Connecticut officials joined advocates and researchers at the Federal Reserve on Thursday to talk about the state’s trailblazing ‘baby bonds’ program, and how it might ultimately serve as a proving ground for efforts around the country.
The program, which launched in July 2024, invests $3,200 on behalf of babies enrolled in Connecticut’s Medicaid program, HUSKY. More than half the babies born in Connecticut are to mothers on Medicaid, and around 15,600 babies are expected by be enrolled in the program annually. Eligible participants live in every one of the state’s cities and towns.
Connecticut is so far unique in passing sustained, state-level support for the concept, but small experiments are popping up around the country, including one through private philanthropy in Georgia and a temporary program for children in foster care in California who were impacted by COVID. Several other states, including New Jersey and Massachusetts, are considering baby bonds-type programs.
The conference Thursday kicked off with a conversation between Connecticut State Treasurer Erick Russell and Darrick Hamilton, a professor at The New School and an economist who is credited with helping to create the concept. They discussed Connecticut’s first in the nation program, and how it may be planting the seeds of a national movement.
“We’re building political momentum, we start local,” said Hamilton, who is the founding director of the Institute on Race, Power and Political Economy at The New School. “But at the end of the day, to make this come into fruition, we’ve really got to get the federal government involved to ensure that all children of the United States will be able to get into that vehicle of wealth building.”
Russell spoke about his childhood growing up in New Haven, sweeping the floor and working the register after school at his parents’ store. No one he knew as a kid owned their own home and working paycheck to paycheck was a way of life.
Russell said he is trying to end poverty in Connecticut, and baby bonds are but one of many strategies required to achieve that goal.
“We understand that baby bonds, by itself, is not the solution to that problem,” Russell said. “This is a piece to the puzzle as we continue to make key investments in things like education and early child care and bringing down the cost of housing.”
Baby bonds can provide funds for a down payment on a home, money to open a business or pay for school. But officials said the existence of the funds may also help in less obvious ways: baby bonds can encourage a family to imagine a child’s future and plan for it. The funds could stave off gentrification by creating a cohort of people who are able to cash in at around the same time and even pool resources to support their neighborhood. And they help link parents to state supports through a positive vehicle.
“There’s a huge lack of trust between members of the community and government,” Russell said. “Now we actually have this positive way of connecting with people, right? Connecting with parents who are saying, ‘My child is going to have access to this resource and this opportunity that I could have never imagined.’”
A recipient must be between 18 and 30 years old to use the funds, pass a financial literacy test, and be a Connecticut resident. That money is expected to eventually be worth at least $11,000 and as much as $24,000, depending when the recipient chooses to cash in the bond.
Though the initiative received strong support from many political leaders, Gov. Ned Lamont nearly killed the program in 2023. The decision to draw from a surplus in Connecticut’s special reserve fund instead of borrowing money, as was originally planned, allowed Lamont and Russell to reach a compromise and the program was finally launched in July 2023. In fact, as Russell mentioned during the conference, the so-called baby bonds ended up not being bonds at all.
At Thursday’s event, the history of political infighting wasn’t discussed. Rather, advocates and researchers focused on the promise of the program and the synergy with another initiative: ‘guaranteed income.’
Stanford University researchers Max Rong and David Grusky explained why, based on their research modeling, simultaneously offering families guaranteed income and baby bonds may be a superior approach to offering a more generous version of only one of these programs.
The researchers said that guaranteed income can prove meaningful to help families from falling into poverty, relieving the stress of financial pressure from caregivers so they can form healthy attachments with their children and afford day to day expenses that keep them healthy and safe. However, just providing that cash is unlikely to allow a family to save the kind of money they need to ultimately open a business, buy a home, afford higher education and ultimately build generational wealth. On the other hand, a single infusion of money — a cashed-in baby bond— cannot undo years of underinvestment.
“You might think it doesn’t matter if you just do one or the other,” Grusky said. “What this suggests is that, given data about how the world works, you actually need both.”
