California Asset Building: Latest Publications

We Need to Fix How We Measure Poverty

Erin Drankoski — Tue, 13 Oct 2009 11:19:00 -0400

From climate change to redistricting, New York City Mayor Michael Bloomberg and Gov. Arnold Schwarzenegger have teamed up on a number of issues. It's time to add another to the list -- updating the antiquated and misleading way we measure poverty.

It may seem like an odd concern for the Republican duo. But Bloomberg took the lead on the issue last year when conditions in New York City were similar to those California faces today: The economy was down; need was rising; and public resources were constrained.

Banking Development Districts

Asset Building — Thu, 21 May 2009 23:51:00 -0400

To promote local economic development, California policymakers should create Banking Development Districts, a proven way to connect lower-income unbanked Californians with the financial products and services they need to enter the financial mainstream and begin to build savings and assets. It is modeled after New York State's successful Banking Development District program.

For the full text of the issue brief, please see the PDF attached below.

California Employee Savings Program Bill Summary

Asset Building — Fri, 15 May 2009 05:55:00 -0400

The California Employee Savings Program creates a voluntary, universal, portable retirement account for California workers who do not have access to a workplace retirement savings plan. It would give six million California workers and their families an opportunity to have their own workplace retirement savings plans to supplement their basic Social Security benefits. The California Employee Savings Program would also give hundreds of thousands of California small businesses an easy, low-cost, voluntary way to offer a retirement savings plan to their

CA Workforce Mobility and Savings Initiative Bill Summary

Asset Building — Fri, 15 May 2009 05:24:00 -0400

The CA Workforce Mobility and Savings Initiative, reforms the asset limit in the California Work Opportunity and Responsibility to Kids (CalWORKs) program, to encourage low-income families to build the savings they need to permanently exit welfare. The measure repeals the $2,000 asset limit in CalWORKs for current recipients and raises it for new applicants from $2,000 to $7,000 while also eliminating the $4,650 vehicle limit. By reforming the asset limit, this measure restores the stated goal of the CalWORKs program by assisting families in achieving

Asset Building in California

Asset Building — Wed, 06 May 2009 09:59:00 -0400

Overview

The current economic downturn, triggered in part by excessive household debt and deflating housing prices, underscores the central role asset ownership plays in the economic security of California families and the broader economy. Yet, half of all Americans currently have few or no assets, in part due to policies that encourage savings and wealth accumulation that benefit the upper half of earners. The purpose of New America's Asset Building Program, is to significantly broaden savings and assets ownership in America,