How it works: This program would create savings accounts for all New York City children. The government would give every child a starting amount of $1,000, and then add up to $2,000 per year to the accounts of children from poor families. This money would become accessible when children turn 18, but could only be used for certain expenses like “paying for college, buying a home, starting a business, eradicating debt and other methods of achieving economic security.”
Who’s eligible: All of the city’s 1.4 million children, included undocumented immigrants, would qualify for this program and be given a one-time $1,000 payment upon enrollment. Recurring yearly deposits would only go to those from families making less than roughly $150,000 per year.