Can Baby Bonds Eliminate the Racial Wealth Gap in Putative Post-Racial America?

Authors: Darrick Hamilton and William A. Darity Jr.

Abstract: Despite an enormous and persistent black-white wealth gap, the ascendant American narrative is one that proclaims that our society has transcended the racial divide. The proclamation often is coupled with the claim that remaining disparities are due primarily to dysfunctional behavior on the part of blacks. In such a climate it appears the only acceptable remedial social policies are those that are facially race neutral. However, even without the capacity to redistribute assets directly on the basis of race, our nation still can do so indirectly by judiciously using wealth as the standard for redistributive measures. We offer a bold progressive child development account type program that could go a long way towards eliminating the racial wealth gap.

Conclusions

  • Rather than a race-neutral America, the ideal should be a race-fair America. For that to occur the transmission of racial economic advantage or disadvantage across generations would have to cease.
  • Indeed, in keeping with the most comprehensive norms of a post-racial society, there should be no transmission of racial economic advantage or disadvantage across generations for anyone.
  • Public provision of a substantial trust fund for newborns from families that are wealth-poor would go a long way toward achieving the ideal.
  • Until then, the historic election of the first self-identified black president merely will buy the nation symbolic racial reconciliation on the cheap.
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