Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help, the 401Kids Savings Act
Wealth inequality starts at birth. Lawmakers debate whether child savings accounts can help, the 401Kids Savings Act
The 401Kids Savings Act would create savings accounts for newborns. While state child savings accounts have shown promise, inflation and taxes prompt concerns.
Abolishing the stock market will help the most.
If this passes, I look forward to its inclusion in SovCit legal fanfic lore.
Anything to avoid addressing the actual cause of the issue... 🙄
If this ever passed (with Republicans in control of Congress and the courts it never will)
They would just find a way still the money and give it to rich. We barely going hold onto social security for us in our 40's.
That's what 401ks are already, it's absolutely going to pass so Republicans can start fleecing kids and blaming the stock market.
I'm not from the US so I don't know much about the subject but is it not what the 401k already is?
Basically every worker in the US giving money to the rich so they can play with it for few decades and hopefully at the end the worker is getting the money back with a bit of interest on it.
That's pretty much exactly it.
No, this could pass because rich folk can set their kids up even better while simultaneously avoiding income tax. Ain't the average single parent that can put multiple thousands per year towards child accounts (e.g. 529) after contributing 30k+/y (23k 401, 7k ira, and brokerage) to their own retirement.
We need to create a secondary indepentent tamper proof economy.
Economics, the dismal science, says there's no such things as independence or tamper-proofing.
I like to think of economies (and nation-states) as loosely coupled monolithic legacy systems.
Due to poor developer practices and lack of architecture, parts of these systems have poorly written functions that hog 99% of the resources. You would not try to patch or update such a poorly designed system because there is no way to correct all the myriad built-up legacy back-doors, bugs, privilege escalation vulnerabilities, etc. The systems have been completely corrupted and cannot be recovered. We would like to avoid shutting off the hardware on which these systems run (the human race).
So we slowly drain away processing power to power up a new properly designed scalable system.
This new system is intentionally designed to avoid all pitfalls of the old system. It purposefully avoids attempts at privilege escalation, resource hogging, and doesn’t allow bad coding practices. Through scalable architecture, we implement a modular and resilient system that is decentralized and federated. Better yet, this new system is written in a language that is incompatible with the old system; they can only interface via APIs specifically designed to minimally interface with the old and unsafe system.
Of course, you’re right, it’s not independent or tamper-proof, but we can sure as shit try to make it that way!