Op-Ed: Tap the state's future surpluses to give everyone a share in California's wealth (via latimesopinion)
California is a stunningly wealthy state whose riches are driven by the hard work of millions, world-class private and public higher education institutions, publicly traded companies worth $13 trillion and a culture of entrepreneurship and innovation.
Gov. Gavin Newsom has introduced something along these lines in his 2021-22 revised budget, which will be finalized Tuesday. He proposes to use some of this year’s— which, along with federal COVID recovery, has flooded the budget coffers with as much as $100 billion — to open a college fund account for every low-income first-grader in California public schools, starting with $500 for each child.
Though held in public trust, the wealth fund accounts would be owned by individuals and asset growth would accrue to them. Within certain vesting and withdrawal limitations, these assets could be used for retirement, education, building a house, healthcare or even for start-up capital for a new business.
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