The 401Kids Savings Act would create savings accounts for newborns. While state child savings accounts have shown promise, inflation and taxes prompt concerns.
This is like healthcare, which every other nation has mostly solved, but the Americans bend over backwards to find the most byzantine “solutions “ for just to avoid taxing the rich and/or implementing a functioning welfare state.
The latest hysterical example was importing drugs from Canadian pharmacies because apparently buying from a (barely) socialist country is okay, but basic bargaining is somehow immoral.
Oh yes, let's do another special loophole kinda bullshit thing instead of restraining capitalism, breaking up monopolies and providing for the social good.
“hey, it’s your 18 birthday: hot single women in your area want to help you celebrate. Just send $53,000 to book your cabin on our exclusive birthday extravaganza cruise!”
You are not required to contribute the maximum. Some of the programs only required $5 for an count. Saving some, even a little, is better than saving nothing.
But it doesn't do anything about inequality. Rich kids will have an even bigger tax shelter to retire on while poor kids will have nothing. This is a tax break for the wealthy.
It starts before birth. Low socio-economic status affects the health of pregnant people, which in turn has consequences for foetal development. Stress is a big trigger for various latent congenital issues, and that's one reason climate change is going to result in increased rates of disease.