skip to main content
skip to newscasts

Tuesday, February 27, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

ND makes the grade in a national report evaluating public school support; SCOTUS justices express free speech concerns about GOP-backed social media laws; NH "kids on campus" program boosts retention; proposed law bans hemp sales to Hoosiers younger than 21.

view newscast page
play newscast audioPlay

The Supreme Court hears arguments on whether social media can restrict content. Biden advisors point to anti-democracy speeches at CPAC, and the President heads to the US-Mexico border appealing to voters on immigration and border issues.

view newscast page
play newscast audioPlay

David meets Goliath in Idaho pesticide conflict, to win over Gen Z voters, candidates are encouraged to support renewable energy and rural America needs help from Congress to continue affordable internet programs.

MA 'Baby Bonds' Bill Aims to Close Racial Wealth Gap

play audio
Play

Monday, February 20, 2023   

Legislation introduced in the Commonwealth aims to reduce the racial wealth gap by creating a statewide "Baby Bonds" program.

The investments are made and managed by the government on behalf of newborn children in low-income households with little opportunity to generate wealth. The funds are then made available to the child once they turn 18, and can be used for college, starting a business or even to purchase a home.

Deborah Goldberg, State Treasurer, called it a proactive approach to addressing historic inequities.

"This is good for everybody, because it ultimately creates a stronger economy within our state," Goldberg asserted.

Goldberg noted a state task force advised an initial Baby Bonds investment from the American Rescue Plan. Children one year of age or younger in families receiving certain public benefits or in foster care would be automatically enrolled.

Many communities of color in Massachusetts have historically been excluded from traditional opportunities to build wealth. A 2015 Federal Reserve study found in the greater Boston area alone, the median net worth for white households is nearly $250,000, while for Black households it's just $8.

Joe Diamond, executive director of the Massachusetts Association for Community Action, a coalition of community action agencies, said Baby Bonds provide a foundation for equal opportunity.

"It's really difficult for the people that we serve to be in a position to not only work with what they have at the moment, but then to think about a hopeful future," Diamond observed.

Connecticut and Washington, D.C., have already passed laws creating Baby Bonds, and several other states are considering them. Rep. Ayanna Pressley, D-Mass., recently introduced the American Opportunity Accounts Act to create a national Baby Bonds program, as she puts it, to make "economic opportunity a birthright."

Disclosure: The Massachusetts Association for Community Action contributes to our fund for reporting on Housing/Homelessness, Hunger/Food/Nutrition, Poverty Issues, and Social Justice. If you would like to help support news in the public interest, click here.


get more stories like this via email
more stories
A new report shows that people who complete Prop 47-funded programs like those offered at Safe Harbor Recovery Center in Los Angeles are much less likely to be reincarcerated. (Safe Harbor)

Social Issues

play sound

Programs intended to reduce the chances that someone will end up back behind bars are working, according to a new analysis of California state data…


Social Issues

play sound

Arizona is gearing up for its presidential preference election that takes place in less than a month, and registered Democrats and Republicans were …

play sound

You might say "every day is 'bring your child to college day'" at New Hampshire's Manchester Community College. On-campus childcare programs are …


Social Issues

play sound

The number of Black mothers in Ohio who die during or following pregnancy continues to climb and health advocates said they hope to shine a light on t…

Legislative supporters say had South Dakota taken part in a new federally funded summer meal program for low-income families, an estimated 54,000 children around the state would have benefited. (Adobe Stock)

Social Issues

play sound

It's been an uphill battle for childhood nutrition advocates to advance meal access policies in the South Dakota Legislature. However, organizers say …

Environment

play sound

A cooperative effort has seeded more than 26,000 acres in eastern Nevada. It's all in an effort to increase desirable grasses, forbs and shrubs while …

Social Issues

play sound

Texas postal customers, especially in rural areas, are experiencing delays in mail delivery, and some letter carriers feel it could get worse…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright 2021