Anne Stuhldreher: All Publications, Events and Press

Pay to Learn is Working in New York

Articles — Wed, 15 Oct 2008 08:35:00 -0400

Los Angeles philanthropist Eli Broad has probably never met Soledad Moya, an eighth-grader at Middle School 302 in the South Bronx. But both are big believers in an approach that has people wringing their hands and wagging their fingers: paying students to perform on standardized tests. Moya's school is a 45-minute subway ride from the Manhattan hotel where Broad took the stage at last month's Clinton Global Initiative to announce a $6-million grant to help launch EdLabs -- an initiative at Harvard University to advance innovations in public schools. EdLab's first order of business is to determine if Spark -- the pilot financial incentive program at Moya's… more

Kids' Accounts Warrant Debate

Articles — Thu, 22 Mar 2007 22:38:00 -0400

Governor Schwarzenegger was cheered when he recently talked about post-partisanship in Washington, D.C. But the post-partisan waters don’t run deep back home in California. Two state senators who just crossed the aisle to forward a creative solution to a pressing problem are getting more grief than glory.

Senator Darrell Steinberg, D-Sacramento, and Robert Dutton, R-Rancho Cucamonga, held a press conference on February 28 to introduce their bill to create a California Kids Account for every newborn. The goal is to encourage parents to start saving early for their children’s future and, in the process, build the whole family’s financial know-how.… more

On Taxpayer-Funded Savings Accounts

Articles — Mon, 12 Mar 2007 00:32:00 -0400

Even though California is being modeled as the birthplace of post partisanship, ideological divisions still run deep in the political process. Two state senators who just crossed the aisle to forward a creative solution to a pressing state problem are getting more grief than glory.

Sens. Darrell Steinberg, D-Sacramento, and Robert Dutton, R-Rancho Cucamonga, held a press conference two weeks ago to introduce their bill to create a California KIDS Account for every newborn. The goal is to encourage parents to start saving early for their children’s future and, in the process, build the whole family’s financial literacy. This bill… more

Against Gentrification

Articles — Sun, 21 Jan 2007 08:56:00 -0500

Marcel Diallo is at war. It’s a war he thinks he has about 18 months to win. As he walks the sidewalks of a neighborhood known as "the Bottoms" in West Oakland, he points out his enemies with a spoon, between dips into a pint of strawberry soy ice cream.

There are the punk rockers, who thought they’d found an industrial neighborhood where no one would mind their loud parties. There’s "the Indian cat and his partner from Palo Alto," who got a deal on one of the neighborhood’s many Victorians. There’s the "speculator" -- a white guy in a… more

Savings Programs for Working Families

Articles — Thu, 18 Jan 2007 01:13:00 -0500

When the California Working Families Policy Summit convenes Thursday in the Sacramento Convention Center, a familiar list of topics -- child care, after-school programs, cash assistance -- will dominate the agenda. These critical programs help families get by. What will be missing are bold proposals to help them get ahead.

The California Center for Research on Women and Families is sponsoring the summit for legislators and their staffs, administrative officials and other civic leaders to discuss public policy issues for this legislative session. Many important safety nets are already in place to support California’s working families. But we haven’t been as… more

The People’s IPO

Articles — Tue, 02 Jan 2007 04:22:00 -0500

“Every time I go to Market Creek with my kids now, they say ‘We own this,’” says Bevelynn Bravo, a mother of four who lives in a struggling San Diego neighborhood known as the Diamond. Bravo recently took part in a first-of-its-kind initial public offering (IPO), purchasing 25 shares in the Market Creek shopping center at $10 per share. Market Creek Plaza’s developer, the Jacobs Center for Neighborhood Innovation (a foundation), had previously partnered with teams of residents to conceive, design, and plan the new shopping center. Now the foundation is pioneering what it calls a “community development IPO”… more

Governor Schwarzenegger Signs Bill Making It Easier For CalWORKS Recipients to Save

Communications — Tue, 03 Oct 2006 10:00:00 -0400

SACRAMENTO, CA – Governor Arnold Schwarzenegger has signed legislation to encourage CalWORKS recipients to build money management skills and savings for their long-term financial security. The bi-partisan legislation, authored by Assembly Members Lynn Daucher (R-Brea) and Juan Arambula (D-Fresno), will allow CalWORKS recipients to save in restricted accounts (i.e., IRAs) without jeopardizing their benefits. Also, the bill will allow California counties to offer money management classes as an allowable work activity for CalWORKS recipients.

