skip to main content
skip to newscasts

Saturday, February 15, 2025

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Trump administration begins sweeping layoffs with probationary workers, warns of larger cuts to come; NYC music school teachers strike after union negotiations break down; Ohio advocates push for inclusive policies during Black History Month; Health experts recommend sunshine, socializing to cure 'winter blues.'

view newscast page
play newscast audioPlay

Federal workers tasked with securing elections from foreign interference are placed on leave, parents' organizations reject dismantling Dept. of Education, and the Congressional Black Caucus presses discussions on slavery reparations.

view newscast page
play newscast audioPlay

Rural America struggles with opioids and homelessness in unexpected ways, Colorado's Lariat Ditch could help spur local recreation, and book deliveries revive rural communities hit by Hurricane Helene.

MA 'baby bonds,' expanded tax credits aim to end racial wealth divide

play audio
Play

Thursday, October 26, 2023   

Legislation introduced in Massachusetts aims to reduce the racial wealth gap by creating a statewide "Baby Bonds" program.

It is a publicly-funded, pooled trust fund for newborn children in low-income households without inherited wealth or opportunities to build it.

Deb Goldberg, state treasurer, said the child can access the funds once they turn 18 to help them go to college, start a business or even buy a home.

"They are a way to level the playing field and give every child a chance to achieve their full potential," Goldberg explained.

A 2015 Federal Reserve study found in the greater Boston area alone, the median net worth for white households was nearly $250,000, and for Black households, it was just $8.

Advocates for low-income families say "baby bonds" are part of a holistic approach needed to help eliminate the racial wealth divide.

Joe Diamond, executive director of the Massachusetts Association for Community Action, a coalition of more than 20 community action agencies in the Commonwealth, said expanded tax credits, a higher minimum wage, and financial literacy courses in schools can all help address the structural challenges of poverty.

"What the 'baby bonds' program does is, it sort of expands the effect of those public policies and helps eligible low-income children and their families really begin to plan for a hopeful future," Diamond emphasized.

Studies show improving families' economic stability is also good for the economy.

The Massachusetts Taxpayers Association finds the gross state product would increase by roughly $25 billion over five years if the state eliminated the racial gaps in wages, housing and investments. Similar "baby bond" programs are already in place in Connecticut, California and Washington, D.C.

Disclosure: Massachusetts Association for Community Action contributes to our fund for reporting on Housing/Homelessness, Hunger/Food/Nutrition, Poverty Issues, and Social Justice. If you would like to help support news in the public interest, click here.


get more stories like this via email
more stories
In 2023, the Biden administration ordered a Bakersfield oil company to remove old oil rigs from Carrizo Plain National Monument in Central California. (Bob Wick/BLM)

Environment

play sound

Groups that fight to protect public lands are criticizing the Trump administration's new review of all oil, gas and mining on public lands. National …


Environment

play sound

This weekend, Virginians will participate with other birders around the world in the Great Backyard Bird Count. Thousands of birding enthusiasts …

Environment

play sound

This weekend, birders across the world, including in Maryland, will participate in the Great Backyard Bird Count. Thousands of birding enthusiasts …


A new study looking at drought impacts on grasslands found that such lands in China saw a 43% reduction in annual productivity, compared with just a 25% reduction in North America under the same conditions. (Adobe Stock)

Environment

play sound

Grasslands are considered a vital component of South Dakota's landscape. But on the heels of new research, an expert suggests they might not fare as …

Social Issues

play sound

Minnesota is little less than a year away from launching its paid-leave law, but state lawmakers are debating whether to delay the start until 2027…

In its next contract, the Manhattan School of Music Precollege Program faculty union is looking for "reasonable" class sizes and for teachers to easily access remote learning tools when needed. (Adobe Stock)

Social Issues

play sound

A New York City music school's faculty is back in the classroom after a weeklong strike. The Manhattan School of Music's Precollege Program faculty …

Social Issues

play sound

A New York bill would require schools to teach about the Jan. 6 insurrection. The bill calls for all K-12 students to be taught about the event…

Health and Wellness

play sound

An Atlanta-based group is making sure more people have access to an unconventional but effective treatment for their moderate mental health challenges…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021