How "baby bonds" could help close the wealth gap | Darrick Hamilton

翻译人员: duan JiGang 校对人员: Fandi Yi

There is a narrative,

曾经有一个说法，

an idea that with resilience, grit and personal responsibility

有一个观点认为人们的 抗压性，坚韧和个人责任感

people can pull themselves up and achieve economic success.

有助于取得经济上的成功。

In the United States we call it the American dream.

在美国我们称之为美国梦。

A similar narrative exists all over the world.

全世界也存在一个类似的说法。

But the truth is that the challenges of making this happen

但事实上，要让这种情况发生 所面临的挑战

have less to do with what we do

与我们所做的事情关系并不大，

and more to do with the wealth position in which we are born.

而和我们出生时 所处的财务位置关系很大。

So I'm going to make the case that the United States government,

所以我要证明，美国政府，

actually that any government,

事实上是任何一个政府，

都应该给每一个新生儿 创建一个额度高达6万美元的

should create a trust account for every newborn

of up to 60,000 dollars,

信托账户，

calibrated to the wealth of the family in which they are born.

以他们所出生家庭的 财务状况为参考。

I'm talking about an endowment.

我说的是一个捐助活动。

Personal seed capital, a publicly established baby trust,

个人种子基金，一个公开建立的 婴儿信托基金，

what my colleague William Darity at Duke University and I

也正是我和杜克大学的同事 威廉·德瑞提

have referred to as baby bonds,

称之为“婴儿债券”的东西，

a term that was coined by the late historian from Columbia University,

它是哥伦比亚的 近代历史学家马宁·马拉布尔

Manning Marable.

所发明的一个术语。

The reason why we should create these trusts is simple.

我们创建这些信托基金的原因很简单。

Wealth is the paramount indicator of economic security and well-being.

财富是经济安全和 幸福指数的衡量指标。

It provides financial agency, economic security to take risk

它提供金融代理， 经济安全以抵御风险

and shield against loss.

和应对损失。

Without capital, inequality is locked in.

没有资本，不平等就无法克服。

We use words like choice, freedom to describe the benefits of the market,

我们使用诸如选择，自由 这样的词语来描述市场的收益，

but it is literally wealth that gives us choice, freedom and optionality.

但是给我们选择，自由和 选择权的却是真正的财富。

Wealthier families are better positioned to finance an elite, independent school

富有的家庭在选择独立的 精英大学时有更大的优势，

and college education,

在选择大学教育，

access capital to start a business,

进入资本市场开展业务，

finance expensive medical procedures,

面对昂贵的医疗费用，

reside in neighborhoods with higher amenities,

居住在一个高档社区，

exert political influence through campaign finance,

通过竞选资金施加政治影响，

purchase better legal counsel

面对昂贵的刑事司法系统，

if confronted with an expensive criminal justice system,

需要聘请更好的法律顾问，

leave a bequest

留下遗嘱

and/or withstand financial hardship resulting from any number of emergencies.

或者面临一些由紧急情况导致的 经济危机时都是如此。

Basically, when it comes to economic security,

总的来说，当涉及经济安全时，

wealth is both the beginning and the end.

财富既是原因，又是结果。

I will frame this conversation in the context of the United States,

我将以美国为背景来讨论这个话题，

but this discussion applies virtually to any country

但是，这种讨论实际上对任何

facing increasing inequality.

面临着不平等状况加剧的国家都适用。

In the US, the top 10 percent of households

在美国，最富有的前10%的家庭

hold about 80 percent of the nation's wealth

持有了这个国家80%的财富，

while the bottom 60 percent owns only about one percent.

二底层60%的人却 只持有了1%的财富。

But when it comes to wealth,

但说到财富，

race is an even stronger predictor than class itself.

种族甚至比等级本身更能预测未来。

Blacks and Latinos collectively make up 30 percent

黑人和拉丁人口加起来占据了

of the United States population,

美国整个国民人口的30%，

but collectively own about seven percent of the nation's wealth.

但是其财富加起来也只占了 整个国家大约7%的比率。

The 2016 survey of consumer finance

2016年的消费者财务调查结果显示

indicates that the typical black family has about 17,000 dollars in wealth,

一般的黑人家庭拥有 大约17000美刀的财富，

and that's inclusive of home equity,

那是普通家庭的平均收入。

但是一般的白人家庭 却拥有17万美刀的财富。

while the typical white family has about 170,000.