Laura Clancy, the executive director of The Bridge Project, a guaranteed income program for new moms which recently launched in Connecticut, asked the room to simply trust mothers, who tend to have good judgment about what their kids need. She ended her panel by encouraging the audience to consider the power of imagination in initiatives like baby bonds and guaranteed income, and how thinking outside the box might help us upend the inequities we take for granted.
“What have we come to accept that is unacceptable?” she asked.
NEW BRITAIN, CT — Stanley Black & Decker on Thursday said it has decided to close its manufacturing facility in New Britain.
Debora Raymond, vice president of external communications for the manufacturer, said the decision is a result of a “structural decline in demand for single-sided tape measures.”
The New Britain facility predominantly makes these products, according to Raymond.
“These products are quickly becoming obsolete in the markets we serve,” Raymond said, via an emailed statement Thursday.
The decision is expected to impact approximately 300 employees, according to Raymond.
“We are focused on supporting impacted employees through this transition, including providing options for employment at other facilities, severance, and job placement support services for both salaried and hourly employees,” Raymond said.
As of Thursday at 4:30 p.m., no Worker Adjustment and Retraining Notification (WARN) Act notice had been filed with the state Department of Labor.
The company’s corporate headquarters remains at 1000 Stanley Dr., New Britain.
Gov. Ned Lamont released the following statement on the decision:
“Although Stanley has made the decision to discontinue operations for manufacturing outdated products, a change in workforce opportunities is difficult for employees, their families, and any community.,” Lamont said. “However, I am hopeful that these skilled workers will be repurposed with the help of Stanley Black & Decker, a company that will still proudly be headquartered here in Connecticut. My administration is working closely with local and state leaders to support affected workers and to reimagine the factory site so it can continue to create opportunity and strengthen New Britain’s economic future.”
New Britain Mayor Bobby Sanchez said he is “deeply disappointed” the company will be closing its Myrtle Street operations.
“For generations, Stanley Works has been part of the fabric of our city, providing good-paying jobs, supporting families, and helping build New Britain’s proud reputation as the ‘Hardware City,’” Sanchez said.
According to the mayor, his office’s immediate focus is on helping affected workers and their families. The mayor has been in contact with Lamont’s office, and they will be working closely to make sure employees have access to job placement services, retraining opportunities and support, Sanchez said.
“We will continue aggressively pursuing economic development opportunities and attracting businesses that are looking for a true community partner, a city ready to collaborate, innovate and grow alongside them,” Sanchez said. “New Britain has reinvented itself before, and we will do so again.”
Stanley Black & Decker, founded in 1843, operates manufacturing facilities worldwide, according to its website. It reports having 43,500 employees globally, and makes an array of products, such as power tools and equipment, hand tools, and fasteners.
Newly released police video shows former WWE executive Vince McMahon ram his luxury sports car into the rear end of another vehicle on a Connecticut highway last summer as he was being followed by a state trooper.
McMahon, now 80, was driving his 2024 Bentley Continental GT at more than 100 mph on the Merritt Parkway when he crashed in the town of Westport, according to state police.
A trooper’s dashcam video shows McMahon accelerating away, then braking too late to avoid crashing into the back of a BMW. The Bentley then swerves into a guardrail and careens back across the highway, creating a cloud of dirt and car parts.
“Why were you driving all over 100 mph?” state police Detective Maxwell Robins asked McMahon after catching up to the wrecked Bentley, which can cost over $300,000.
“I got my granddaughter’s birthday” McMahon replied, explaining he was on his way to see her. The encounter was recorded on police bodycam video.
No one was seriously injured in the July 24 crash, which happened the same day that WWE legend Hulk Hogan died of a heart attack in Florida.
Besides damage to the rear of the BMW, another vehicle driving on the opposite side of the parkway was struck by flying debris. The driver of that third car happened to be wearing a WWE shirt, according to the police video.
McMahon was cited for reckless driving and following too closely. A state judge in October allowed McMahon to enter a pretrial probation program that will result in the charges being erased from his record next October if he successfully completes the program. He was also ordered to make a $1,000 charitable contribution.
