Hard-left Governor Phil Murphy of New Jersey has a new plan to redistribute the wealth of people in New Jersey. It is a communistic proposal, along the lines of Universal Basic Income.
He plans to give every newborn in the state $1,000 when the person turns 18. He calls it a ‘baby bond.’ It will be given to children in households earning less than 500% of the Federal Poverty Level, or up to $131,000 per year for a family of four. Somehow he thinks this will help close the income gap.
It starts for those born in 2021 who will be 18 in 2039.
Since the government doesn’t have any money, they can only get it from higher taxes in the state or in the deeply indebted federal government. At the same time Murphy is planning to waste this money, he is begging the feds to give him our tax dollars to fill his budget holes.
And he plans to keep upping it once in place. In other words, we are talking about taxation without representation.
According to a projection from The New York Times, the bond will be worth about $1,270 after 18 years.
“We happily reserve the right to top it off with more money,” Murphy told the Times. “This is the start.”
The proposal is a scaled-back version of legislation introduced last year by Sen. Cory Booker, D-N.J., and Rep. Ayanna Pressley, D-Mass., that would add more money to a child’s account each year — up to $46,000 for children in the poorest families.
Critics wonder whether the cash-poor state could afford the program, which is expected to cost an estimated $80 million per year.
“It’s a feel-good measure that accomplishes nothing,” New Jersey Sen. Michael L. Testa Jr. told the Times. “It’s not even a down payment on a car.”
Instead of stealing wealth from achievers, he needs to open things back up in New Jersey and let people earn money, go to school, do whatever they have to. This is another unfair system of welfare and wealth redistribution that won’t do a thing to make anyone wealthier.
This is a terrible unAmerican precedent.
Murphy is the far-left kook who said the Bill of Rights is above his pay grade: