This is a cute little gesture, but it is ultimately bound to fail.
The root cause of the problem of poverty for minorities, is far beyond the scope that this idea can even solve.
We effectively need a reset in our capitalistic system.
For far too long, we have used GDP as the measure of wealth of a country. But we now live in a world, where money essentially has no bounds to reality anymore. It is tied to nothing, but it is the driver of everything.
The Fed and other central banks, are used to print money out of thin air, and give it to banks, to lend out, or to buy back loans from corporations.
People blindly believe that this will not cause inflation, but instead, it drives up asset inflation, which drives up the cost of everything else. This is the hidden inflation, that takes money out of your pocket, and is beyond your control.
This is where the government needs to step in and put in policies to protect the people.
Instead of GDP, we need to measure QOL, or the Quality of Life.
This is the measure of how well the median person’s quality of life is, in terms of how much they earn, and how much their rent and mortgage is. As well as other factors like, access to modern basic necessities: electricity, shelter, clothing, healthcare, transportation, communication, and food.
No person, should be required to spend over 50% of their income on housing. There is just no money left over afterwards to pay for anything else. You will forever be, bound to a life of poverty and destitution, as well as your children.
Additionally, we need to remove housing as an investment vehicle. Instead of creating wealth for all, this has become the driver of massive inequality.
Housing needs to be for people to live in, and not for speculation. The government should mandate the building of more housing, to increase availability, and to drive down costs. And people should be able to afford and own their own homes. And maybe to kickstart a post-industrial society, the government should back the mortgage, where you just need to work a meaningful job in society, for 20 years, and the house is yours. The government will pick up the remaining tab on the house afterwards.
This will give you a home, and the security you need to be safe and whole. You can raise your family and your children, without the fear of poverty, or crime, or a lifetime servitude of debt.
And for things like food, the vegetables and fruits, can be grown in massive automated vertical farms. And one day, tended to by robots, for monitoring and harvesting. No more need for back breaking labor performed by humans. Let the robots do all the work. The software for it will be developed by programmers, and the fruits and vegetables will be monitored by using adaptive machine learning software.
These are bold challenges, and we need bold leaders to think beyond their myopic economic view of the world, where they only think of enriching themselves and their cronies, and actually do their job to govern, and to lead and guide the people.