Suggested reading by Murray Sabrin, Ph. D. & response to TMoran’s column on Star Ledger - September 19, 2020:
End the War on Drugs---the most counterproductive social policy in our country's history. No more no-knock warrants, no more shoot’em ups in minority communities, no more hassling of minorities who buy and sell unapproved substances, and no more violent drug cartels. What do we have to lose? Nothing…and everything to gain. If Trump calls for an end to the WOD, he wins in a landslide if he has a "Nixon to China" moment.
https://www.theguardian.com/news/2017/dec/05/portugals-radical-drugs-policy-is-working-why-hasnt-the-world-copied-it
BABY BOND
by Prof. Murray, Ph.D
Regarding “Baby Bond can build equity for NJ kids (Opinion Page, Sept. 16): https://www.northjersey.com/story/opinion/2020/09/15/nj-baby-bonds-can-build-equity-new-jerseys-kids-opinion/5802507002/
Baby bonds are a great idea. Unfortunately, Assemblywoman Sumter’s support of Gov. Murphy’s proposal for the State of New Jersey to fund an account with $1,000 of taxpayers’ money for newborns is another example of the continuing journey down the democratic socialist road in the Garden State.
The baby bond proposal is supposed to assist couples, especially in minority communities, a reaction to Governor Murphy’s draconian lockdown to halt the spread of COVID-19, which has caused irreparable financial harm to communities of color.
There is a better way for responsible couples that decide to have a child (or children) to give them a leg up as they begin their life journey. Couples should invite 50 family members, friends and neighbors to contribute $20 to a “baby bond” account”. The $1,000 would be a great first start for each child born to low-income families.
Each year for the next four years every couple could invite their “network” to contribute a similar amount. Some of the funds could be used to pay for college when a child reaches 18, but the beauty of the foregoing proposal is that the funds could be invested in an S&P 500 index fund.
Over 60+ years, the average annual return of the fund should be about 9%, the historical return of the stock market since the 1920s. The fund would have at least two million dollars when the child reaches age 65.
