State Treasurer Mike Pieciak and lawmakers December 19 announced legislation that would establish a baby bonds program in Vermont.
Baby Bonds is an innovative policy to address intergenerational poverty, support rural economic development, and retain young people in Vermont.
Speaking to a room of lawmakers and community stakeholders, Pieciak discussed the policy alongside bill sponsors Sen. Kesha Ram Hinsdale and Rep. Dan Noyes, nationally recognized baby bonds expert Dr. Darrick Hamilton, Connecticut Treasurer Erick Russell, and Spectrum Youth & Family Services Executive Director Mark Redmond.
The policy would invest $3,200 for every Vermont child born on Medicaid into a trust fund managed by the State Treasurer’s Office. With an estimated 2000 children born on Medicaid annually, the estimated $6.4 million would be allocated from the Unclaimed Property Fund. That revenue now goes directly to the General Fund.
Children could access their baby bond between ages 18 and 30, with the initial $3,200 investment projected to grow to $11,500 by age 18 and $24,500 by age 30.
The funds would be dedicated to wealth-building activities like purchasing a home in Vermont, starting or investing in a local business, pursuing higher education or job training, and saving for retirement.
If approved by the legislature, Vermont would become the second state to adopt a baby bonds proposal.
Connecticut recently became the first to implement a statewide baby bonds program, and momentum is building for a proposal in Massachusetts. The concept has also been introduced in Congress by Sen. Cory Booker and Rep. Ayanna Pressley.
With about 2,000 babies born each year in Vermont on Medicaid, a $3,200 investment for each child would amount to a $6.4 million annual appropriation. To cover the program, Treasurer Pieciak suggests using the Unclaimed Property General Fund Transfer, a prescribed percentage of Unclaimed Property funds transferred annually to the State’s General Fund. This funding mechanism would ensure the Vermont baby bonds proposal does not require any new fees or taxes for Vermonters.
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Categories: Legislation
Here we go one more time: UNCONSTITUTIONAL.
But in addition to this legislature’s soft-on crime, reparations for “slaves, illegal immigration, & “free” homes for out-of-state homeless, and “refugees” from Africa (who fit right in to VT culture with ease) – this is but another way to FORCE “diversity”, FORCE citizens to be dependent upon VT’s Communist government, and FORCE the electorate to vote entirely for this “democrat-socialist” regime forever more!!!!
Ta-ta, Vermont. So long America. Amerika is here, just as the Founding Fathers predicted.
This is some next level communist s**t!
So you’re going to take money that is technically the taxpayers money. IE: everyone’s money. Then you are going to yet again appropriated only to those who didn’t pay it in the first place!
Then you’re going to behave like social security and steal from it!
You’re not trying to help those who are unfortunate. You’re trying to create slaves.
this is direct transfer of private funds fraud time to go to jail this is not taxpayers funds this money must be paid back to the owners fraud fraud fraud//////
You know, it’s almost like they aren’t even aware of all the inevitable unintended consequences of bathing the indigent in piles of free cash? You would have thought a study of the New Deal and Great Society calamities would serve as forewarning enough.
Children born on Medicaid? We’re talking about human babies right? Not zoo animals. I thought human parents had a responsibility for their children which includes providing housing, clothes and food; as well as teaching them right from wrong and how to become responsible citizens raised to respect their elders and uphold the laws of the United States of America.
Anyone who has ever participated in, or witnessed a ceremony for newly naturalized citizens, would be impressed by the amount of work it took and the pride and hope those new citizens have. They are an example for all who take citizenship for granted. Yet these paternalistic legislators and the state treasurer would foster the exact opposite of pride in citizenship by creating a class of people dependent on the state because they think being poor warrants coddling and patronizing. It is absurd.
Parents who would participate in such a program would do their children a disservice. Teaching them to milk the state teat doesn’t foster independent citizens but means they will perpetuate generational dependence on the state, basically creating a class of slaves. There’s such a thing as a helping hand, but we all can see where handouts take us especially after the last three years.
