Brief Wealth in America: Policies to Support Mobility
Signe-Mary McKernan, Caleb Quakenbush, Caroline Ratcliffe, C. Eugene Steuerle
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What role can policymakers play in helping families rebuild their balance sheets after the Great Recession and in helping young families, families of color, and those with less education who were falling behind even prior to it? This brief, based on a convening of nearly 25 national wealth-building experts, presents the facts and identifies four promising policy reforms: (1) providing universal childrens savings accounts; (2) reforming the mortgage interest deduction to better target incentives; (3) expanding access to retirement accounts and automatic enrollment; and (4) promoting emergency savings while addressing barriers such as asset tests in safety net programs.
Research Areas Economic mobility and inequality Wealth and financial well-being Aging and retirement Social safety net Race and equity
Tags Low-Income Home Energy Assistance Program (LIHEAP) Asset and debts Racial and ethnic disparities Pensions Income and wealth distribution Inequality and mobility Racial barriers to accessing the safety net Racial inequities in economic mobility Racial wealth gap Financial stability