McMahon’s lawyer, Mark Sherman, said the crash was just an accident.
“Not every car accident is a crime,” Sherman said. “Vince’s primary concern during this case was for the other drivers and is appreciative that the court saw this more of an accident than a crime that needed to be prosecuted.”
State police said Robins was trying to catch up to McMahon on the parkway and clock his speed before pulling him over. They said the incident was not a pursuit, which happens when police chase someone trying to flee officers. They also said it did not appear McMahon was trying to escape — though in the video the detective suggests otherwise.
“I’m trying to catch up to you and you keep taking off,” Robins says.
“No, no no. I’m not trying to outrun you,” McMahon says.
An accident information summary provided to the media shortly after the crash did not mention that a trooper was following McMahon.
The Associated Press obtained the videos Wednesday through a public records request. They were first obtained by The Sun newspaper.
The trooper’s bodycam video also shows him asking McMahon whether he was looking at his phone when the crash happened. McMahon said he was not and adds that he hadn’t driven his car in a long time.
After Robins tells McMahon that his car is fast, McMahon replies, “Yeah, too (expletive) fast.”
The videos also show McMahon talking to the driver he rear-ended. Barbara Doran, of New York City, told the AP last summer that McMahon expressed his concern for her and was glad she was OK. She said she was heading to a ferry to Martha’s Vineyard at the time of the crash.
After McMahon was given the traffic summons, he shook hands with Robins and another trooper and they wished him well.
McMahon stepped down as WWE’s CEO in 2022 amid a company investigation into sexual misconduct allegations. He also resigned as executive chairman of the board of directors of TKO Group Holdings, the parent company of WWE, in 2024, a day after a former WWE employee filed a sexual abuse lawsuit against him. McMahon has denied the allegations. The lawsuit remains pending.
McMahon bought what was then the World Wrestling Federation in 1982 and transformed it from a regional wrestling company into a worldwide phenomenon. Besides running the company with his wife, Linda, who is now the U.S. education secretary, he also performed at WWE events as himself.
The New Haven Pride Center will close for 30 days starting Thursday, as leaders reassess the organization’s finances and its long-term business model.
Board members said the temporary shutdown will allow the nonprofit to stop accruing expenses and get better insight into a $250,000 IRS debt discovered in 2022 that has weighed heavily on the center’s operations.
According to board co-chair Hope Chavez, the debt was found four years ago. The board let the executive director go and began paying the back taxes. The payments have been ongoing, but Chavez said there’s no clarity on how much has been paid toward principal versus interest, making it hard to map out a payoff.
Chavez said the organization has an attorney to help obtain more details from the government, and that the debt has hurt its ability to generate income during an already challenging time.
“It all depends on the political climate — whether corporate sponsors feel like they can sponsor you, whether funders feel like they need to redirect elsewhere,” she said.
The 30-day furlough will include a pause in services. In the meantime, staff members are compiling a list of alternative LGBTQ-affirming resources in the Greater New Haven area to support community members.
Laura Boccadoro, who has worked at the center for more than six years, joined at what she says was a dark time.
“I was in and out of rehab dealing with drug abuse, and the center found me,” she said. “I grew up here, honestly.”
She said the organization has offered vital services, such as a clothing closet and a food pantry, and programs that she is helping clients find through partner organizations.
“There are so many LGBTQ-specific or affirming spaces that have food pantries, clothing closets, healthcare — all those kinds of things,” Boccadoro said.
Chavez highlighted partnerships with groups including AIDS Project New Haven, Anchor Health Initiative, and Q Plus, as well as other grassroots community organizations that will offer assistance during the pause.
Boccadoro emphasized that the staff’s focus remains on serving the community as effectively as possible.
“Our job at the end of the day is to impact the community in the best possible way that we can,” Boccadoro said.
The Board hopes a clearer financial picture and a restructured business model will position the center to reopen stronger and more stable.
“We want to ensure that our community has the care and supportive services that we’ve been providing,” Chavez said.
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