![]() The idea is similar to guaranteed income programs that give cash to low-income people each month with no restrictions on how they can use it. Last year, Connecticut was the first state to approve a statewide baby bonds program – although it hasn’t been funded yet. The Washington, D.C., City Council passed a baby bond program in 2021, committing to give low-income children $500 plus another $1,000 each year that their parents remain below a certain income level. Cory Booker introduced a national baby bonds bill in Congress that has yet to pass. Hillary Clinton briefly included a baby bonds proposal in her 2008 presidential campaign platform, and U.S. Advocates have held up the idea as a way to help close the racial wealth gap between white and minority families, who were largely excluded from the federal wealth-building programs during the Great Depression. ![]() These modern-day baby bonds are different in that, instead of being purchased by parents, the government gives the money to children from low-income families for free. Those bonds were nicknamed “baby bonds,” because parents would often buy them for their children. savings bonds were introduced in the 1930s to raise money for the government and give ordinary Americans an opportunity to invest. “I don’t want her to continue to be a victim of this virus forever.” “As a mom, this gives me a little bit of that security back,” said Guerra, who has been advocating for the trust funds as a member of the advocacy group COVID Survivors for Change. That would be enough to provide funding for about 16,000 kids, who could spend the money once they become adults. 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. 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. Last month, California became the first state to commit to setting up trust funds for children who lost a parent or caregiver to the pandemic. Now, California is using some of its record-setting budget surplus to help ease Guerra’s mind, and those of others like her. “Every decision that I make, if I make the wrong decision, she’s going to suffer for it. Since then, left to raise their now 2-year-old daughter mostly by herself, Guerra’s mind hasn’t stopped racing. But Rigo died from COVID-19 on Christmas Eve in 2020, alone in a hospital room while Guerra watched helplessly from the other side of a window.
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