assets and the poor new american welfare policy

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Assets And The Poor

Author : Michael Sherraden
ISBN : 9781315288352
Genre : History
File Size : 33. 9 MB
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This work proposes a new approach to welfare: a social policy that goes beyond simple income maintenance to foster individual initiative and self-sufficiency. It argues for an asset-based policy that would create a system of saving incentives through individual development accounts (IDAs) for specific purposes, such as college education, homeownership, self-employment and retirement security. In this way, low-income Americans could gain the same opportunities that middle- and upper-income citizens have to plan ahead, set aside savings and invest in a more secure future.

Can The Poor Save

Author : Michael Sherraden
ISBN : 9781351530224
Genre : Business & Economics
File Size : 48. 74 MB
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Many policymakers argue that the best poverty policy not only provides cash to the poor for subsistence but also incentives and structures that encourage long-term social and economic improvement. As part of this, they make the case for Individual Development Accounts (IDAs), a new policy proposal designed to help the poor save and to build assets. This book explores IDAs to determine their effectiveness. IDAs are matched savings accounts targeted on low-income, low-wealth individuals. Savings in IDAs are used for home ownership, post-secondary education, small business development, and other purposes. Do IDAs work? If they do, for whom? And does how an IDA is designed determine savings outcomes? This volume is the first analysis of matched savings by the poor to use data from monthly bank statements. It comes at a critical time, as debate rages over the merits of individual social security accounts. IDAs also respond to policy that is becoming more asset based and less inclusive of the poor. The authors argue for the efficacy of IDAs to counter this tendency. They find that while savings outcomes vary among participants, no characteristics (such as low income or public assistance) preclude saving. They examine effects of IDA design (the match rate, savings targets, and the use of automatic transfer) on savings results and analyze factors that influence varying rates of saving and spending over time. They conclude that financial education and other support services, though costly, improve savings performance. To address the issue of cost they suggest a two-tier system of IDA design, one with broad access and simple services and the other with targeted access and intensive services. Can the Poor Save? offers a wealth of lessons to those interested in saving and asset accumulation among the poor. It not only breaks new ground in the scientific study of savings behavior, but also offers concrete, evidence-based recommendations to improve policies designed to encourage the poor to save and how to make such policies more inclusive.

Asset Building And Low Income Families

Author : Michael Wayne Sherraden
ISBN : 0877667543
Genre : Business & Economics
File Size : 27. 20 MB
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Low-income families have scant savings to cushion a job loss or illness, and can find economic mobility impossible without funds to invest in education, homes, or businesses. And though a lack of resources leaves such families vulnerable, income-support programs are often closed to those with a bit of savings or even a car. Considering welfare-to-work reforms, the increasingly advanced skill demands of the American workforce, and our stretched Social Security system, such an approach is inadequate to lift families out of poverty. Asset-based policie, allowing or even helping low-income families build wealt, are an increasingly popular strategy to facilitate financial stability. Asset Building and Low-Income Families draws together top experts to assess this growing body of research and suggests ways to translate academic findings into policy that works.

Financial Education And Capability

Author : Julie Birkenmaier
ISBN : 9780199755950
Genre : Social Science
File Size : 61. 7 MB
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This book introduces the concept of financial capability and assembles the latest evidence from ground-breaking innovations with financially vulnerable families, and links it to education, policy, and practice. It is a key resource for those interested in improving financial education and financial products and services for low-income families.

The Assets Perspective

Author : R. Cramer
ISBN : 9781137384881
Genre : Political Science
File Size : 81. 67 MB
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The economy's struggles to overcome the lingering effects of the Great Recession presented unique but essential questions.The book considers a full range of data which considers how this recent experience has impacted households, providing a thorough and contemporary treatment of how the assets perspective has prompted changes within social policy.

A Poverty Of Imagination

Author : David Stoesz
ISBN : 0299169545
Genre : Business & Economics
File Size : 78. 90 MB
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Tracing the roots of recent US reforms to the early days of the war on poverty, this work describes a social welfare system grown inept, corrupt, and susceptible to conservative redesign. It focuses on the economic barriers impeding movement out of poverty into the American mainstream.

