By Josie Tracy, Ph.D. | September 2026

Could a government policy like Baby Bonds increase lifespan and improve the health of those who receive it? Members of Washington State Physicians for Social Responsibility (WPSR), a nonprofit organization of health professionals who advocate for policy change to improve human health, asked this exact question. We then published a white paper on this topic.

Wealth is a Strong Predictor of Health and We Should Treat it as Such

Wealth is a strong predictor of health, impacting life expectancy, physical health outcomes, and mental well-being.  The least wealthy carry a higher risk for early death, demonstrated even after statistically controlling for other contributing factors.  Perhaps not surprisingly, those with little to no wealth report poorer health.  When it comes to cardiovascular health, increased wealth in midlife is associated with decreased risk of cardiovascular events (like heart attack and stroke) later in life, while decreased wealth in midlife increases cardiovascular risk.  Mental health follows a similar pattern. People with less than $5,000 in wealth carry more than double the risk for anxiety and depression compared to those holding at least $100,000 in assets.  

The Racial Wealth Gap Compounds the Problem

Systemically racist policies in housing, education, employment, earnings, benefits, borrowing, and the criminal legal system, among others, result in white Americans having a clear advantage in wealth accrual over Black Americans and other marginalized racial and ethnic groups. The difference is stark, with the average white household owning more than 6 times the assets of the average Black household. For Black Americans and other racially marginalized groups, less wealth is compounded by additional stressors such as racial discrimination, geographic segregation, adverse life events, and psychosocial stressors. 

Where we see racial disparities in wealth, we see similar disparities in health outcomes. Along with being one of the least wealthy racial or ethnic groups,  Black Americans also have a substantially lower life expectancy, including some of the highest rates of diabetes-related, heart-related, and infant mortality.

Evidence that Baby Bonds Could Improve Health

How could a policy like Baby Bonds improve recipients’ health?  The projected outcomes are promising. Based on four decades of national health data, a 2024 study by Himmelstein and colleagues modeled the effects of several wealth-redistribution policies, including Baby Bonds, on longevity. The researchers found:

• A simulated Baby Bonds policy could meaningfully narrow the current 13.5 year median lifespan gap between the most wealthy and least wealthy 10% of Americans. 
• Specifically, Baby Bonds would add more than 5 years to the lifespans of the least wealthy 20% of Americans, while not decreasing lifespan for any other group.    
• Baby Bonds could also increase lifespans across racial and ethnic groups, including a 1.7-year gain for white Americans and a 4.0-year gain for Black Americans. 

Washington State’s Stake in Baby Bonds Policy

In Washington State, we are hopeful that Baby Bonds could make a large impact on the physical and mental health of our residents, especially given the wide wealth and racial wealth gaps here.  

Due to its lack of a personal income tax and heavy reliance on sales and excise taxes, Washington consistently ranks among the most regressive tax states in the nation.  This means that those with the lowest incomes pay the highest percentage in taxes, and those with the highest incomes pay the lowest percentage in taxes.  Meanwhile, one out of every 10 children in Washington lives in poverty, and our state’s racial homeownership gap remains stark, with white Washingtonians more than twice as likely to own their home as Black Washingtonians.

Our Position

A Baby Bonds policy in Washington State would go a long way toward correcting the wealth imbalance by redistributing government funds to those who could benefit the most.  Based on our review of the existing evidence, we estimate a Baby Bonds policy would improve health outcomes statewide, increasing lifespan, decreasing chronic disease, and improving mental health.  We expect the least wealthy Washingtonians to experience health benefits regardless of race, but that Black Washingtonians and other marginalized racial groups could see especially large health gains without any loss of health benefit for the most wealthy. 

As an organization working to empower the people in our state to live healthy lives free from injustice, Washington Physicians for Social Responsibility supports the adoption of progressive Baby Bonds policies.  You can read more about our summary of research findings here.