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

譯者: Val Zhang 審譯者: Bighead Ge

There is a narrative,

有一種說法、一種想法：

an idea that with resilience, grit and personal responsibility

只要有抗壓性、勇氣以及責任感

people can pull themselves up and achieve economic success.

人們就可以提升自己的生活 達到經濟上的成就

In the United States we call it the American dream.

在美國，我們稱之為美國夢

A similar narrative exists all over the world.

在全世界各地都有類似的說法

But the truth is that the challenges of making this happen

但事實是，讓夢想實現的挑戰

have less to do with what we do

和我們的所做所為不是那麼有關

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

而是和我們出生時的財富狀況比較有關

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

接下來我將以美國政府為例

actually that any government,

其實任何政府

should create a trust account for every newborn

都應該要為每一位新生兒 開立一個約達六萬美元的信託帳戶

of up to 60,000 dollars,

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

並根據他們出生家庭的財富來調校金額

I'm talking about an endowment.

我在談的是一種資助的概念

Personal seed capital, a publicly established baby trust,

個人的本金由政府建立的寶寶信託

what my colleague William Darity at Duke University and I

我和我在杜克大學的 同事威廉．達里泰

have referred to as baby bonds,

稱之為「寶寶公債」

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

創造這個詞的 是哥倫比亞大學的已故歷史學家

Manning Marable.

曼寧．馬拉布爾

The reason why we should create these trusts is simple.

我們要開立這個信託的理由很簡單

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

財富是經濟安全和幸福的重要指標

It provides financial agency, economic security to take risk

它提供財務操作和經濟安全 讓人能夠承擔風險

and shield against loss.

並且在損失時仍有所屏障

Without capital, inequality is locked in.

沒有資本，貧富不均就難以解套

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

我們會用一些字眼，比如： 選擇、自由，來描述市場機制的益處

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

但其實是「財富」讓我們有 選擇、自由、操作空間

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

比較富有的家庭，較能夠付擔得起：

菁英的私立學校和大學教育

and college education,

access capital to start a business,

取得資本來創業

finance expensive medical procedures,

付得起昂貴的手術醫療

reside in neighborhoods with higher amenities,

住在擁有良好設施的社區

exert political influence through campaign finance,

透過政治獻金來產生政治影響力

purchase better legal counsel

面對代價不斐的刑事司法訴訟體制時 付得起比較好的法律諮詢服務

if confronted with an expensive criminal justice system,

leave a bequest

留下遺產

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

且／或能經得起 任何緊急事件造成的困境

Basically, when it comes to economic security,

基本上，談到經濟安全

wealth is both the beginning and the end.

財富既是起點也是終點

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

我將今天演說的架構，放在美國的情境

but this discussion applies virtually to any country

但這些討論適用於任何

面臨貧富不均日益加劇的國家

facing increasing inequality.

In the US, the top 10 percent of households

在美國，收入前 10% 的家庭

hold about 80 percent of the nation's wealth

擁有約全國財富的 80 %

while the bottom 60 percent owns only about one percent.

而收入殿後 60 % 的家庭 總共只有全國財富的 1 %

But when it comes to wealth,

但談到財富時

race is an even stronger predictor than class itself.

比起階級，種族是更有效的預測變因

Blacks and Latinos collectively make up 30 percent

黑人和拉丁裔合計占了

美國人口的 30%

of the United States population,

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

但總共只擁有全國財富的 7%

The 2016 survey of consumer finance

一項 2016 年的消費者財務調查

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

指出：一般黑人家庭的財富 大約是一萬七千美元

and that's inclusive of home equity,

那包含了房屋淨值在內

while the typical white family has about 170,000.

而一般的白人家庭則是十七萬美元

That is indicative of an absolute racial wealth gap

這明顯點出了種族間 有著絕對的財富落差

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

一般的黑人家庭每握有約十分錢

held by the typical white family.

一般的白人家庭則有一元

But regardless of race,

但若不考慮種族

the market alone has been inadequate to address these inequalities.

單就市場機制並無法 妥善處理這些貧富不均

Even in times of economic expansion, inequality grows.

即便在經濟成長時 貧富不均的差距亦增加

Over the last 45 years,

在過去 45 年

wealth disparity has increased dramatically,

貧富差距戲劇性地成長

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

基本上，美國生產力上升 帶來的所有經濟收益

have gone to the elite or the upper middle class.

都進了菁英或中上階層的口袋

Yet, much of the framing around economic disparity

但這樣框架下的經濟差距

focuses on the poor choices

都聚焦在黑人、拉丁裔 和貧窮借方的拙劣選擇

of black, Latino and poor borrowers.

This framing is wrong.

這樣的框架定調是錯誤的

The directional emphasis is wrong.

強調的方向是錯誤的

It is more likely that meager economic circumstance,

比起拙劣的決策或是缺乏知識

not poor decision making or deficient knowledge,

更常是因為經濟境況的貧乏

constrains choice itself and leaves people with no options

限制了選項，讓人們沒有選擇

but to turn to predatory finance.

