Thursday, July 7, 2022
Market-Reporter
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate
No Result
View All Result
Market-Reporter
No Result
View All Result
Home Bonds

Baby Bonds Aim to Address Wealth Gap in Connecticut – NBC Connecticut

MtR by MtR
June 12, 2021
in Bonds
0
Baby Bonds Aim to Address Wealth Gap in Connecticut – NBC Connecticut


The state of Connecticut will soon be giving what amounts to nearly $11,000 to each child born in poverty.

The goal of this “baby bond” program is to invest in kids who, through no fault of their own, are forced to play catch-up from day one of life.

Connecticut has the highest per capita income, but also one of the worst wealth gaps in the nation.

The state will set aside $50 million every year to invest $3,200 for each child born who’s enrolled in Medicaid. When these kids turn 18, that money will have grown to that nearly $11,000 amount that they could then claim and invest back into themselves.

“It’s about fighting poverty. It’s also about racial equity because a disproportionately high number of black and brown children are born into poverty in our state,” said State Treasurer (D) Shawn Wooden.

“All of this is being recycled into our state’s economy and that’s why it’s an economic growth bill as well,” he continued.

But there’s a small catch. When these kids turn 18, they can’t just go out and buy whatever they want. There are certain things they can use that $11,000 for including education, investing in a home in Connecticut, and/or starting a business in the state.

Kids eligible for the bond program have to be born in Connecticut and they have to be a state resident when they receive the money.

They also have to take a financial literacy course before any funds are given out, according to officials.

Wooden told NBC Connecticut that these “baby bonds” can be the key to breaking the generational cycle of poverty.

“We must do things that help people right now and keep people afloat, but we also, if we’re going to look for long term, structural change and really shifting the trajectory of our state, we have to look longer term,” Wooden said.

Wooden said there wasn’t much opposition to the plan, but there were a lot of questions about how it would be paid for.

In short answer, the $50 million per year is funded through state “general obligation bonds,” not through an increase in taxes.

The initiative is the first of its kind to become law anywhere in the United States.



Source link

Related articles

China Stock Market Booms in June as Foreigners Exit Bonds

July 7, 2022

Research: Rating Action: Moody’s assigns Aaa to Essex County, NJ’s GOULT bonds; outlook stable

July 6, 2022

Related Posts

China Stock Market Booms in June as Foreigners Exit Bonds

by MtR
July 7, 2022
0

  Foreign investors continued to sell out of Chinese bonds in June but boosted China’s stock market, according to Institute...

Research: Rating Action: Moody’s assigns Aaa to Essex County, NJ’s GOULT bonds; outlook stable

by MtR
July 6, 2022
0

No Related Data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates...

ACEN plans P30-B bonds, readies 458-MW solar farms

by MtR
July 6, 2022
0

AC ENERGY Corp. (ACEN) is planning a P30-billion debt securities program to be shelf-registered with the corporate regulator, with a...

China’s special bonds reach RMB 1.37 trillion in June

by MtR
July 6, 2022
0

China’s Ministry of Finance (MOF) announced that in June this year China issued RMB 1.37 trillion ($0.2 trillion) of new...

Bonds and ETFs find favour on NZX in June

by MtR
July 6, 2022
0

Business6 Jul, 2022 05:50 AM3 minutes to readBonds and ETFs found favour on the NZX in June. Photo / File...

Load More
  • Trending
  • Comments
  • Latest

Bank of England tells ministers to intervene on digital currency ‘programming’

June 21, 2021

Tips for checking smoke alarms during daylight saving time

March 12, 2022

GLOBAL MARKETS-U.S. stocks follow Europe up; Treasury yields rise, dollar firm

July 9, 2021
Fed tapering and emerging markets

Fed tapering and emerging markets

June 7, 2021
African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

African currencies week ahead: Zambia's kwacha seen on back foot, Kenyan shilling up – Business Recorder

0
Maxum Foods releases Global Dairy Commodity Update for June

Maxum Foods releases Global Dairy Commodity Update for June

0
Letter: Perpetual bonds can help states fight hunger

Letter: Perpetual bonds can help states fight hunger

0
United Kingdom ETFs Are Riding the Re-Opening Momentum

United Kingdom ETFs Are Riding the Re-Opening Momentum

0

FMA Proposes Guidance for Advising on IPOs, Listed Equity

July 7, 2022

Defendants Secure Motion to Dismiss Victories in Three Post-Hughes Decisions | Proskauer – Employee Benefits & Executive Compensation Blog

July 7, 2022

Some Could Turn to Tech-Heavy Growth ETFs in a Recession

July 7, 2022

China Stock Market Booms in June as Foreigners Exit Bonds

July 7, 2022

Recent News

FMA Proposes Guidance for Advising on IPOs, Listed Equity

July 7, 2022

Defendants Secure Motion to Dismiss Victories in Three Post-Hughes Decisions | Proskauer – Employee Benefits & Executive Compensation Blog

July 7, 2022

Some Could Turn to Tech-Heavy Growth ETFs in a Recession

July 7, 2022

Categories

  • Asia
  • Bonds
  • Canada
  • Commodities
  • Cryptocurrencies
  • Currencies
  • Emerging Markets
  • ETFs
  • Europe & Middle East
  • IPOs
  • Latin America
  • Mutual Funds
  • Personal Finance
  • Real Estate
  • Retirement
  • Spending & Saving
  • Stocks
  • U.S. Markets
  • Privacy & Policy
  • About Us
  • Contact Us
  • Advertise with us

© 2021 Copyright Market-Reporter

No Result
View All Result
  • Home
  • Markets
    • U.S. Markets
    • Canada
    • Europe & Middle East
    • Emerging Markets
    • Asia
    • Latin America
  • Investing
    • Stocks
    • IPOs
    • Mutual Funds
    • ETFs
    • Bonds
    • Commodities
    • Currencies
    • Cryptocurrencies
  • Economy & Politics
    • Personal Finance
    • Spending & Saving
    • Retirement
    • Real Estate

© 2021 Copyright Market-Reporter