Reid Cramer: All Publications, Events and Press

A Penny Saved is Mobility Earned

Asset Building — Tue, 24 Nov 2009 15:52:00 -0500

As the saying goes, “A penny saved is a penny earned,” but does that penny saved translate into greater economic mobility? Movement up the income ladder is fairly limited for children of low-income parents—42 percent of children born to parents on the bottom rung of the income ladder remain on the bottom rung a generation later.i To date, however, there has been less analysis that shows clearly how income mobility differs based on one’s own or one’s parents’ level of savings. This paper clearly demonstrates the relationship between savings and economic mobility.

Advancing Economic Mobility Through Savings

Kirsten Gilbert — Thu, 19 Nov 2009 14:00:00 -0500

A New America Event
11/19/2009 - 1:00pm

"This is going to be a different recovery than the past, because Americans are going to have to save more." -Tim Geithner, US Secretary of the Treasury Saving is a key to economic mobility as well as economic recovery. Despite the critical importance of savings, most Americans, especially those with low incomes, are not saving enough. Federal policy encourages saving for the wealthy, but for low-income Americans saving is often discouraged and the path to self-sufficiency is made more difficult.

Consumer Groups Love Dodd's Proposed Financial Regulation | McClatchy Washington Bureau

Cecille Isidro — Thu, 12 Nov 2009 19:07:00 -0500

"The House and the Senate are singing from the same songbook," said Reid Cramer, a financial services expert at the New America Foundation, a moderate to ...

Turn America into a Nation of Savers

Erin Drankoski — Mon, 09 Nov 2009 10:26:00 -0500

In pursuit of an economic recovery, President Obama has argued that we must transition from an "era of borrow-and-spend to one where we save and invest." It is an appealing concept, especially as the disappearance of surplus assets and historic levels of debt helped transform a garden-variety business cycle recession into a historic collapse.

But how does the saving and investing square with high levels of government borrowing and spending to stimulate the economy, protect those thrown out of work, and prop up consumer demand?

Behavioral Economics and Policy Meeting

Kirsten Gilbert — Wed, 28 Oct 2009 00:30:00 -0400

A New America Event
10/28/2009 - 9:00am

Savings as a Tool for International Development

Kirsten Gilbert — Wed, 14 Oct 2009 19:00:00 -0400

A New America Event
10/15/2009 - 12:15pm

Can savings-led programs ensure poverty reduction? Preliminary results from World Council of Credit Unions' (WOCCU) MatchSavings.org program in Mexico, where online donations are used to match the first savings accounts of the poor,

Bank Buster | Mother Jones

Cecille Isidro — Thu, 08 Oct 2009 04:10:00 -0400

"Regulating financial products based on fairness, simplicity, and appropriate risk is an entirely new paradigm," notes Reid Cramer, director of the New America Foundation-Asset Building Program ...

ASPIRE Act | U.S. News & World Report

Cecille Isidro — Tue, 06 Oct 2009 06:17:00 -0400

The purpose of the accounts, says Reid Cramer, director of the Asset Building Program at the New America Foundation, is to get people invested in their future. ...

Fearful Asymmetry: The Tiger Ages Badly | ai5000

Erin Drankoski — Mon, 05 Oct 2009 10:21:00 -0400

Reid Cramer, Director of the Asset Building Program at the New America Foundation in Washington, D.C., who researches the operation of provident funds, says they may be potentially valuable "as a source of national savings, a way to limit dependency on capital from abroad, which in turn leads to economic growth and general prosperity." ... Original Article

Updating Poverty

Stephanie Gunter — Tue, 08 Sep 2009 07:45:00 -0400

A New America Event
09/08/2009 - 12:15pm

A Government Hand in Helping the Poor Save | New York Times

Cecille Isidro — Mon, 10 Aug 2009 11:02:00 -0400

“The SaveNYC account is a meaningful innovation,” said Reid Cramer, director of the asset building program of the New America Foundation, a progressive ...

City Calls Low Income Savings Program a Success | WNYC

Erin Drankoski — Fri, 07 Aug 2009 14:39:00 -0400

In Reid Cramer's interview with WNYC, Mr. Cramer says, "Current policy does a very poor job of helping these families build up small pools of resources especially that they can draw upon flexibly. So there's a real need for short term savings for emergencies." ... Original Article

The Assets Report 2009

Asset Building — Tue, 14 Jul 2009 22:49:00 -0400

Asset ownership plays a central role in the economic security of American families and the broader economy. Assets can be deployed productively, such as to pay for a college education, or tapped to help individuals and families weather unexpected events. Additionally, assets have behavioral effects that can change the manner in which people think about and plan for the future.

The ASPIRE Act of 2009

Asset Building — Wed, 01 Jul 2009 14:01:00 -0400

What does the bill do?
Why is a bill to promote asset building for children necessary?
Who is eligible? Will illegal immigrants or children who become citizens get accounts?
Will children born before the bill takes effect get accounts?
Why do wealthy people get these accounts?
Why do poor people who don't pay taxes get accounts?
Is it unrealistic to expect those with low incomes to save when they already struggle to get by?
How
read more

Savings, Responsibility, and Opportunity in America

Stephanie Gunter — Fri, 19 Jun 2009 06:45:00 -0400

A New America Event
06/19/2009 - 12:15pm

When President Clinton signed the welfare reform bill in 1996, he changed the moral debate over poverty by linking benefits to work. However, an opportunity was missed to create a new type of safety net that recognized not just the importance of income but having access to a stock of savings and assets as well. While much attention has been focused on income volatility, severe fluctuations in wealth and low asset holdings undermine the potential for economic mobility.

New America Foundation Appoints New Leaders for Assets and College Savings Programs

Communications — Thu, 18 Jun 2009 08:05:00 -0400

Washington, DC -- Beginning July 1, 2009, Reid Cramer will assume the post of director of New America Foundation's Asset Building Program. Cramer, who holds a Ph. D from the LBJ School at the University of Texas at Austin, has been research director in the assets program since 2003 and played a leadership role in New America's Next Social Contract Initiative as well. Before joining New America, Cramer served at OMB in both the Clinton and George W. Bush Administrations.

New Ideas For Strengthening Federal Rental Assistance

Cecille Isidro — Thu, 14 May 2009 07:05:00 -0400

Obama's Urban Opportunity

Cecille Isidro — Thu, 26 Mar 2009 11:17:00 -0400

New America Foundation and America Saves Week

Communications — Mon, 23 Feb 2009 14:08:00 -0500

Washington, DC -- The New America Foundation along with more than 100 government agencies, non-profit organizations, trade associations, and companies, is participating in America Saves Week, an organized effort to encourage and assist individuals to assess their savings and take action to advance their savings progress.

Promoting the Vision

Asset Building — Fri, 16 Jan 2009 10:26:00 -0500

Introduction/Background

In recent years, the role that savings and assets play in shaping people's lives has increasingly captured the attention of researchers, policy analysts and elected officials. Their interest in savings and building wealth has grown along with an increased awareness of specific policy tools and interventions, such as matched savings accounts available for lower-income workers. The launch of the SEED Initiative in October 2003 was an important marker in this process because it introduced the