Here are 5 big ideas to narrow the racial wealth gap:
, which tracks thousands of specific families’ finances over time. It shows Baby Bonds could dramatically reduce racial wealth inequality for young adults. As of 2015, the median net worth of young White adults in the sample was $46,000, or nearly 16 times the median of $2,900 for African-Americans aged 18 to 25. Zewde simulated what would happen if each young adult had received between $500 and $50,000 in a dedicated bond account at birth, depending on their parents’ wealth.
“At every point of the life course, the racial disparities in wealth are unbelievable,’’ Zewde says. Family wealth, she adds, means “access to college tuition, help with a down payment, versus starting out with debt. They’re starting out unequal.” What about the possibility that colleges would suck up the Baby Bonds bounty by raising tuition or cutting aid to those from poor families? “If we implement Baby Bonds now, we’d have about 18 years to figure out how we’re going to protect young people,’’ Zewde answers.college graduates has been widening, in part because Black students take on more debt to get through school.
A $10,000 write-off for all 44 million Americans who owe money on federal student loans, regardless of their current income, would cost between $300 billion and $400 billion and wipe out all debt for about 15 million borrowers, Aspen estimates. , said the U.S. should pay reparations to African-Americans whose ancestors were enslaved.
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