而轉向掠奪式的金融

In essence, education is not the magic antidote

本質上，教育並不是神奇解藥

for the enormous inherited disparities

無法解決法律、政策和經濟協議下

that result from laws, policies and economic arrangement.

所產生先天性的巨大落差

This does not diminish the value of education.

這並不是在貶低教育的價值

Indeed, I'm a university professor.

其實，我是一位大學教授

There are clear intrinsic values to education,

教育有其明確的內在價值

along with a public responsibility

並伴隨著公共責任

to expose everyone to a high-quality education,

那就是讓每個人 都有機會接觸到良好的教育

from grade school all the way through college.

從小學到大學

But education is not the panacea.

但是教育並不是萬靈藥

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

事實上，大學畢業的黑人

typically have less wealth

擁有的財富

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

通常比那些高中輟學的白人少

Perhaps we overstate the functional role of education

或許我們過於強調教育的功能性

at the detriment of understanding the functional role of wealth.

讓我們低估了財富的力量

Basically, it is wealth that begets more wealth.

本質上，財富帶來更多財富

That's why we advocate for baby trust.

這正是我們倡導嬰兒信託基金的原因

An economic birthright to capital for everyone.

給每個人與生俱來的資本權利

These accounts would be held in public trust

這些帳戶應該由公共信託機構來持有

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

當作一個經濟安全無虞的基礎

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

經濟權利的概念既不新也不激進

In 1944, President Franklin Roosevelt

在1944年，富蘭克林．羅斯福總統

introduced the idea of an economic Bill of Rights.

導入了經濟權利法案的概念

Roosevelt called for physical security,

羅斯福倡導呼籲人身安全

economic security, social security and moral security.

經濟安全、社會安全和道德安全

Unfortunately, since the Nixon administration,

不幸的是，從尼克森執政時期開始

the political sentiment regarding social mobility

關於社會流動性的政治觀點

has radically shifted away from government mandates to economic security

已經大幅度地從政府命令下的經濟安全

to a neoliberal approach

轉向為一種新自由主義的方法

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

在新的方法中，市場機制 被認為是解決一切問題的手段

economic or otherwise.

不論是經濟問題或是其他問題

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

因此，社會流動性的責任 落到了個人身上

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

普遍的詮釋是：即便你的生活低於水平

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

只要透過持之以恆地努力工作 加上自由市場機制的優點

you can turn your proverbial rags into riches.

你也可以從魯蛇變身人生勝利組

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

當然，市場機制優點的另一面

will likewise sanction those that are not astute,

也會同樣懲罰那些不夠精明

those that lack motivation or those that are simply lazy.

和那些缺少動力、純粹就是懶惰的人

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

換句話說，那些應得的窮人 將獲得他們應得的回報

What is glaringly missing from this narrative

這種說法中明顯忽略了

is the role of power and capital,

權力和資本的作用

and how that power and capital

以及權力和資本

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

如何在一開始就被用來改變 交易和市場的規則和結構

in the first place.

Power and capital become self-reinforcing.

權力和資本會自我強化

And without government intervention,

沒有政府的介入

they generate an iterative cycle of both stratification and inequality.

他們會創造出一個 分層和不平等的疊代迴圈

The capital finance provided by baby trust

寶寶信託提供的資本金融

is intended to deliver a more egalitarian and an authentic pathway

旨在創建一個更加平等、可信的途徑

to economic security,

以保障經濟安全

independent of the family financial position

獨立於原生家庭的財務狀況

in which individuals are born.

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

這個方案將與老年退休金的 經濟權利相輔相成

and provide a more comprehensive social security program,

並提供一個更全面的社會安全體系

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

這個體系的目的就是提供 從出生到死亡的資本財務

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

我們預想對於美國的新生兒進行 平均每個帳戶兩萬五千美金的資助

that gradually rises upwards to 60,000 dollars

資助金額會逐漸上升到六萬美金

for babies born into the poorest families.

對應給那些最貧困家庭的新生兒

Babies born into the wealthiest families

而出生在最富裕家庭的孩子

would be included as well in the social contract,

也會被包含在這份社會契約

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

但是他們會收到一個大約 五百美金的虛帳戶

The accounts would be federally managed,

這些帳戶由聯邦政府來管理

and they would grow at a guaranteed annual interest rate

並且將會以一個保障的年利率增長

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

這個利率大概是每年 2% 以便抑制通貨膨脹的成本

and be used when the child reaches adulthood

當孩子到達成年時

for some asset-enhancing activity,

用於一些提高資產（價值）的活動

like financing a debt-free university education,

比如：成為大學學費的資金而免於學貸

a down payment to purchase a home,

或是購屋的頭期款

or some seed capital to start a business.

