Yes. Thank you very much.
As I mentioned, one of the most unfortunate aspects of inequity is that it starts at birth before anyone has a chance to do anything, and that is a result of prior generations having more socio-economic resources among whites and fewer among blacks. In the United States, the disparity in family wealth is tenfold, so if a median white family has $170,000 in wealth, a median black family has more in the order of $17,000.
In order to combat that, they have talked a lot about strategies that would reduce wealth inequality. One of those strategies is what they refer to as “baby bonds”. The idea is that you provide children, when they are born, with a sum of cash that is actually something that can mature over time, so it's not intended as cash to be spent right away. There are many needs that do need immediate attention, but this particular proposal is the idea that you provide a sum that can mature over time and that in adulthood can be used to buy the kinds of things that rich families buy for their kids when they become adults. They often pay for education. They often provide them with down payments for homes. This kind of a baby bond would function in that same way. There are economists who have made estimates that suggest that a proposal like this may be able to close the wealth gap in a couple of generations if it were big enough and done well enough.