Pieciak may think he’s Santa Claus but I have news for him, he isn’t. He’s responsible for OUR money. How dare he and VT legislators do something so stupid.
Can’t wait to see people streaming into VT to have their children born here on Medicaid; free stuff! Come and get it!
I understand their intent(I think). But in truth it would just lure more people here who will be dependent on the dwindling number of taxpayers.
They are going to turn $3,200 into $11,500 in 18 years? Define the word “scam.” Robbing Peter to give Paul an IOU? The corporation of Vermont is insolvent. The US Corporation is insolvent. It appears this is nothing more than a means to grab $6 million to plug a hole they don’t want to disclose. The State Treasurer, Michael Pieciak, is playing the role of a bank president/corporate CEO with taxpayer money and money that does not belong to the State. Doesn’t appear to me he is performing his obligation and duty to the citizens of Vermont. Quite the contrary.
By the way, 9 million student loan payments went unpaid in October (1st payments due after the plandemic pause.) “The percentage of subprime auto borrowers at least 60 days past due on their loans reached 6.11% in September, the highest level since 1994, the report said, citing data from Fitch Ratings.” “For the quarter ended September 30, the delinquency rate for mortgages on one-to-four unit residential properties increased to 3.62% from 3.37% the prior quarter, the survey showed.” (source: Mortgage Bankers Association’s (MBA) National Delinquency Survey. )
These are just snipets of facts being reported openly. Imagine the real numbers and figures that are not reported in the mainstream. Watch carefully for more scams and money being shifted to and fro with no accountability and no oversight. The economic implosion is very close – the real numbers don’t lie.
Wait a minute did I miss something? Is not all the funds derived from the taxpayers or owed to the taxpayers.
Playing RobinHood again with our money.
Keep electing the idiots
The United Nations and World Economic Forum call this equity-based socialism. Welcome to the new echo-comu-fascist country of America where all outcomes are make equal among various socioeconomic groups.
Critical social theory always serves the interest of a political and/or social objective. America was deemed by the United Nations as a white supremacist nation for no other reason than to implement socialism.
I wanted to wait a few hours before commenting because I knew that all the boomers on here would howl at the mere suggestion that some taxpayer resources might not be used on them and most specifically their last 18 months of life and you people did not disappoint me!!!
Chris:
Did you do the math? How does an initial $3200 investment grow to equal $11,500 in 18 years?
That means the investment must earn 7.15%, compounded monthly, for 18 years.
Today, the benchmark 10 year U.S. Treasury rate is paying 3.93%. That’s about half the projected ROI assumed by this scheme. And that Treasury rate is higher than its been in 15 years.
And nevermind that the typical American household must spend an additional $11,434 annually today just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data.
If you want to personally guaranty the required rate of return of this Ponzi scheme – go for it. But please don’t ask me to do so. I have enough trouble already dealing with Vermont’s guaranteed and underfunded government and teacher pension guarantees.
Simply stated, it is clear who can do math, do understand economics, and do know that gambling taxpayer money at the Wall Street casino banksters royale isn’t prudent or sound accounting practices.
Thank you, Mr. Eshelman. That would have been one of my points along with the concept that: what possible benefit could this small sum of money have towards “purchasing a home in Vermont, starting or investing in a local business, pursuing higher education or job training, and saving for retirement.”
And isn’t assuming that a newborn, who qualifies for Medicaid, will never be capable of being successful without some beneficiary, a really bad assumption? (I would use the correct term, but I don’t want to trigger anyone.) Doesn’t that automatically put them in a position of servitude, albeit unspoken? Plenty of people are temporarily on Medicaid (and other social support programs) and move on but many don’t because it’s too easy. Why work when someone else is picking up the tab? We dehumanize people when we do this, we rob them of their dignity. Why doesn’t anyone get that? I’m not saying they should be on a chain gang…I”m just saying handing free stuff out is not a good solution.
The trait of conscientiousness is the major indicator of success and therefore wellbeing. It’s no guarantee, but it is a strong predictor. And by success, I’m not talking Bezos/Zuckerberg/Gates level of success. Just normal “productive adult functioning in society” success.
