Respond whether you agree or not and why you agree/disagree? 1….

Question Answered step-by-step Respond whether you agree or not and why you agree/disagree? 1…. Respond whether you agree or not and why you agree/disagree?1. Omnibus Committee:SB 4: Baby Bonds1.Background:The wealth gap has been increasing in the United States since 1983. This could be visualized as households of different sizes have experienced varying income growth, black households in the US have accumulated on average seven times less wealth than that of whites. The gap has and will continue to widen as income levels of working households are unable to meet with rising prices due to inflation. Children from low income families are unable to afford basic necessities such as proper education.2.Proposal:Government’s establish “Baby bonds” valued at $54,700 to $280,300 per person according to their situation. This bond will bring the ratio of the national median net worth of children raised from 14% to 74%. This would allow low income families the opportunity to provide for their households and provide for their children. This proposal intends to grow generational wealth for lower income families/non-white Americans. This is the goal to close the gap of racial wealth. Government’s establish “Baby bonds” valued at $54,700 to $280,300 per person according to their situation. This bond will bring the ratio of the national median net worth of children raised from 14% to 74%. This would allow low income families the opportunity to provide for their households and provide for their children. This proposal intends to grow generational wealth for lower income families/non-white Americans. The main goal is to close the gap of racial wealth between White Americans and non-white Americans. The baby bonds will give the families 1,000-2,000 dollars per month until they are 18. 3.Budgeting:By taxing high income earners this would provide with the sufficient funding required while also maintaining inflation rates at a natural level meaning purchasing power of households will be stable. To be able to meet the goal of providing $54,700 to $280,300 per person this proposal is estimated to require $ 11.2 Trillion which a majority will be raised through taxation and distributed using grants provided by the local governments.Sources:Bruenig, Matt. “Family Fun Pack ❖ People’s Policy Project.” People’s Policy Project. Accessed June 4, 2022. https://www.peoplespolicyproject.org/projects/family-fun-pack/ (Links to an external site.)(Links to an external site.) (Links to an external site.)Cohen, Patricia. “Beyond Pandemic’s Upheaval, a Racial Wealth Gap Endures.” The New York Times, April 9, 2021, sec. Business. https://www.nytimes.com/2021/04/09/business/economy/racial-wealth-gap.html (Links to an external site.)(Links to an external site.) (Links to an external site.)Darity Jr., William. “The True Cost of Closing the Racial Wealth Gap.” The New York Times, April 30, 2021, sec. Business. https://www.nytimes.com/2021/04/30/business/racial-wealth-gap.html (Links to an external site.)(Links to an external site.) (Links to an external site.)Darity Jr., William. “Why Reparations Are Needed to Close the Racial Wealth Gap.” The New York Times, September 24, 2021, sec. Business. https://www.nytimes.com/2021/09/24/business/reparations-wealth-gap.html (Links to an external site.)(Links to an external site.) (Links to an external site.)Horowitz, Juliana, Anna Brown, and Kiana Cox. “Views on Race in America 2019.” Pew Research Center’s Social & Demographic Trends Project. Pew Research Center, April 9, 2019. https://www.pewresearch.org/social-trends/2019/04/09/race-in-america-2019/ (Links to an external site.)(Links to an external site.) (Links to an external site.)Rios, Edwin. “These Statistics about Race and Wealth in America Are Infuriating.” Mother Jones, August 11, 2016. https://www.motherjones.com/politics/2016/08/racial-wealth-gap-widening-inequality-report/ (Links to an external site.)(Links to an external site.) (Links to an external site.).Reich, Robert. “Robert Reich: We’re Living under the Cruelest Form of Capitalism in the World.” In These Times, November 9, 2021. https://inthesetimes.com/article/robert-reich-elon-musk-capitalism-inequality-wealth-tax (Links to an external site.)(Links to an external site.) Social Science Political Science POLS 202 Share QuestionEmailCopy link Comments (0)