Cory Booker: Racial wealth gap is the "American wealth gap"

Sen. Cory Booker (D-N.J.) wishes the racial wealth gap would also be known as the "American wealth gap," he said at an Axios virtual event on Wednesday.

What he's saying: "[W]hen you have large poverty concentrated disproportionately among African Americans, it actually leads to the deficit of us all," he said, pointing to the economic disparity caused by Black entrepreneurs not having the same access to capital as their white peers.

Booker, who will virtually address the Democratic National Convention on Wednesday night, touted his "baby bonds" proposal as a practical solution to close the racial wealth gap, saying the program could be funded by modifying the tax code.

• "But it's just going to take getting the political will. It's just going to take all of us deciding as a society, how our policies reflect our values."

Catch up quick: Booker pressed the baby bonds proposal during his 2020 presidential bid. The federal government would give every newborn a $1,000 savings account and make additional payments annually. The accounts "could eventually provide up to nearly $50,000," per the Washington Post.