Copyright New American
In its Assets Report 2012, the New America Foundation calculates that more than half a trillion dollars is allocated in the U.S. FY 2013 federal budget through direct spending programs and tax provisions to encourage savings and asset-building. Of that sum, only a small fraction helps those who need it the most, low- and moderate-income Americans.
As Reid Cramer, Rachel Black, and Justin King at the New America Foundation note, this is a lost opportunity:
Read more about Federal Asset-Building Programs Continue to Favor Wealthy...
This approach misses the potential of assets to help chart a path out of poverty. If we are to broaden savings and asset ownership successfully—giving everyone a stake in the common-wealth—we must understand how the federal government’s current policy paradigm affects asset building among low- and moderate-income Americans.