或是創業的種子基金

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

美國一年大約有四百萬名新生兒

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

若平均的嬰兒信託基金額度 為兩萬五千美金

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

這個方案粗估每年將消耗一千億美金

This would constitute

這將只占聯邦政府每年開支的 2%

only about two percent of current federal expenditures

and be far less than the 500-plus billion dollars

遠低於每年五千多億美金的耗資

that's already being spent by the federal government

而這五千多億美金正在被政府用於

on asset promotion through tax credits and subsidies.

透過減免稅收和補貼的方式鼓勵置產

At issue is not the amount of that allocation

爭議不在於撥款的金額

but to whom it's distributed.

而在將分配給誰

Currently, the top one percent of households,

當前，前 1% 的家庭

those earning above 100 million dollars,

也就是那些身家大約一億美金的人

receive only about one third of this entire allocation,

只收到了大約三分之一的撥款

while the bottom 60 percent receive only five percent.

而底層的 60% 家庭 只收到了 5% 的撥款

If the federal asset-promoting budget

如果聯邦政府用於鼓勵置產的預算

were allocated in a more progressive manner,

能以一種更激進的方式去配置

federal policies could be transformative for all Americans.

聯邦政策可能會對所有美國人 產生革命性的改變

This is a work in progress.

這是一項進行中的工作

There are obviously many details to be worked out,

明顯地還有很多細節需要發展

but it is a policy proposal grounded in the functional roles

但這是一個奠基於功能性

和生而賦予財富優勢的政策方案

and the inherited advantages of wealth

that moves us away from the reinforcing status quo

這個方案能讓我們從

貧富不均惡性循環的現狀 以行為去解釋貧富不均

behavioral explanations for inequality

towards more structural solutions.

轉變為更具結構化的解決方案

Our existing tax policy that privileges existing wealth

我們現有的稅收機制賦予富人特權

rather than establishing new wealth is a choice.

而非推動白手起家的新貴 是一種人為選擇

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

現有不平等差距的擴大

不僅是一個經濟的問題 亦是一個政治的問題

as it is a problem of economics.

It is time to get beyond the false narratives

是時候突破那些錯誤的詮釋了

that attribute inequality to individual personal deficits

這些詮釋把不平等歸結於個人問題

while largely ignoring the advantages of wealth.

卻大幅地忽略了財富的優勢

Instead, public provisions of a baby trust

取而代之，公共供給的寶寶信託

could go a long way towards eliminating

能對消除貧富世襲發揮巨大作用

the transmission of economic advantage or disadvantage across generations

and establishing a more moral and decent economy

並建立一個更道德、正直的經濟體

that facilitates assets, economic security

能夠促進全體公民的資產流通 經濟安全以及社會流動性

and social mobility for all its citizens.

Regardless of the race

不論種族膚色

and the family positions in which they are born.

或他們出生在什麼樣的家庭

Thank you very much.

謝謝大家

(Applause)

（掌聲）

Chris Anderson: Darrick.

克里斯．安德森（安）：戴瑞克

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

我想，這個想法有很多可取之處

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

在宣傳這個概念的時候 我擔心其中的一點：

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

現在的狀況是：那些擁有 信託基金的孩子們名聲不佳

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

您知道，他們有點像是那種 蠻不在乎的代表人物

for how money, kind of, takes away motivation.

因為金錢似乎……奪走他們意志

So, these trusts are different.

所以，這些信託是不一樣的

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

那麼你怎樣向人們說明 同樣的狀況不會發生在這個方案？

Darrick Hamilton: If you know you have limited resources

戴瑞克．漢彌爾頓： 如果你知道自己的資源有限

or you're going to face discrimination,

或者你將遭受歧視

there's a narrative that, well,

有一種說法

the economic returns to investing in myself

投資自身的經濟回報

are lower than that of someone else,

比投資其他人的經濟回報更低

so I might as well enjoy my leisure.

這樣的話，我不妨就悠閒度日

Of course, there's another narrative as well,

當然，也有另外一種說法

so we shouldn't get caught up on that,

所以我們不應該在此問題上糾纏不清

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

你知道，有人很窮並且將面臨歧視

they also might pursue a resume-building strategy.

他們可能會採取為自己增值的策略

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

老話說：「我必須要比別人加倍優秀」

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

當我們說句話的時候 我們從不問代價是什麼

are there health costs associated with that.

是否是以健康為代價呢

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

我還沒有回答你的問題 回到你的問題上

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

如果你知道自己在不久的將來 將收到一筆款項

that only increases the incentive for you to invest in yourself

這只會增加你投資自身的動機

so that you can better use that trust.

以便於你能更好地使用那份信託基金

CA: You're giving people possibilities of life

安：你為人生帶來更多可能

they currently cannot imagine having.

超越人們現在的想像

And therefore the motivation to do that.

還有為此努力的動力

I could talk with you for hours about this.

我對這個主題很感興趣

我很高興你為件事而努力

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

Thank you.

謝謝你

(Applause)

（掌聲）