Plans are underway in Connecticut to set up bonds for thousands of children from low-income families. It’s the first program of its kind in the nation.
Connecticut will set up a $3,200 bond for every child born after July 1 who qualifies for the state’s medicaid program.
When those kids turn 18 — starting in 2039 — they can use that money to go to college, buy a house or start a business.
The plan came from State Treasurer Shawn Wooden.
“Please let those soon-to-be mothers who are struggling know that, as of July 1, their baby will enter this world with a greater opportunity to pay for school, own a home, start a business and live the American dream,” Wooden said.
Wooden said the program will reduce income inequality in Connecticut, which has some of the highest income disparities in the country. New Jersey Governor Phil Murphy pushed for a program in his state last year, but it didn’t go forward.