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Pulling back the curtains on wage-theft enforcement in MN; Trump's latest attack is on RFK, Jr; NM LGBTQ+ equality group endorses 2024 'Rock Star' candidates; Michigan's youth justice reforms: Expanded diversion, no fees.

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Transportation Secretary Pete Buttigieg says rebuilding Baltimore's Key Bridge will be challenging and expensive. An Alabama Democrat flips a state legislature seat and former Connecticut senator Joe Lieberman dies at 82.

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Policy Brief: Changes Needed to Encourage Saving, Narrow Racial Wealth Gap

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Thursday, January 21, 2016   

LAS VEGAS - Despite the improved economy, many Nevada families lack a financial cushion. But a few small changes could make it easier for them to build up their savings according to a new policy brief released Tuesday.

The brief, from the Annie E. Casey Foundation is called "Investing in Tomorrow: Helping Families Build Savings and Assets."

Right now in many states public programs such as Temporary Assistance for Needy Families actually discourage saving - by cutting people off if they have more than a few thousand dollars in assets. Beadsie Woo, senior associate with the Casey Foundation, says all families need a financial cushion.

"Saving, both for short-term emergencies such as a car repair," she says. "But it's also saving for long-term aspirations like post-secondary education, or chances that will change their kids' lives."

In 2014 Nevada actually increased the asset limits from $2,000 to $6,000. But the policy brief recommends the federal government raise it to $12,125 in savings, about three month's worth of wages for a low-income family of four. The brief also suggests that legislators consider setting up an individual savings account for each American child at birth and putting in some seed money, perhaps $1,000, to get families started saving.

The brief also highlights a persistent racial gap in family assets. Woo notes that between 2010 and 2013, white families' net worth increased by 2 percent while black and Latino families saw theirs go down by 34 and 15 percent, respectively.

"The racial wealth gap is growing, and that's putting children of color at a huge disadvantage," she says. "Policies that make it easier for families to save can go a long way to helping children have better futures."

The analysis also recommends the government promote entry-level retirement accounts called MyRAs and better market the Family Self-Sufficiency Program to encourage home ownership.



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