Stay Informed!

By Kristin Lawton on 09/22/2010 @ 06:29 PM

Tags: ALC 2010, Federal Policy, Financial Inclusion

Today, CFED, in partnership with the Annie E. Casey Foundation, is releasing Upside Down: America’s $400 Billion Federal Asset-Building Budget, an investigation into federal expenditures aimed at encouraging savings and investment. You’ll find a copy of Upside Down in your Conference bag.

Among the most compelling findings included in the report is that of the nearly $400 billion spend by the federal government in 2009, most funds went toward tax breaks. However, more than half of these breaks went to the wealthiest five percent of taxpayers, who averaged a net benefit of $95,000 each. On the other hand, less than 5% of the federal expenditures benefitted the Americans earning the least. The bottom 60% of taxpayers averaged just $5 each.

This finding and a series of others likely evoke immediate frustration, pointing to yet another barrier keeping low- and moderate-income Americans from getting ahead and achieving the American dream. Yet, with this information comes unprecedented opportunity. As CFED Founder and Board Chair Robert Friedman elucidates, “Taken together, this suggests we have a monumental opportunity not only to save by curbing existing ineffective tax incentives, but to increase net savings significantly by extending effective incentives to the asset-poor majority.”

As you read through Upside Down over the next few days, be thinking about ways to confront some of the challenges that perpetuate asset poverty. Your insight will be value as you, CFED and the Annie E. Casey Foundation create the Save & Invest Economy together.

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