NYC Honors Juneteenth With Sweeping 'Economic Justice Plan'

NEW YORK CITY — New York City will honor the Juneteenth holiday not just with celebrations, but with "action" designed to help close generational shortfalls for Black New Yorkers caused by the legacy of slavery, Mayor Bill de Blasio said.

De Blasio announced Thursday the "Juneteenth Economic Justice Plan," a sweeping set of programs he said would help build generational wealth.

"The net worth of the average white family has grown to 10 times that of the average Black family and the answer is redistribution," he said. "The answer is purposeful, focused efforts to right the wrongs. That's what we're doing with Juneteenth Economic Justice Plan."

The plan's biggest plank is a citywide "baby bonds" program that would give every public school kindergartner a savings account with $100.

Those accounts would be linked with 529 plans designed to grow over time, said Sideya Sherman, who serves as the executive director for the City’s Taskforce on Racial Inclusion and Equity.

A pilot program that gave Queens students "baby bonds" helped set up 13,000 children with college savings accounts with a combined $6 million in assets, Sherman said.

"Children with college savings accounts are four times more likely to go to college and graduate,” she said.

Thanks to a pilot in Queens, more than 13,000 students now have college savings worth about $6m. That's roughly $461 a student on average, which isn't nothing
— Matt Troutman (@ByMattTroutman) June 17, 2021

A similar, but more expansive, baby bonds program has been proposed by Democratic mayoral hopeful Shaun Donovan.

The plan also sets up a CUNY scholarship fund to provide 2,800 four-year scholarships for Black and low-income students.

Medgar Evers College — the city's sole historically Black college — will also have a program to help more than 200 students gain paid internships, work experience and career prep.