more than $10,000 with investments by the Treasurer’s Office.

Upon turning 18, the then adults would be able to access the money for the following purposes:

• Post-secondary education, including vocational education and apprenticeship programs;
• To purchase a home in Nevada;
• To start a business in Nevada; or
• To make any other investment in financial assets that provide long-term gains to wages and/or wealth.

Around 44% of all newborn children in Nevada would be eligible to get a baby bond when they reach 18.

 

[Goldhedge]

$3200 over 10 years... what's the interest rate on that?

Of course, in 18 years $10k won't buy much.

Used to be 30 years ago $20 would buy a weeks worth of groceries. Now it takes $300 to do that!

 

[Someone_else]

I lived in Nevada for 15 years, and within a 20 mile radius of Carson City. I was never aware of any "racial wealth gap". Yes, there was a very real "wealth gap", as I could not get the paycheck that some chump in a large city could get with much less ability and experience. My hatred/disgust/rejection of big cities were against my job opportunities. Anyway, I saw no racism in Nevada. The big companies exploit everyone equally, and the smaller companies are stupid, but I don't think they bring race into their stupid decisions.

EDIT: To clarify, the "wealth gap" was not due to race, but location.

 

[walkingnam]

I believe that there is something to be said for the wealth gap but I feel that the gap has more to do with education and earning power than anything that has to do with race. The gap is another attempt by the left to make up in order to justify their weak brain power. Not to say their education and earning ability. After all a social welfare worked will not have the earning ability of a lawyer or engineer.

It's really an agenda that cannot be solved. If it can be solved I would really like to be considered for transfer payments like the rest of us on this site.

It's a result of the choices that each individual makes over the length of his life. And we are not a nanny state.

 

[.41Dave]

The average 18 year old would piss away that 10 grand or whatever in less than 24 hours. This sounds like the excuse to create a political slush fund

 

[MrLucky]

$3200 over 10 years... what's the interest rate on that?

It's over 18 yrs. I think it works out to about 6.5%.

A quickie formula that works pretty well.
3200 x 1.065 ^ 18 = 9,941

Principal x ( interest rate +1 ) raised to a power of term in years

 

[cheka]

note that every (communist) state pushing this crap has their own numbers/cost to the working man. nevada is one of many

this is the (communists) giving more free sh-t to their free sh-t army -- taking money from the working man to buy the deadwood's votes

 

[walkingnam]

Cheka: I agree with what you're saying but this crap has been going on for years, and is still going on today. Look at Biden's effort at student loan forgiveness. This is merely the latest extremely blatant form of vote buying before and election. Besides Republican there is no outcry about his actions. Starting with Obama we saw the first (??) instance of demeaning the American electorate who doesn't agree with their policies. We are being destroyed from within and the Democratic party and the left do not care.

Right now the Democratic Party plus certain of their party's elected rank and file do constitute a clear and present danger to the American way of life. Biden doesn't have a grasp of what went into his bran flakes for breakfast. He cannot appreciate of what the public is feeling. He probably has to be handled when he goes about his daily duties. It's sad to say that (or to agree with Obama) we should underestimate his ability to screw things up. But Obama was right (I feel so dirty typing that out). Biden is definitely not the smartest individual in any room that he walks into. However, we still have to see a way clear to support him until there is some better. That's the way we do things. We can still talk trash about him.