That is indicative of an absolute racial wealth gap

这表明存在着绝对的种族财富差距，

where the typical black household has about 10 cents for every dollar

在一般的黑人家庭持有 10美分的同时，白人家庭

held by the typical white family.

持有1美金的财富。

But regardless of race,

但是忽略种族因素，

the market alone has been inadequate to address these inequalities.

市场本身并不足以 解决这些不平等问题。

Even in times of economic expansion, inequality grows.

甚至在经济增长的时候， 不平等也在加剧。

Over the last 45 years,

在过去的45年间，

wealth disparity has increased dramatically,

财富失衡一直在显著增加，

and essentially, all the economic gains from America's increase in productivity

本质上说，美国生产力增长 所产生的所有经济增长

have gone to the elite or the upper middle class.

都跑到精英阶层或者 中高阶层那里去了。

Yet, much of the framing around economic disparity

然而，围绕经济差距的很多框架

focuses on the poor choices

都聚焦在那些糟糕的选择上，

of black, Latino and poor borrowers.

这些选择来自黑人，拉丁人 还有贫穷的借贷者。

This framing is wrong.

这个框架是错误的。

所强调的方向是错的。

The directional emphasis is wrong.

It is more likely that meager economic circumstance,

更有可能是因为活跃的经济环境，

not poor decision making or deficient knowledge,

而不是糟糕的抉择或者知识的贫乏，

constrains choice itself and leaves people with no options

制约了选择本身并且 让人们没有选择的余地，

but to turn to predatory finance.

而只有转向掠夺性金融。

In essence, education is not the magic antidote

本质上，教育并不是解决

for the enormous inherited disparities

克服巨大遗传差异的神秘解药，

that result from laws, policies and economic arrangement.

这些差异来自于法律， 政治和经济布局。

This does not diminish the value of education.

这并没有抹杀教育的价值。

Indeed, I'm a university professor.

我是一个大学教授。

There are clear intrinsic values to education,

教育有其明确的内在价值，

along with a public responsibility

并伴随着一个公共责任，

to expose everyone to a high-quality education,

那就是让每个人都有机会 接触到高质量的教育，

from grade school all the way through college.

从小学，一直到大学。

But education is not the panacea.

但是教育并不是灵丹妙药。

In fact, blacks who live in families where the head graduated from college

事实上，黑人区大学的优秀毕业生

typically have less wealth

通常拥有的财富

than white families where the head dropped out of high school.

比那些白人区大学的辍学生更少。

Perhaps we overstate the functional role of education

可能我们夸大了教育的功能作用，

at the detriment of understanding the functional role of wealth.

而损害了对财富的功能作用的理解。

Basically, it is wealth that begets more wealth.

可以说是财富本身产生了更多财富。

That's why we advocate for baby trust.

这就是我们倡导 婴儿信托基金的原因。

An economic birthright to capital for everyone.

每个人与生俱来的资本经济权利。

These accounts would be held in public trust

这些账号应该由公共信托机构来持有，

to be used as a foundation to an economically secure life.

以便成为一个经济上安全的生命基础。

The concept of economic rights is not new nor is it radical.

经济权利的概念既不新也不激进。

In 1944, President Franklin Roosevelt

在1944年，总统富兰克林·罗斯福

introduced the idea of an economic Bill of Rights.

引入了经济权利法案的概念。

Roosevelt called for physical security,

罗斯福称之为物理安全，

economic security, social security and moral security.

经济安全，社会安全和精神安全。

Unfortunately, since the Nixon administration,

不幸的是，从尼克松执政时期开始，

the political sentiment regarding social mobility

关于社会机动性的观点

has radically shifted away from government mandates to economic security

已经大幅度的从政府授权下的经济安全

转向一种新自由主义的方法，

to a neoliberal approach

in which the market is presumed to be the solution for all our problems,

在新的方法中，市场被认为 是解决一切问题的手段，

economic or otherwise.

无论是经济还是其他问题。

As a result, the onus of social mobility has shifted on to the individual.