“This bill is an important first step,” said Anne Stuhldreher, of the New America Foundation, a co-sponsor of the bill with the Asset Policy Initiative of… more

Invest $500 in Every NY Newborn

Articles — Fri, 18 Aug 2006 00:08:00 -0400

To his credit, Mayor Bloomberg challenged his anti-poverty commission to think boldly. Well, how’s this: Every poor New Yorker should have the opportunity to build wealth.

Imagine your life without any assets -- without a bank account, investments, savings, a home, an education, a nest egg for retirement or any money to pass on to future generations. Feels pretty insecure, doesn’t it? Turns out that such "asset poverty" is higher in New York than in any other state in the nation.

Now imagine the lives of 1.7 million poor New Yorkers if they suddenly had the opportunity to build real… more

Can California Import a British Plan?

Articles — Tue, 01 Aug 2006 00:56:00 -0400

Prime Minister Tony Blair swings through California next week to enjoy some down time with Governor Schwarzenegger and First Lady Maria Shriver. No doubt he’ll want to take a break from a string of bad press in the U.K. Let’s hope he and the Governor find time to talk about one of his quiet but groundbreaking successes that holds great promise for California -- Blair’s new program to give every child a stake in Great Britain’s economic future.

Each British baby born after September 1st, 2002 receives a "Child Trust Fund" of 250 pounds (about $460) with the poorest one-third of… more

Governor Schwarzenegger Signs Bill That Encourages Saving

Communications — Wed, 26 Jul 2006 18:49:00 -0400

(Sacramento, CA)— Governor Arnold Schwarzenegger has signed legislation to improve the state’s anemic savings rate by giving Californians new opportunities to make the best use of their tax refunds. The bill, inspired by research from the New America Foundation and the Asset Policy Initiative of California, allows Californians to split their refunds into separate accounts (checking and savings, for example), takes effect in the 2007 tax period. The New America Foundation and the Asset Policy Initiative of California played a lead role in working with both the governor and key legislators to develop and promote this innovative approach to increase… more

The Assets Agenda 2006

Asset Building — Fri, 21 Apr 2006 03:00:00 -0400

The purpose of this issue brief is to summarize a federal public policy agenda to broaden savings and asset ownership opportunities for low- and moderate-income Americans. It reflects our latest and best thinking, and draws heavily on the work of many experts focusing on various facets of savings and asset-building policy. The menu includes calls for new structures and policies, as well as changes to existing tax systems, government programs and financial products.

We continue to share President Bush’s vision for an “ownership society,” although public policies to achieve that must be directed at the bottom half of the population, most… more

Presto! Tax Return Becomes a Nest Egg

Articles — Fri, 14 Apr 2006 03:00:00 -0400

Americans can't save. They rank it right up there with -- oh, cleaning out the closet. Recent research confirms that the national savings rate in the United States dipped below zero percent in 2005 and stayed there for the better part of the year. The last time that happened was during the Great Depression.

