DR. COREY L. TEAGUE,
COMMISSIONER ON PATERSON BOARD OF EDUCATION AND
MADELYN HOFFMAN, GREEN PARTY OF NJ’s CANDIDATE FOR
U.S SENATE IN 2020 POINT OUT FLAWS
IN ” BABY BONDS” PROGRAM
Last Wednesday, September 2nd, Senator Cory Booker promoted legislation he recently introduced called the American Opportunity Accounts Act, commonly known as the “Baby Bonds Act.” He congratulated Governor Phil Murphy for following his example, by introducing a “Baby Bonds Act,” here in New Jersey. The press conference to announce this program took place in the city of Paterson last Wednesday, as well.
The stated rationale for this legislation is the need to take action to address income inequality and to attempt to give hope to the families of children born in 2021. But if Senator Booker and Governor Murphy want to do that it will take more than a $1000 bond at birth, a bond that will mature to be worth less than $2000 by the time the child turns 18.
“While I understand the need for securing the future of children, I cannot understand how $1000 today would assist any child 19 years from now, ” said Dr. Corey Lewis Teague, Commissioner Paterson Board of Education. “With the cost of inflation, the rising cost of living, and the rapid decline of the economy and of sustainable employment for the 99% of us who aren’t millionaires in New Jersey, I cannot see the purpose of issuing ‘baby bonds’ now unless there is an attachment that will allow the bonds to appreciate in value each and every year. A simple flat rate of $1000 with interest for every child after 19 years without any marginal increase does not seem plausible or realistic. It seems to be nothing more than a political ploy designed to keep certain folks in government for at least the next decade.”
Madelyn Hoffman, the Green Party of New Jersey’s candidate for the U.S.Senate running against Senator Cory Booker, added, “While I agree that it is vital to address income inequality and provide hope for all children, this program is largely symbolic. It will do nothing to change the systemic causes of this inequality and will not materially change the lives of the children receiving the bond. I don’t want to be cynical, but the fact is that $1000 plus interest earned in 18 years won’t enable an 18-year old to buy a house, pay for tuition, or otherwise change their financial status. Children throughout New Jersey have so many needs not yet addressed. Let’s make an effort to take care of those needs first.”
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