ASPIRE Act/KIDS Accounts

Perhaps a good way to begin debate on President Bush's bold and commendable ideas for an "ownership society" would be to ask, "Who owns America?" After all, if ownership policies further concentrate the ownership of assets for those who already own a lot, while doing little for those who own nothing, what's the point?

According to the Federal Reserve, the bottom 40 percent of the nation owns less than 1 percent of the nation's wealth, while the bottom 60… more

The onset of a debate over Social Security's future offers Democrats a chance to articulate what they're for -- not just what they're against. President Bush has provided them an opening. He's laid out a rhetorical message that works -- the Ownership Society -- but has failed to provide the means to make it happen. The reason it works is that it evokes the most promising path to security: being able to save, invest and build up a reserve of… more

Many Americans have no assets to their name; they are disadvantaged from the start of their lives. One promising idea to expand opportunity and broaden asset ownership is to endow every newborn child with an American Stakeholder Account (ASA). This paper intends to serve as a vehicle to review and consider the policy design choices that would give this proposal its ultimate shape and direction. It builds on previous analytical work and offers new insights in examining the challenges, benefits,… more

Children's investment accounts are gaining political momentum throughout the world. The United Kingdom recently enacted a universal Children's Trust Fund initiative, Singapore funds child development accounts throughout a system of Baby Bonuses, and various proposals have emerged in the United States. Join our panelists and invited legislators as they consider the concept and highlight a new groundbreaking initiative to test progressive saving and asset building for all American children.

More than a third of the children born each year… more

Prime Minister Tony Blair of Britain came to Washington last week to bolster President Bush against his critics on Iraq. Let's hope the two leaders found a moment to discuss domestic policy as well -- particularly Mr. Blair's effort to give every child a stake in Britain's economic future.

Each British baby born after last Sept. 1 will receive a trust fund worth at least $400, and up to $800 for the poorest one-third of children. The government will make smaller… more

To greatly expand opportunity, to broaden asset ownership, and to fortify the American economy for the long-haul, an American Stakeholder Account (ASA) should be established for every child born in America and made available to all other persons age 18 and under. Over time, this “Homestead Act of the 21st Century” will evolve into a universal system through which all Americans can meet their asset needs throughout life— securing post-secondary education and life-long learning, purchasing a first home, making investments,… more

Throughout our history, periods of unbounded market exuberance, like the one we recently experienced, have been followed by periods of far-reaching social and economic reform. The Gilded Age of the late nineteenth century gave way to the Populist and Progressive reforms of the early twentieth century, the Roaring Twenties to the New Deal, and the Eisenhower-Kennedy Nifty-Fifty bull market to the Great Society and the War on Poverty. From this cycle of great wealth creation (and abuse) followed by great… more