Liberal Concern, Conservative Emphasis

Expanding college savings’ programs, providing better access to health insurance and reforming consumer lending practices are some of the recommendations made by the Oklahoma Policy Institute to help the state’s low- to moderate-income families.

OK Policy’s new issue brief, “More Than Just Getting By,” focuses on asset building for families. David Blatt, the policy director for the think tank, wrote the brief. Blatt writes:

Unfortunately, financial security is under threat or out of reach for a growing number of households. We contend that a purposeful and targeted effort at building and protecting assets, involving individuals, communities, and government, offers a promising approach to strengthening financial security.

. . . By uniting the traditionally liberal concern of reducing poverty and increasing social mobility with the traditionally conservative emphasis on building individual wealth and ownership, asset-building has created a powerful bipartisan partnership.

The brief notes the Survey of Consumer Finances recently found Oklahoma ranked in the bottom ten among states in net worth, low-wage jobs and families without health insurance.

OK Policy, in a release accompanying the brief, recommends government

Improve college savings for low and moderate-income by waiving or lowering initial deposits for 529 Plan accounts and by offering a public match or tax credit;

Increase access to health insurance through Insure Oklahoma to help residents avoid financial ruin because of exorbitant medical bills;

Reform consumer lending by lowering cost and frequency of payday loans and developing affordable alternatives;

Eliminate the asset test in the TANF [Temporary Assistance for Needy Families] program to encourage saving and allow for emergency assistance when needed.

Increase the personal exemption on state income tax, and expand tax credits, such as EITC and Sales Tax Relief Credit (grocery tax credit), so that low and moderate-income households are not taxed disproportionately.

These are rational and prudent suggestions. OK Policy continues to offer viable ways for Oklahoma to build its future and improve its quality of life for citizens across the social spectrum. State leaders should give its recommendations careful consideration.