Baby bonds, explained.
America has a massive, growing racial wealth gap. The median white family today holds nearly 10 times the wealth of the median black family.
Sen. Cory Booker (D-NJ) is introducing a bill aimed at closing that gap. His idea is to give lower-income kids a sizable nest egg (nearly $50,000 in some cases) that they could use for wealth-building purchases, like a down payment on a house or college tuition.
These “opportunity accounts” would, theoretically, make sure...