Ray Boshara

Hurricane Katrina graphically showed how many Americans live in abject poverty, one natural disaster away from losing the few assets they have.

But many Iowans have equally few assets to weather a similar financial setback, whether the cause is a natural disaster like Katrina or an economic one, such as losing a job. More than half of households in our state headed by adults 55 and older lack retirement assets, such as pensions and annuities. Among low-income households in Iowa… more

The recent hurricanes wrought havoc on families and communities across the Gulf Coast and poignantly revealed how the debilitating effects of poverty persist across the country. The President has wisely proposed asset-based ideas as the core of his policy response—a urban homesteading act to encourage the ownership of land and homes, a Gulf opportunity zone to foster business ownership, and worker recovery savings accounts for job training and education. While insufficient in their scope, these proposals identify a promising path… more

Over 100 people, including key congressional staffers, leaders from the financial community, and policy advocates attended Solutions for Increasing Savings, Ownership and Retirement Security, co-sponsored by the New America Foundation and the Retirement Security Project, in conjunction with the Congressional Savings and Ownership Caucuses. Senator Jon Corzine (D-NJ), Congressman Philip English (R-PA), Congressman Harold Ford (D-TN) and Congressman Jim Cooper (D-TN) were active participants throughout the half-day conference, bolstering an event that included many of the pre-eminent scholars on… more

The purpose of this annual report is to summarize and take stock of the current state of federal policy through an asset-building lens, especially as it affects the asset base of the poor.

In his Second Inaugural Address, President Bush reaffirmed his commitment to promoting an “Ownership Society” and unambiguously connected asset building policy to the most cherished ideals of the nation. He proclaimed:

In America's ideal of freedom, citizens find the dignity and security of economic independence, instead of… more

Individual Development Accounts (IDAs)—matched savings accounts for low-income households—are a relatively new means of improving the lives of the poor. Advocates of IDAs argue that those with assets are more economically secure, have more options in life, and can pass on status and opportunities to future generations. They further argue that assets have positive social, psychological, and civic effects that are independent of the effects of income. Over the last decade, research and demonstration projects have been initiated to address… more

A bi-partisan group of Senators and Representatives launched the Savings and Ownership Caucuses at a press conference on Thursday, February 17th at 1:30 p.m. in HC-9 of the U.S. Capitol. The respective Senate and House caucuses, facilitated by the New America Foundation's Asset Building Program, explore, debate and advance policies to build savings and assets for all Americans, and low-income Americans in particular.