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23-07-2022, 09:47 AM
By ADAM BEAM
yesterday
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California is using some of its record-setting budget surplus
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Last month, California became the first state to commit to setting up trust funds for children who lost a parent or caregiver to the pandemic.
The money — $100 million in total — will go to into interest-bearing accounts for children from low-income families who have lost a parent to COVID and to kids who are in the state’s foster care system. State lawmakers haven’t decided how much money each child will get, but one early proposal would give younger kids US$4,000 and older kids US$8,000. That would be enough to provide funding for about 16,000 kids, who could spend the money once they become adults.
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The idea is similar to guaranteed income programs that give cash to low-income people each month with no restrictions on how they can use it.
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While guaranteed income programs are about helping people with short-term expenses, baby bonds are about the future. Children could not touch the money until they reach adulthood. During that time, the money would grow by collecting interest payments from a bank.
How much money they children will get depends on how long the account grows.
Much better to read full report at: https://apnews.com/article/covid-health-...064492cad5
yesterday
......
California is using some of its record-setting budget surplus
......
Last month, California became the first state to commit to setting up trust funds for children who lost a parent or caregiver to the pandemic.
The money — $100 million in total — will go to into interest-bearing accounts for children from low-income families who have lost a parent to COVID and to kids who are in the state’s foster care system. State lawmakers haven’t decided how much money each child will get, but one early proposal would give younger kids US$4,000 and older kids US$8,000. That would be enough to provide funding for about 16,000 kids, who could spend the money once they become adults.
......
The idea is similar to guaranteed income programs that give cash to low-income people each month with no restrictions on how they can use it.
......
While guaranteed income programs are about helping people with short-term expenses, baby bonds are about the future. Children could not touch the money until they reach adulthood. During that time, the money would grow by collecting interest payments from a bank.
How much money they children will get depends on how long the account grows.
Much better to read full report at: https://apnews.com/article/covid-health-...064492cad5
