Baby Bonds vs. Trump Accounts
A new savings vehicle, dubbed “Trump accounts,” is designed to help the rising generation of American children build wealth into adulthood. Under the multitrillion-dollar tax and spending bill signed by President Donald Trump in July, the federal government will contribute $1,000 to accounts set up for every American baby born in the next few years. Darrick Hamilton, Henry Cohen Professor of Economics and Urban Policy at the New School, is behind a comparable concept known as "baby bonds," which he sees as a means to granting more social mobility and agency to young people regardless of family income levels. Professor Hamilton compares and contrasts his idea with the Trump administration’s mechanism with Alexis Christoforous and Isabelle Lee on Bloomberg Businessweek Daily.
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