Posted on 12/02/2022 8:28:17 AM PST by Oldeconomybuyer
A new proposal coming to the Washington Legislature for consideration next year aims to break the cycle of poverty that’s trapped families like Bereskin’s and lift future generations of low-income residents toward a path of financial independence.
The Washington Future Fund would create a pool of money that every child born under the state’s Medicaid program, Apple Health, could access a portion of upon adulthood to use toward homeownership, education or pursuing a small business.
The trusts are intended to even the financial playing field for lower-income residents by providing a chance to catch up to their wealthier peers.
Beginning in 2024, a minimum of $4,000 would be set aside for each eligible child to access when they’re 18 to 35 years old. The program would cost about $150 million annually, according to state estimates, with the first investment coming from the general fund, the principal fund used to support the operation of the state.
Momentum around the policy idea picked up steam in the wake of Black Lives Matter protests in 2020 after the murder of George Floyd, as lawmakers turned to the baby bonds model as a way of addressing longstanding racial and economic inequities.
About 30% of Washington households of color lack the sufficient net worth to subsist at the poverty level for three months without income, compared with about 18% of white households, according to a 2018 report by Prosperity Now, a nonprofit focused on serving low-income communities. Households of color in the state are also 1.5 times more likely than white households to have zero or negative net worth, according to the report.
(Excerpt) Read more at seattletimes.com ...
Sounds legit.
***aims to break the cycle of poverty***
I thought Lying Lyndon Johnson solved poverty back in 1964 with his”War on Poverty!”
I still remember an old political cartoon showing a hillbilly lounging on his porch. His wife, reading a newspaper says to him...”It says here the President has declared WAR ON POVERTY!”
The Hillbilly replies..”Well if he wants me, he is going to have to draft me!”
Excuse me.
Give away your own damn money.
Just in time for all the illegal aliens.
Oregon has a similar plan of destruction through health care for illegals.
Poverty is a cultural phenomena. See lottery winners.
Redistribution of wealth.
We’re just going full communist.
How does a government hand-out put anyone on a path of financial independence?
We’re just going full communist.
They've lessened the direct redistribution of wealth. Since Covid, the preferred model has been trillion dollar federal aid packages to states, "paid for" by mass printing of money.
The redistribution is now largely indirect, which is politically easier. Redistribution by devaluing currency, which punishes savers and rewards spendthrifts.
At least it isn’t one of those radical proposals to teach children to read, write and count...
This is a stimulus package for the hooker and blow industries.
I never ceased to be amazed by this country. Pay to kill babies in the womb, but give them money if they are born.
I hope Gavin Newsom gets wind of this and sends me a check. I’m experiencing a wealth gap here in southern California. The cost of living is outrageous.
/sarc
Only good solution to remove poverty is create more high paying manufacturing jobs. Those jobs were sent to China by greedy corporations for cheaper workers. Service and retail does not create prosperity.
Only wealth creators are:
Manufacturing
Mining
Agriculture
By the time they are 18, a single trip for a week’s groceries will cost $4000
I surmise that WA lawmakers are products of WA public schools.
Filthy commie scum
When did we empower our government to engage in these activities with our money.
So Momma will be havin 9-10 keedz again since she expects to cash in bout time she retires.
Where will the money come from then? When the state is majority moron?
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