Quote:America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family.
Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.
These “opportunity accounts” would, theoretically, make sure all children have significant assets when they enter adulthood, rather than just those who grow up in wealthier homes.

That sounds like the most RACIST policy I've ever heard... median WHITE family isn't describing the 1% that's middle class. Booker is an idiot Social Security will be broke in a couple of decades without major changes which will require increased revenues (since they continue to rob the SSI "Trust Fund" by "securing" it with more Treasury Notes).

Free Money

Great idea. No one will figure out that you can use it for a house down payment, wait for some period, sell the house and go buy yourself a cool car and some bling.

I fear that we won't have to worry too much about Cory too long. He'll be fighting that sexual abuse charge soon. You watch.

Quote:Specific government policies have driven the racial gap by making it specifically harder for minorities to accrue wealth. The decades-long practice of the Federal Housing Authority refuse to underwrite housing loans to many black families, for example, made it difficult for those families to pass on the earnings of real estate to their children the way a white family might.

Here's an idea. Review these policies instead of making the government bigger with countless administrators to oversee Booker's idea.

If you buy a house or business under this idea, what happens to the money when you sell it?

As for the price of college, the solution is not in giving students more money/loans etc., that's the reason college is so expensive in the first place.

(10-22-2018 06:18 PM)THE NC Herd Fan Wrote:  

Quote:America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family.
Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.
These “opportunity accounts” would, theoretically, make sure all children have significant assets when they enter adulthood, rather than just those who grow up in wealthier homes.

That sounds like the most RACIST policy I've ever heard... median WHITE family isn't describing the 1% that's middle class. Booker is an idiot Social Security will be broke in a couple of decades without major changes which will require increased revenues (since they continue to rob the SSI "Trust Fund" by "securing" it with more Treasury Notes).

Free Money

Check your math - by "decades" you really mean years .

angry, out of control, unfit to serve

(10-22-2018 09:53 PM)banker Wrote:  Great idea. No one will figure out that you can use it for a house down payment, wait for some period, sell the house and go buy yourself a cool car and some bling.

They would have to put in some stipulation like we had when we bought our first home. We qualified for a program from the THDA that covered our down payment and closing costs. The stipulation was that you had to stay in the home for 10 years or pay back the program on a sliding scale. We had to move for my work and it sucked paying that back because it ate so much of the increase in home value, but I will forever be thankful for that program cause it let a young married couple get a head start and get out of the rental trap.

(10-23-2018 02:30 PM)bobdizole Wrote:  

(10-22-2018 09:53 PM)banker Wrote:  Great idea. No one will figure out that you can use it for a house down payment, wait for some period, sell the house and go buy yourself a cool car and some bling.

They would have to put in some stipulation like we had when we bought our first home. We qualified for a program from the THDA that covered our down payment and closing costs. The stipulation was that you had to stay in the home for 10 years or pay back the program on a sliding scale. We had to move for my work and it sucked paying that back because it ate so much of the increase in home value, but I will forever be thankful for that program cause it let a young married couple get a head start and get out of the rental trap.

U got 50k? cash?

The rich would love this plan. They would have it all in a matter of years and the glut of distressed housing would kill the real estate market. Free money is rarely spent wisely.

(10-23-2018 03:04 PM)No Bull Wrote:  

(10-23-2018 02:30 PM)bobdizole Wrote:  

(10-22-2018 09:53 PM)banker Wrote:  Great idea. No one will figure out that you can use it for a house down payment, wait for some period, sell the house and go buy yourself a cool car and some bling.

They would have to put in some stipulation like we had when we bought our first home. We qualified for a program from the THDA that covered our down payment and closing costs. The stipulation was that you had to stay in the home for 10 years or pay back the program on a sliding scale. We had to move for my work and it sucked paying that back because it ate so much of the increase in home value, but I will forever be thankful for that program cause it let a young married couple get a head start and get out of the rental trap.

U got 50k? cash?

lol no, was more like 8k and it went straight to mortgage lender. The dems come up with some pretty stupid ideas, but no where in his proposal did I see them handing out 50k in cash. Looks like from the graphic only the absolute poorest of the poor would see that kind of money.

