California's baby bonds program is the latest in a surge of new spending aimed at combating poverty.
SACRAMENTO, Calif. — Parenting — that long chain of decisions that hopefully leads to a well-rounded adult — was always a little less stressful for Laura Guerra because her husband, Rigo, was “100% in it” for their daughter, Emilia.
The money — $100 million in total — will go to into interest-bearing accounts for children from low-income families who have lost a parent to COVID and to kids who are in the state’s foster care system. State lawmakers haven’t decided how much money each child will get, but one early proposal would give younger kids $4,000 and older kids $8,000. That would be enough to provide funding for about 16,000 kids, who could spend the money once they become adults.
Hillary Clinton briefly included a baby bonds proposal in her 2008 presidential campaign platform, and U.S. Sen. Cory Booker introduced a national baby bonds bill in Congress that has yet to pass. How much money they children will get depends on how long the account grows. For younger children, advocates hope they will have between $20,000 and $40,000 once they become adults.
The group hopes California's baby bonds program is just a first step. Its goal is to eventually have the state give trust funds to every child in the state born into a low income family.
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