NYC To Create College Savings Accounts For Every Public School Kindergartener In 2022 (New York: homeless, deposit)

[Aeran]

Wow.

https://gothamist.com/news/nyc-creat...d123c-91331958

To tackle New York City’s persistent racial wealth disparity, the city will create savings plans next year for every public kindergarten student that will have a minimum deposit of $100 in each account as part of a slate of economic justice programs in honor of Juneteenth, Mayor Bill de Blasio announced Thursday.

“Juneteenth marked the end of slavery, but not the end of systemic, structural racism in America,” de Blasio said in a statement. “To begin to repair (the) harms of the past, New York City is investing in the future and building generational wealth.”

While de Blasio called the new savings plans “baby bonds,” they are not actually bonds but 529 college savings accounts in which the city will invest $15 million in fiscal year 2022.

[Dehumidifier]

More useless degrees instead of carpenters, plumbers, electricians.

[camaro69]

Willing to bet some serious money that at age 18 most of the accounts if still opened will be $100 plus interest.

[BugsyPal]

This clown won't even be mayor in six months never mind 2022.

[Berniess]

dont all households under 125k get free cuny and suny education for they kids?

why do they need a college savings plan from the city?

[hawk55732]

Originally Posted by Dehumidifier

More useless degrees instead of carpenters, plumbers, electricians.

And dont forget the welders. I never met a welder who thought there were enough welders for all of the work they had.

[Kefir King]

Yeah, like the only difference between Bill Gates and a homeless bum, is a BANK ACCOUNT.

These silly bank accounts are worthy of Marie Antoinette.

"But Madame, the poor have no money"

"Well, then let them have BANK ACCOUNTS."

[Tencent]

Originally Posted by Dehumidifier

More useless degrees instead of carpenters, plumbers, electricians.

With 3D printing we may not need these functions as much in 50 years. They'll be laid off well before Medicare and SS. And as it is, career switching from blue collar to white collar is a nearly impossible herculean task. This is because most White collar jobs are placed through referrals and require references. Most people won't refer someone who didn't take the path they did...Especially when middle aged, as age discrimination will always persist.

The answer is UBI, and fewer children.

[Tencent]

Originally Posted by camaro69

Willing to bet some serious money that at age 18 most of the accounts if still opened will be $100 plus interest.

Look at how pension funds have been managed, if that's any indication...

[mathjak107]

Nys retirement pension fund saw a 34% return last year and 5.29 in 2019, 12% 2018

So not to bad .

They run about 45-50% equities