On July 1st 2023 Connecticut became the first state in the country to implement Baby Bonds. As of midnight, every baby born in the state on HUSKY, Connecticut's Medicaid program, will have $3,200 deposited into an account at the state Treasurer's office. That will grow to an estimated $11,000 by the time they are 18 and as much as $24,000 if wait until age 30. Those funds can be used to: pay for college or job training, buy a house, start or invest in a business, or for retirement.
State Treasurer Erick Russel who found a way to pay for the program thanked his predecessor former Treasurer Shaun Wooden for championing the idea and winning the initial passage of the law two years ago. More information HERE
Baby Bonds are seen as a significant step to address the growing racial wealth gap.