Outspoken Senator and potential 2020 candidate Cory Booker unveiled his newest proposal to help erase America’s “wealth gap” in recent days; announcing his plan to hand-out upwards of $50,000 to provide “opportunity accounts” to the nation’s poorest residents.
According to Vox, Booker’s plan would provide lower-income children with “significant assets” by the time they reach adulthood.
“America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family,” writes Vox.
“Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition,” adds the article.
“It would be a dramatic change in our country to have low-income people break out of generational poverty,” said Booker. “We could rapidly bring security into those families’ lives, and that is really exciting to me.”
Read the full report at Vox.
MONEY FOR NOTHING: Sen. Harris Proposes Paying AMERICAN FAMILIES $500 Per Month
California Senator and potential 2020 candidate Kamala Harris unveiled her new plan to provide a basic universal income to every American family earning under $100,000 per year Thursday; possibly doling out $500 per month -or $6,000 per year- for her latest tax scheme.
“American families making less than $100,000 a year could be eligible for a monthly tax credit of up to $500, or $6,000 a year, under new legislation announced Thursday by Democratic U.S. Sen. Kamala Harris of California,” writes the Sacramento Bee.
“Individuals making less than $50,000 would be eligible for up to $250 a month, $3,000 a year,” adds the article.
“Americans are working harder than ever but stagnant wages mean they can’t keep up with cost of living increases,” said Harris in a written statement Thursday.
The left-wing senator joins fellow Democrats -such as Rahm Emanuel and Barack Obama- who have proposed a basic universal income for the country’s poorest.
Read the full story here.
CALIFORNIA SCHEMIN’: City Becomes First in the Nation to Test UNIVERSAL INCOME
A California city is poised to become the first in the nation to issue its residents a free universal income; doling out $500 a month with the hopes if boosting a stagnant economy and failing housing market.
According to Fox News, Stockton, California is set to issue the payments to any of its 300,000 residents living below the poverty line; allowing its citizens to spend the free income on anything they wish to purchase.
The test program is set to launch in 2019 with at least 100 residents enrolled for 18 months. After the pilot program, city officials will decide whether or not to make the policy open to all households.
“The city, which was once known as America’s foreclosure capital, has recently fallen on hard times, with 1-in-4 residents living below the poverty line and the median household income at nearly $8,000 lower than the national median,” writes Fox News.
“It is such a fundamental idea behind America that if you work hard, you can get ahead, and you certainly don’t live in poverty. But that isn’t true today, and it hasn’t been true in the country for decades,” said the Mayor of Stockton.
Read the full story at Fox News.