结果，社会机动性的责任 落到了个人身上。

The pervasive narrative is that even if your lot in life is subpar,

流行的说法是，即便你的起点很低，

with perseverance and hard work and the virtues of the free market,

也可通过持之以恒的努力工作 加上自由市场的诸多优点

you can turn your proverbial rags into riches.

来把自己的贫穷转变成富有。

Of course, the flip side is that the virtues of the market

毫无疑问，相反的一面是市场的优点

will likewise sanction those that are not astute,

也会同样惩罚那些不够精明的人，

those that lack motivation or those that are simply lazy.

和那些缺少动力，或者懒惰的人。

In other words, the deserving poor will receive their just rewards.

换句话说，那些穷人 也会因为懒惰而自食其果。

What is glaringly missing from this narrative

这种说法中明显缺失的部分

is the role of power and capital,

是权利和资本的角色，

and how that power and capital

以及这种权利和资本将如何

can be used to alter the rules and structure of transactions and markets

在第一时间被用来改变交易和市场

in the first place.

的规则和结构。

Power and capital become self-reinforcing.

权利和资本会自我强化。

And without government intervention,

如果没有政府介入的话，

they generate an iterative cycle of both stratification and inequality.

他们会产生社会分层 和不平等的迭代循环。

The capital finance provided by baby trust

婴儿信托提供的资本金融

is intended to deliver a more egalitarian and an authentic pathway

旨在创建一个更加均等和可信的途径

to economic security,

以保障经济安全，

independent of the family financial position

以保障个人所出生的家庭

in which individuals are born.

的财富位置独立。

The program would complement the economic rights to old-age pensions

这个程序将会完善老年退休金的经济权，

and provide a more comprehensive social security program,

并提供一个更综合的社会安全体系，

designed to provide capital finance from cradle all the way through grave.

这个体系设计了从出生到死亡的资本财务。

We envision endowing American newborns with an average account of 25,000 dollars

我们预想对于美国的新生儿 平均每个账户捐赠25000美元，

that gradually rises upwards to 60,000 dollars

然个捐赠会逐渐上升到60000美元，

for babies born into the poorest families.

主要针对那些最贫困家庭的新生儿。

Babies born into the wealthiest families

出生在最富裕家庭的孩子

would be included as well in the social contract,

也会享受这份社会契约，

but they would receive a more nominal account of about 500 dollars.

但是他们会收到一个有500美元的名义账户。

The accounts would be federally managed,

这些账户由联邦政府来管理，

and they would grow at a guaranteed annual interest rate

并且将会以一个有保障的年利率增长，

of about two percent per year in order to curtail inflation cost,

这个利率大概是每年2%， 以便抑制通货膨胀的成本，

and be used when the child reaches adulthood

并当孩子成年时

for some asset-enhancing activity,

用于一些提高基础设施的活动，

like financing a debt-free university education,

比如资助一个免贷款的大学教育，

a down payment to purchase a home,

或者购买房屋的预付款，

or some seed capital to start a business.

又或者作为一些创业活动的种子基金。

With approximately four million babies born each year in the US,

美国每年大约有400万新生儿，

if the average endowment of a baby trust is set at 25,000 dollars,

如果平均的婴儿信托基金额度 设置为25000美元的话，

the program would crudely cost about 100 billion dollars a year.

这个工程粗略估算每年 将消耗1000亿美金。

This would constitute

这将占据

only about two percent of current federal expenditures

联邦政府每年开支的2%，

and be far less than the 500-plus billion dollars

远远少于每年5000多亿美金的耗资，

that's already being spent by the federal government

而这5000多亿美金正在被政府用于

on asset promotion through tax credits and subsidies.

通过减免税收和补贴所带来的资产提升。

At issue is not the amount of that allocation

争议并不在于拨款的数量，

but to whom it's distributed.

而在于这个体系中的对象。

Currently, the top one percent of households,

当前，前1%的房产持有者，

those earning above 100 million dollars,

也就是那些赚取了 大约1000亿美金的人，

receive only about one third of this entire allocation,

只收到了大约1/3的拨款，

while the bottom 60 percent receive only five percent.

而底层的60%的房产持有者 也只收到了5%的拨款。

If the federal asset-promoting budget

如果联邦政府的资产提升预算

were allocated in a more progressive manner,

能以一种更激进的方式拨款，

federal policies could be transformative for all Americans.

联邦政策可能会针对 所有的美国人做出改变。

This is a work in progress.

