Archives: Asset Building Program Articles and Op-Eds

Don't Throw Baby Bonds Out With Bath

  • By
  • Reid Cramer,
  • New America Foundation
November 1, 2007 |

For better or worse, America has a habit of conducting much of our policymaking through the presidential election process. This can be dangerous when meaningful reform efforts get trumped by volatile politics. Sure, we’d like campaign promises to mean something but it’s counter-productive if we let the consideration of good ideas get easily diverted into the gutter.

Baby Bonds Pay Bipartisan Dividends

  • By
  • Reid Cramer,
  • New America Foundation
October 16, 2007 |

At a recent campaign stop with the Congressional Black Caucus, Sen. Hillary Rodham Clinton said, “I like the idea of giving every baby born in America a $5,000 account.”

That was enough to generate a few headlines and some right-wing outrage. The Drudge Report was quick to tweak one of its favorite targets and drive some Internet traffic with a bold banner, “A Bond for Every Bassinet.”

Forget Easy Money

  • By
  • Phillip Longman,
  • Ray Boshara,
  • New America Foundation
October 7, 2007 |

Countrywide Financial, the nation’s largest mortgage lender, has a curious new idea -- or, more precisely, an old one. No longer will it use wads of Chinese cash recycled through Wall Street to make subprime loans to unqualified borrowers. Instead, it will take in deposits from small savers and lend them out to people who might actually repay them -- just like that humble thrift institution president George Bailey did in It’s a Wonderful Life.

Let the Poor Save for Their Future

  • By
  • Rourke OBrien,
  • New America Foundation
September 7, 2007 |

In 1990, newspapers around the country profiled the story of Grace Capetillo, a welfare mom from Milwaukee who, after managing to save $3,000 in the bank, was hauled into court by the county Department of Social Services and charged with fraud. Having breached the limit on allowable assets, Ms. Capetillo was found guilty and ordered to pay a fine of $1,000, spend down another $1,000 of the money she had worked hard to save, and promise not to save again if she wanted to stay on assistance.

Restoring the Value of Saving

  • By
  • Rourke OBrien,
  • New America Foundation
September 4, 2007 |

The value of saving is finally making a comeback. After years of over consumption and accelerating debt -- and more than two years with a negative personal savings rate -- Americans are finally beginning to fret over their empty coffers and negative balance sheets. As headlines profile subprime borrowers going into default around the country, the average American’s sense of economic security has jumped from unease to panic.

Bloomberg Tackles Poverty

  • By
  • Reid Cramer,
  • New America Foundation
June 30, 2007 |

Even for public servants with the best of intentions, the seeming intractability of poverty in America can be awfully discouraging. Its causes are complex and past efforts have met with limited success. Until Hurricane Katrina hit land, poverty had been absent from the public agenda for so long that there was little consensus among policymakers in how to respond. Not only was the toolbox of effective antipoverty proposals empty but partisan gamesmanship often seems to block innovative, good faith efforts to address it.

Investing Your Way Out of Poverty

  • By
  • Rourke OBrien,
  • New America Foundation
June 17, 2007 |

The mayor of New York’s new antipoverty plan, which is scheduled to begin in the fall, will pay as much as $5,000 a year to poor families to help them meet specific goals like getting regular medical checkups, holding down full-time jobs and attending parent-teacher conferences.

Kids' Accounts Warrant Debate

  • By
  • Anne Stuhldreher,
  • New America Foundation
March 22, 2007 |

Governor Schwarzenegger was cheered when he recently talked about post-partisanship in Washington, D.C. But the post-partisan waters don’t run deep back home in California. Two state senators who just crossed the aisle to forward a creative solution to a pressing problem are getting more grief than glory.

On Taxpayer-Funded Savings Accounts

  • By
  • Anne Stuhldreher,
  • New America Foundation
March 12, 2007 |

Even though California is being modeled as the birthplace of post partisanship, ideological divisions still run deep in the political process. Two state senators who just crossed the aisle to forward a creative solution to a pressing state problem are getting more grief than glory.

Going for Broke

  • By
  • Reid Cramer,
  • New America Foundation

In the aftermath of Hurricane Katrina, which struck the Gulf Coast with such ferocity in late August 2005, Americans were shocked by the broadcast images of desperately poor people left to fend for themselves. The depth and consequences of poverty in America, normally hidden from public view, had once again become the subject of debate and national soul-searching. And yet, a year and a half later, the subject of poverty has fallen so far off the public’s radar screen that President Bush did not give it a mention in his recent State of the Union Address.

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