There is no data on the percentage of highly conscientious people in our society but as one of the five major personality traits, it is a mostly learned behavior, based on Freud’s work. So, if it is learned, what are we doing to infants, children and young adults by giving them everything?
But I’m preaching to the choir. Most conservatives are highly conscientious. It is a broad and generalized statement but I’m not the first to say it.
I just wish we could help the liberals/leftist/Marxists understand the damage they are doing in the long run but that is a foolish wish.
Oh, one more thing Mr. Eshelman,
I would like to personally thank you for your time and knowledge. I have learned a great deal from you these last two years reading your op ed’s, and comments. And also, to wish you a Merry Christmas.
Respectfully,
Pam Baker
And Merry X-mas to you, Ms. Baker, and to Guy Page and his crew, and to all VDC readers. I learn a lot from all of your discourse. And my wish for the new year is that you find the benefits I perceive to be reciprocal. After all, true communication cannot exist without feedback.
You know Chris. There is a huge difference between earning your resources and being given resources that other people are forced to pay for. If Boomers receive resources it is because they have paid money over 45 years or so into the system to receive those benefits such as social security and Medicare. Medicare isn’t free by the way. Seniors are still required to pay their share of the cost of Medicare.
I am not a Boomer just a hard working American who never got anything for free. No food stamps, free child care, Medicaid, housing assistance and so on. By the way most of those free benefit programs I just referenced aren’t earmarked for Boomers.
Equity-based socialism is not acceptable. Don’t try to gaslight people.
The amount of resources we’ve spent (squandered) on the Boomers compared to other generations is so patently inequitable, I’m not even going to try to explain because it will produce a rage-filled response. My boomer parents have every intention of being buried with their money while they never had to worry about things like: student loans, massive healthcare costs or the cost of living. Their house that appraised recently for $429,000 they bought for $37 dollars, 2 cartons of Marlboro’s and a case of Schlitz. I’m not trying to gaslight anyone because your generation has done nothing but lie to itself for 74 years.
https://fortune.com/2023/10/28/great-wealth-transfer-baby-boomers-bank-of-america-millennials-government-policy/
@ Chris
You seem rather full of rage and I suspect you hate your parents. And if they don’t want to leave you any money that’s their choice but obviously you resent them for it. And thus hate all Boomers who for you are representative of your parents. And I can assure you that a number of different generations reads this website.
There is the saying “you can’t take it with you.” As well as, “a penny saved is a penny earned.” As a person who is not a boomer, I believe my generation was lulled into false idol worship, unrestrained, undisciplined consumerism, and indebted servitude. As the banking industry operates: debt is an asset.
Fact: the boomer generation did not invent credit cards. It was a group of young bankster types collectively plotting how to get their generation to borrow above their means and pay it back in minimal installments with interest. Hence, VISA was born.
I feel bad for you Chris. You have been brainwashed by your college professors. I listen to many people in academia, like Stanford University, who feed resentment to young people. I paid into the same system. Your generation isn’t the only generation to do so. The exception is that your generation has been brainwashed to feel resentment, while mine wasn’t. Most people who didn’t go to college aren’t resentful over Boomers receiving Medicare and Social Security. I sincerely hope your parents pass what they have left on to you after they pass.
Ms. Stone, some folks just have a hard time managing their anger and resentment, especially to their parents. And they get stuck. Sometimes they like being angry. There is a well-documented theory about dopamine and online commenting. Some times you just have to let them go until they figure it out on their own. Some never will. Some fight it very hard. You just have to have patience with them or ignore them. Whichever works best. I tried to offer an olive branch but it was declined. Not my loss.
I’d like to take this opportunity to thank you for your comments. I have learned a great deal from you this past two years and would like to personally wish you a Merry Christmas.
Merry Christmas Pam! You are very kind. Reach out to me if you want at transparencymatters.info@gmail.com. I really need to engage in meaning conversation with like minded people.
Is this for real?? Hey parents that actually work hard, and pay for health insurance – your kids get nothing from Vermont. Good luck!