The Next Stimulus Could Be To Give $1,000 To Every Newborn Baby

So this is an interesting one. It's called the American Opportunity Accounts Act and it's a stimulus bill that's currently being floated in Congress. The purpose of the bill is to help bridge the wealth gap by starting a savings account in the name of every newborn American baby, known as "Baby Bonds".

The account would get at least $1,000. More if you're poor.  “Depending on the wealth of your family, every child will get a deposit annually up to [age] 18 into that account, upwards of $2,000 for the lowest income children,” Senator Cory Booker, D-N.J., told CNBC.

With annual payments, in the lowest income families that child could have nearly $50,000 in that account when they turn 18. If their parents are well-off that amount would be more like $1,600.

According to the bill, at age 18, baby bond recipients would only be able to use the funds for wealth-building activities, including buying a home, continuing education or starting a business.

Elsewhere in the news, here's some photos of that building that collapsed in Miami last night:

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