For most of us to save money, someone else needs to do it for us. That's why so many of us have our employers deduct money from our paychecks to send to a 401k account. Saving needs to be easy and automatic for it to stand… more

California Should Improve Awareness of EITC Refund

Articles — Thu, 13 Apr 2006 03:00:00 -0400

New research reveals that California is dead last in bringing home the country's largest resource for working-poor families. By April 17, hundreds of thousands of Californians will miss out on applying for the Earned Income Tax Credit (EITC), a source of sizeable refunds that give a financial boost to those at the low end of the pay scale. Golden State residents leave almost $1 billion in federal funds unapplied for. California families pay a big price when they leave these dollars sitting in Washington, D.C. People who earn up to $37,263 can claim EITC refunds that average $1700, but can… more

In Defense of Wal-Mart

Communications — Mon, 10 Apr 2006 03:00:00 -0400

New America in the News:
Wal-Mart is the focus of criticism for its plan to open up its own limited-purpose banks. But commentator Anne Stuhldreher says maybe some of its other practices deserve praise. For the complete feature, please see the Marketplace website.

A New Way to Help California's Poor

Articles — Fri, 03 Feb 2006 08:00:00 -0500

California first lady Maria Shriver, John Edwards and other political luminaries have converged on Los Angeles for a summit on California poverty. The organizers asked speakers to present ways to help California's poor that are "innovative, practical and achievable."

That's a tall order, but it's a timely one. California is at a crossroads in how it assists its less fortunate residents. We can limit ourselves to the old tools and policies. Or California can lead the country in the democratization of financial assets -- which could prove to be the Homestead Act of the 21st century.

In the former, the focus… more

Refund Splitting

Asset Building — Wed, 01 Feb 2006 08:00:00 -0500

To encourage savings, California state income tax forms should be amended to allow households to split their tax refund and direct portions to up to three accounts. The income tax forms would need to be changed to include three "boxes," where tax filers could input account numbers to which they could direct parts of their refunds. Currently, there is only one "box," on the form, allowing tax filers to direct their refund to only one account. New research indicates this simple change can increase personal savings, even for low income people.

For the complete document, please see the attached PDF version.

A Financial Jump Start for CalWorks Recipients

Asset Building — Sun, 01 Jan 2006 04:00:00 -0500

In a recent speech, Federal Reserve Chair Alan Greenspan noted, “Today’s financial world is highly complex when compared with that of a generation ago. Forty years ago, a simple understanding of how to maintain a checking and savings account, at local banks and savings institutions may have been sufficient. Now, consumers must be able to differentiate between a wide range of financial products and services, and providers of those products and services.” While the population as a whole generally lacks the financial education needed to make good decisions, this problem can hit low-income Americans the hardest. Not only are low-income… more

Building the Financial Bridge to College

Asset Building — Thu, 01 Dec 2005 12:00:00 -0500

California has the opportunity to make 529 accounts more attractive to low- and moderate-income families by providing a match for savings they put towards a college education.

California could opt to provide a 1-to-1 savings match up to $500 annually for families earning 200% or less of the federal poverty rate. This would deliver a tangible benefit for working families that cannot fully take advantage of the tax incentives given through 529 college savings plans and allow funds to only be allocated to those making an effort to save. Given some underlying assumptions, this initiative could cost between $7.5 to $15… more

Public Assistance Savings Exclusions (PASE)

Asset Building — Thu, 01 Dec 2005 08:00:00 -0500

To qualify for major public assistance programs like CalWorks, Food Stamps, and Medicaid, families must be both low-income and asset-poor. “Asset limits” make sense at first glance. The public pocketbook is not limitless and public aid should be directed to those who are truly desperate. However, asset limits can also put low-income families in a precarious position, causing them to deplete – and keep depleted – the part of a family’s financial portfolio that is critical for promoting independence and keeping recipients from returning to public aid.

For the complete document, please see the attached PDF version.

Yes, Poor People Do Save

Asset Building — Thu, 01 Dec 2005 08:00:00 -0500

One of the most common myths in economic and poverty policy is that low and moderate-income people can’t or won’t develop financial assets. However, evidence from a wide variety of successful pilot projects from around the U.S. shows that, like wealthy families, low-income families can and do save when appropriate incentives and savings products are in place. Tactics like integrating savings tools into social support programs, providing financial education, matching savings, and even simple changes like allowing a savings check-off on tax forms, have yielded positive effects for low- and moderate-income families.

For the complete document, please see the attached PDF… more