Quote:His American Opportunity Accounts Act would give each child born in the United States a savings account with $1,000. Each year, until the child turns 18, the government would deposit as much as $2,000 into that account. The size of the annual payments would depend on the child’s family income, with lower-income families receiving larger checks.

These accounts would be off limits until the child turns at 18, at which point the child could use them for specific “asset-building” purchases, like a down payment on a house, for example, or college tuition. (Booker hasn’t come up with a full list of eligible purchases yet.)


Booker’s office estimates that a child who remains in the lowest income bracket of the program (meaning she gets the largest, $2,000 payments each year) would accrue $46,215 by her 18th birthday. A child in the highest income bracket of the program (above 500 percent of the poverty line, or $147,100 for a family of four) would end up with $1,681 — just the original $1,000 payment plus earnings accrued from the government investing it in low-risk funds.

Booker’s office estimates that a child who remains in the lowest income bracket of the program (meaning she gets the largest, $2,000 payments each year) would accrue $46,215 by her 18th birthday. A child in the highest income bracket of the program (above 500 percent of the poverty line, or $147,100 for a family of four) would end up with $1,681 — just the original $1,000 payment plus earnings accrued from the government investing it in low-risk funds.

Again we are punishing people for being successful and rewarding those who are not.
Just like being eligible for various forms of welfare based on income....it discourages marriage and combining incomes. New York has a free college tuition program based on income. I forget what it is maybe under $139,000 family income. Hell that might even encourage married couple to get divorced so their kid(s) can get free college tuition. All this would be is stealing from more successful people and giving that money to someone else.

(10-23-2018 03:39 PM)SuperFlyBCat Wrote:  Booker’s office estimates that a child who remains in the lowest income bracket of the program (meaning she gets the largest, $2,000 payments each year) would accrue $46,215 by her 18th birthday. A child in the highest income bracket of the program (above 500 percent of the poverty line, or $147,100 for a family of four) would end up with $1,681 — just the original $1,000 payment plus earnings accrued from the government investing it in low-risk funds.

Again we are punishing people for being successful and rewarding those who are not.
Just like being eligible for various forms of welfare based on income....it discourages marriage and combining incomes. New York has a free college tuition program based on income. I forget what it is maybe under $139,000 family income. Hell that might even encourage married couple to get divorced so their kid(s) can get free college tuition. All this would be is stealing from more successful people and giving that money to someone else.

I have known some shady people from back in my serving table days that did exactly that. The state was even making the father make "child support" payments but it was just going from one bank account to the other. Wasn't for free tuition but other welfare. I know several people reported them but as far as I know they never got in trouble.

(10-23-2018 03:17 PM)bobdizole Wrote:  

(10-23-2018 03:04 PM)No Bull Wrote:  

(10-23-2018 02:30 PM)bobdizole Wrote:  

(10-22-2018 09:53 PM)banker Wrote:  Great idea. No one will figure out that you can use it for a house down payment, wait for some period, sell the house and go buy yourself a cool car and some bling.

They would have to put in some stipulation like we had when we bought our first home. We qualified for a program from the THDA that covered our down payment and closing costs. The stipulation was that you had to stay in the home for 10 years or pay back the program on a sliding scale. We had to move for my work and it sucked paying that back because it ate so much of the increase in home value, but I will forever be thankful for that program cause it let a young married couple get a head start and get out of the rental trap.

U got 50k? cash?

lol no, was more like 8k and it went straight to mortgage lender. The dems come up with some pretty stupid ideas, but no where in his proposal did I see them handing out 50k in cash. Looks like from the graphic only the absolute poorest of the poor would see that kind of money.

Quote:His American Opportunity Accounts Act would give each child born in the United States a savings account with $1,000. Each year, until the child turns 18, the government would deposit as much as $2,000 into that account. The size of the annual payments would depend on the child’s family income, with lower-income families receiving larger checks.

These accounts would be off limits until the child turns at 18, at which point the child could use them for specific “asset-building” purchases, like a down payment on a house, for example, or college tuition. (Booker hasn’t come up with a full list of eligible purchases yet.)


Booker’s office estimates that a child who remains in the lowest income bracket of the program (meaning she gets the largest, $2,000 payments each year) would accrue $46,215 by her 18th birthday. A child in the highest income bracket of the program (above 500 percent of the poverty line, or $147,100 for a family of four) would end up with $1,681 — just the original $1,000 payment plus earnings accrued from the government investing it in low-risk funds.