这是一个正在进行的工作。

There are obviously many details to be worked out,

明显还有很多细节要去确认，

but it is a policy proposal grounded in the functional roles

但它是一个植根于功能角色和

and the inherited advantages of wealth

继承财富优势的政策性方案，

that moves us away from the reinforcing status quo

这个方案我让我们对不平等现象

由强化的的行为现状解释

behavioral explanations for inequality

towards more structural solutions.

转变为更具结构化的解决方案。

Our existing tax policy that privileges existing wealth

我们现有的特权化 已有财富的税收机制

rather than establishing new wealth is a choice.

而不是建立新的财富的 做法是一种选择。

The extent of our dramatic inequality is at least as much a problem of politics

现有的不平等差距的拉大 既是一个经济问题，

as it is a problem of economics.

也是一个政治问题。

It is time to get beyond the false narratives

是时候摒弃那些错误的说法了，

that attribute inequality to individual personal deficits

这些说法把不平等归结于个人财务赤字，

while largely ignoring the advantages of wealth.

却大大的忽略了财富的优势。

Instead, public provisions of a baby trust

相反，婴儿信托的公共条款

could go a long way towards eliminating

可以在很大程度上消除代际间

the transmission of economic advantage or disadvantage across generations

经济优势或劣势的传递，

and establishing a more moral and decent economy

建立一个更加道德和体面的经济，

that facilitates assets, economic security

为所有公民提供资产，

and social mobility for all its citizens.

经济安全和社会流动性，

Regardless of the race

不论人们的种族

或者他们出生家庭的地位如何。

and the family positions in which they are born.

Thank you very much.

非常感谢。

(Applause)

（掌声）

克里斯·安德森（CA）： 达里克。

Chris Anderson: Darrick.

这个想法有很多可取之处。

I mean, there's so much to like in this idea.

There's one piece of branding around it that I worry about,

我的担心围绕它有着 一系列品牌化的东西，

which is just that right now, trust-fund kids have a really bad rap.

现在的情况就是，信托基金保障下的 孩子有一个不太好的名声。

You know, they're the sort of eyeball-rolling poster children

他们是那种处在风口浪尖的孩子

for how money, kind of, takes away motivation.

而金钱会让他们失去努力的动力。

So, these trusts are different.

所以这种信任是不一样的。

So how do you show people in this proposal that it's not going to do that?

你怎样向人们证明在这个方案中 不会发生这样的情况？

Darrick Hamilton: If you know you have limited resources

达里克·汉密尔顿（DH）： 如果你知道自己有有限的资源

or you're going to face discrimination,

或者你将遭受歧视，

there's a narrative that, well,

有一种说法是，

the economic returns to investing in myself

自我投资的经济回报

are lower than that of someone else,

比投资其他人的经济回报更低，

so I might as well enjoy my leisure.

那我不妨享受属于自己的闲暇时光。

Of course, there's another narrative as well,

当然，也有另外一种说法，

so we shouldn't get caught up on that,

我们不应该在此问题上纠缠不清，

you know, somebody who's poor and going to face discrimination,

有人很穷并且将要遭受歧视，

they also might pursue a resume-building strategy.

他们也可能会采取优化简历的策略。

The old adage, "I have to be twice as good as someone else."

老话说：“我必须要比别人更加优秀。”

Now, when we say that, we never ask at what cost,

当我们说这句话的时候， 我们从不问要付出什么，

are there health costs associated with that.

是否存在和那个目标相关的医疗费用。

I haven't answered your question, but coming back to you question,

我还没有回答你的问题， 但是回到你的问题上来，

if you know you're going to receive a transfer at a later point in life,

如果你知道自己在晚年 将会收到一笔资产转移，

that only increases the incentive for you to invest in yourself

这只会增加你投资自身的动机

so that you can better use that trust.

以便于你能更好地使用那份信任。

CA: You're giving people possibilities of life

CA：你在给予人们他们现在

they currently cannot imagine having.

不可能想象到的生活的可能性，

以及做这些事情的动力。

And therefore the motivation to do that.

I could talk with you for hours about this.

我可以和你花几个小时 来讨论这件事情。

I'm really glad you're working on this.

我很高兴你能做这件事情。

Thank you.

谢谢。

(掌声)

(Applause)