Politicians in Illinois want to create $5,000 in taxpayer-funded trust accounts for babies born on Medicaid starting in 2024. HB5759 is a new law that creates “Baby Bonds”

Millions in Illinois taxpayer dollars would fund the program.

Between 49,000 and 50,000 births are covered by Medicaid in Illinois each year. That’s basically half of every birth in Illinois. That’s 250 million dollars annually.

Under House Bill 5759, sponsored by Democrat Rep. Kimberly DuBuclet, the state would create and manage thousands of accounts through the Illinois Treasurer’s Office, with recipients able to access the money at age 18 for college, job training, buying a home, or starting a business.

[Q: Should all Illinois taxpayers help pay for $5000 for each child born to parents who are on Medicaid?}

Politicians claim the program could help reduce long-term wealth inequality and improve economic mobility.

Illinois taxpayers, who are already facing high taxes and ongoing budget pressures, would fund the $5,000 investment accounts for ‘selected’ families as the state continues to struggle with pension debt, crime concerns, and other core services.

DuBuclet calls the plan a “long-term economic strategy, ”The proposal would make Illinois one of the first states to launch a statewide initiative of this scale, potentially costing taxpayers millions over time.