Give the kids a little money. I am fine with that... as long as no one gets access to it until they turn 18.... but it would have to be strictly income based and the difference between the middle middle calls and the poor should not be that great...

* and you must serve in the US military for one year before you get access to your money...

* and you must agree to help out a person like T-Bone.

The story of T-Bone - Cory Bookers imaginary friend

(10-23-2018 04:14 PM)bobdizole Wrote:  

(10-23-2018 03:39 PM)SuperFlyBCat Wrote:  Booker’s office estimates that a child who remains in the lowest income bracket of the program (meaning she gets the largest, $2,000 payments each year) would accrue $46,215 by her 18th birthday. A child in the highest income bracket of the program (above 500 percent of the poverty line, or $147,100 for a family of four) would end up with $1,681 — just the original $1,000 payment plus earnings accrued from the government investing it in low-risk funds.

Again we are punishing people for being successful and rewarding those who are not.
Just like being eligible for various forms of welfare based on income....it discourages marriage and combining incomes. New York has a free college tuition program based on income. I forget what it is maybe under $139,000 family income. Hell that might even encourage married couple to get divorced so their kid(s) can get free college tuition. All this would be is stealing from more successful people and giving that money to someone else.

I have known some shady people from back in my serving table days that did exactly that. The state was even making the father make "child support" payments but it was just going from one bank account to the other. Wasn't for free tuition but other welfare. I know several people reported them but as far as I know they never got in trouble.

People will always scam the system. This one proposed by Booker is flat out theft.
It will go nowhere.

Quote:His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.

Photo of Booker at his press conference

(10-23-2018 12:06 PM)No Bull Wrote:  

angry, out of control, unfit to serve

he lacks the temperament to be a congress critter...

(10-22-2018 09:53 PM)banker Wrote:  Great idea. No one will figure out that you can use it for a house down payment, wait for some period, sell the house and go buy yourself a cool car and some bling.

A few trips to the mall sneeker store is in the future for those 600 dollar Jordans too.

(10-22-2018 06:18 PM)THE NC Herd Fan Wrote:  

Quote:America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family.
Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.
These “opportunity accounts” would, theoretically, make sure all children have significant assets when they enter adulthood, rather than just those who grow up in wealthier homes.

That sounds like the most RACIST policy I've ever heard... median WHITE family isn't describing the 1% that's middle class. Booker is an idiot Social Security will be broke in a couple of decades without major changes which will require increased revenues (since they continue to rob the SSI "Trust Fund" by "securing" it with more Treasury Notes).

Free Money

This guy is nuts. The Racial discrimination in housing he describes has been illegal for decades since the passage of the Fair Housing Act (1968). Get good grades in school, stay off drugs, avoid having children at a young age, work hard, live within your means, and don’t do stuff that will get you thrown in jail. Do those things and you’ll virtually always end up in the middle class and accumulate wealth—regardless of race.

(10-24-2018 10:19 AM)Attackcoog Wrote:  This guy is nuts. The Racial discrimination in housing he describes has been illegal for decades since the passage of the Fair Housing Act (1968). Get good grades in school, stay off drugs, avoid having children at a young age, work hard, live within your means, and don’t do stuff that will get you thrown in jail. Do those things and you’ll virtually always end up in the middle class and accumulate wealth—regardless of race.

Don't do them and you won't--again, regardless of race.

(10-22-2018 06:18 PM)THE NC Herd Fan Wrote:  

Quote:America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family.
Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.
These “opportunity accounts” would, theoretically, make sure all children have significant assets when they enter adulthood, rather than just those who grow up in wealthier homes.

That sounds like the most RACIST policy I've ever heard... median WHITE family isn't describing the 1% that's middle class. Booker is an idiot Social Security will be broke in a couple of decades without major changes which will require increased revenues (since they continue to rob the SSI "Trust Fund" by "securing" it with more Treasury Notes).

Free Money

Fascism 101. The wealthy encourages the poor to raid the middle class. It insures that nobody challenges the wealthy and that cheap labor easily controlled through government subsidies is always abundant. It doesn't grow the middle class, it grows the impoverished.