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In an opinion piece by Jessicah Pierre, a public relations professional, political blogger, and social entrepreneur, for OtherWords, an editorial service published by the Institute for Policy Studies, a progressive think tank, there is a revolutionary idea to close the gap on racial wealth.
Pierre notes that the racial wealth divide is growing and greater today than it was nearly four decades ago. For example, the racial wealth gap continues to grow despite rising rates of black employment and education. According to Pierre, these other things simply can't make up for enormous, systemic disparities in family wealth.
Darrick Hamilton, the executive director of the Kirwan Institute for the Study of Race and Ethnicity at Ohio State, proposes 'baby bonds' as the solution.
Baby bonds could play a vital role in balancing historical prejudice which spawned the racial wealth gap.
Baby bonds are federally managed accounts set up at birth for children and endowed by the government with assets that will grow over time. Neither the child nor their parents would be able to access these funds until the child reaches adulthood, at which point they could use the money to get an education, purchase a home, or start a business.
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Ganesh Natarajan is the Founder and Chairman of 5FWorld, a new platform for funding and developing start-ups, social enterprises and the skills eco-system in India. In the past two decades, he has built two of India’s high-growth software services companies – Aptech and Zensar – almost from scratch to global success.