Senator Booker doesn’t want to be out cronied prior to his 2020 bid for president.
Senator Harris, who is also likely running for president in 2020, recently called for a $6,000 tax credit for families making under $100,000. Not a tax CUT, which costs taxpayers nothing, but a tax CREDIT which comes out of the pockets of fellow Americans.
But Booker says that he can go beyond even this.
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.
Booker should be looking at why it is that our Federal Reserve system, sans the tether of gold, has financialized the economy. That’s the real issue. But that doesn’t make for good headlines and it certainly doesn’t get votes like redistributing $50,000 to your potential voters.