WASHINGTON, DC— Los Angeles Mayor Anthony Villaraigosa today proposed a set of policy initiatives aimed at dramatically reducing poverty in America. The New America Foundation commends Mayor Villaraigosa for devising an innovative and pragmatic plan to assist our nation’s poorest citizens move up the economic ladder.
As chair of the US Conference of Mayors Taskforce on Poverty, Work, and Opportunity, Mayor Villaraigosa oversaw the creation of a bipartisan action plan seeking to integrate federal, state and local strategies while leveraging maximum private sector participation. At the center of this action plan is an integrated public investment strategy that focuses on increasing economic mobility and raising the prospects of tomorrow’s workforce. The plan calls upon the federal government to enact three primary proposals, which include providing every child access to high-quality preschool, establishing a savings account for every newborn to help people save for lifelong learning, and expanding the Earned Income Tax Credit to make work pay.
“The New America Foundation applauds Mayor Villaraigosa’s leadership and vision in recognizing that poverty alleviation is a paramount national goal worthy of a major commitment of public sector resources. Achieving this goal will depend on tackling poverty over the long haul and across the life course" said Reid Cramer, Research Director of New America’s Asset Building Program.
"The establishment of a new, lifelong savings product specifically aimed at kids – and especially one that rewards the savings of kids in low-income households –will inspire families across America to help their children save, teach them financial basics, and better prepare them for their future.”
The New America Foundation has long advocated for progressively-funded savings accounts for all children. Several Members of Congress, Democrats and Republicans alike, have proposed bills that would establish a savings account for every U.S. child at birth.
Formed in the aftermath of Hurricane Katrina, the US Conference of Mayors Taskforce has focused on forging a common national strategy capable of renewing a national conversation about poverty and economic opportunity. The taskforce’s recommendations reflect the consensus of the Mayors about the need for an action plan that is both pragmatic and bold, and is driven by evidence and on the ground results. Co-chairs include the mayors of Chicago, Detroit, Miami, Newark, and Trenton.
