ANNAPOLIS, Md. — Wes Moore, the Democratic nominee for Maryland Governor, plans to pitch a “baby bond” program that hopes to ensure infants in poverty arrive at adulthood in a more equal economic situation as their more wealthy peers.
However, this program could be one of the country’s most expensive tools, with an estimated price tag of $100 million per year, according to the Washington Post.
With this program, every child born in Medicaid could get $3,200, which amounts to nearly 40% of Maryland infants. The Medicaid program consists of a lopsided amount of minorities.
But, Moore has not explained a coherent plan to pay for this program. He tells The Post that he would have to work it out with the legislature. Moore suggests a historic infusion of federal aid with $2 billion from Maryland’s most wealthy residents, according to the Washington Post.
Although Moore has asked for a historic amount of support, economists studying inequality developed this concept.
Baby bonds became more popular since the 2020 racial justice protests. The program was suggested to lessen the wealth gap accumulated because of long-standing policies and practices that systematically denied opportunities for black households and other households of color to build intergenerational wealth through housing, education, employment discrimination, and more.
According to the Federal Reserve, white families typically hold eight times the wealth of black families and five times the wealth of Hispanic families across the nation. Baby bonds are designed to shrink that gap by promising a lump of money to anyone in or near poverty.
In Maryland, the program can be used across the board. Currently, about 12% of Maryland’s children live below the poverty line, according to 2020 data from the Annie E. Casey Foundation, while 28 percent come from homes living at or below 200 percent of poverty.
There were nearly 27,000 babies on Medicaid in Maryland in 2020, according to the Kaiser Family Foundation. With the program covering so many babies, Moore’s proposal would be the largest baby bond program in the nation to date.
“This is a unique opportunity, and a data-driven opportunity, to show how exactly we can both address the issue of child poverty and also address the issue of the racial wealth gap in one fell swoop,” Moore said to the Washington Post.
Overall, the plan is for the government to put aside money for decades before it returns to the economy. Yet, Moore says it is worth it financially since the funds would eventually recirculate in the economy as children reach adulthood and spend their baby bonds.
“We need to have the courage to do things that we know are going to be important long-term investments to be able to address a lot of challenges,” Moore told the Post.
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Freebies for your vote, of course at the taxpayers expense.
He’s just another democrat promoting equity in the worst way. He has no problem spending our money frivolously.
If Steny is for him, Maryland will suffer even more than it is right now!
I hope you Maryland Catholics will remember that voting for ANY “pro choice” candidates will not set well with your Maker at your Judgment Day…
The best way to fight poverty is to get off welfare and get a job.
That will never happen because not working has become a very lucrative lifestyle option. The thing I don’t understand is that minorities want to be free of oppression yet welfare by its very nature is oppressive. The government is in total control and maintains control of you by giving you money. Real freedom is not taking the free money and earning money yourself your way.
You’re right, all those infants should absolutely get jobs!
I was referring to the parents of the kids. Maybe if there was more working as an example for the kids to follow they wouldn’t feel a free ride is their only option. The idea of throwing more money at the problem will never work. If giving money away without working solved the issue the issue would have been solved long ago. Welfare, food stamps, Medicaid, etc. have been around for years and surprise the problem is still here. If you want to give your tax dollars to support this program go for it. I have supported far more than my share and I am totally against it.
there are some websites that compare him [wes] with his challenger [dan]. They should be looked at, the comparisons.
Dan Cox is a Trumper and is endorsed by Trump. Anti-Americans do not deserve any votes, period. The travesty of this election is that Dan Cox is the candidate instead of Kelly Shulz who would have had a chance of winning.
Dumb idea. $100 million a year?? How many cops would that put on neighborhood streets to clean up the drug trade? How many parents could be hired to work cleaning up their neighborhoods or to learn a trade?
Of course maybe Mexico will pay for it!!
Waste of money, He’s an idiot like ole Biden.
So the recipients of that ” cash infusion” will certainly invest the funds, or put the money in the MD college fund, so junior can better himself when he’s old enough to withdraw it…
That’s not how it works. Search the original article in the Washington Post.