Assets For The Poor

Author : Thomas M. Shapiro
ISBN : 9781610444958
Genre : Social Science
File Size : 68. 47 MB
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Over the past three decades, average household wealth in the United States has declined among all but the richest families, with a near 80 percent drop among the nation's poorest families. Although the national debate about inequality has focused on income, it is wealth—the private assets amassed and passed on within families—that provides the extra economic cushion needed to move beyond mere day-to-day survival. Assets for the Poor is the first full-scale investigation into the importance of family wealth and the need for policies to encourage asset-building among the poor. Assets for the Poor shows how institutional mechanisms designed to encourage acquisition of capital and property favor middle-class and high-income families. For example, the aggregate value of home mortgage tax deductions far outweighs the dollar amount of the subsidies provided by Section 8 rental vouchers and public housing. Banking definitions of creditworthiness largely exclude minorities, and welfare rules have made it nearly impossible for single mothers to accumulate savings, let alone stocks or real estate. Due to persistent residential segregation, even those minority families who do own homes are often denied equal access to better schools and public services. The research in this volume shows that the poor do make use of the assets they have. Cash gifts—although small in size—are frequent within families and often lead to such positive results as homebuying and debt reduction, while tangible assets such as tools and cars help increase employment prospects. Assets for the Poor examines policies such as Individual Development Account tax subsidies to reward financial savings among the poor, and more liberal credit rules to make borrowing easier and less costly. The contributors also offer thoughtful advice for bringing the poor into mainstream savings institutions and warn against developing asset building policies at the expense of existing safety net programs. Asset-building for low-income families is a powerful idea that offers hope to families searching for a way out of poverty. Assets for the Poor challenges current thinking regarding poverty reduction policies and proposes a major shift in the way we think about families and how they make a better life. A Volume in the Ford Foundation Series on Asset Building

Women And Poverty In 21st Century America

Author : Paula vW. Dáil
ISBN : 9780786488148
Genre : Social Science
File Size : 57. 1 MB
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Despite an overhaul in the 1990s, the American welfare system remains with a business model focused on the bottom line. Crafted by male-dominated legislative bodies whose members most likely never had to choose between paying the rent or feeding their kids, established policies primarily protect the popular programs that ensure politicians’ re-election. This book offers a feminist perspective on the 21st century attitude toward poverty, illustrated by the words of women forced to live every day with social policies they had no voice in developing. Topics include the struggles of daily life, crime, health care, education, employment, and a discussion of capitalism, inequality, greed, and moral obligation in a free society. In the unrestrained pursuit of wealth, this work shows that America has created a vast poverty problem, making the rich richer and forcing the poor into a forgotten class.

Inclusion In The American Dream

Author : Michael Wayne Sherraden
ISBN : 9780195168204
Genre : Business & Economics
File Size : 70. 67 MB
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The typical American household accumulates its assets in home equity and retirement accounts, both of which are subsidized through the tax system. But the poor, for the most part, do not participate in these asset accumulation policies. This book brings together scholars and experts on the topic of asset building, as this relates to public policy.

Caring For America

Author : Eileen Boris
ISBN : 9780199939053
Genre : Social Science
File Size : 22. 36 MB
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In this sweeping narrative history from the Great Depression of the 1930s to the Great Recession of today, Caring for America rethinks both the history of the American welfare state from the perspective of care work and chronicles how home care workers eventually became one of the most vibrant forces in the American labor movement. Eileen Boris and Jennifer Klein demonstrate the ways in which law and social policy made home care a low-waged job that was stigmatized as welfare and relegated to the bottom of the medical hierarchy. For decades, these front-line caregivers labored in the shadows of a welfare state that shaped the conditions of the occupation. Disparate, often chaotic programs for home care, which allowed needy, elderly, and disabled people to avoid institutionalization, historically paid poverty wages to the African American and immigrant women who constituted the majority of the labor force. Yet policymakers and welfare administrators linked discourses of dependence and independence-claiming that such jobs would end clients' and workers' "dependence" on the state and provide a ticket to economic independence. The history of home care illuminates the fractured evolution of the modern American welfare state since the New Deal and its race, gender, and class fissures. It reveals why there is no adequate long-term care in America. Caring for America is much more than a history of social policy, however; it is also about a powerful contemporary social movement. At the front and center of the narrative are the workers-poor women of color-who have challenged the racial, social, and economic stigmas embedded in the system. Caring for America traces the intertwined, sometimes conflicting search of care providers and receivers for dignity, self-determination, and security. It highlights the senior citizen and independent living movements; the civil rights organizing of women on welfare and domestic workers; the battles of public sector unions; and the unionization of health and service workers. It rethinks the strategies of the U.S. labor movement in terms of a growing care work economy. Finally, it makes a powerful argument that care is a basic right for all and that care work merits a living wage.

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