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New Policy Brief: Economic security is key to recovery

Posted by kimj at Oct 17, 2011 05:20 PM |

State investments in economic security- such as supports that protect families from  job loss and financial hardship- are especially important when the impact of a downturn is as severe as the one we are experiencing now.

Yet, as our new policy brief, Economic Security: Key to Recovery and Prosperity shows, recent budget decisions have impaired our recovery and have put families and individuals at risk of further financial hardship:

  • Over 20,000 adults and children have been impacted by the loss of assistance needed for families to get and keep a job; roughly 7,000 low-income working parents have lost crucial child care support; and 20,000 individuals who cannot work due to a disability face the imminent loss of financial assistance.
  • Over 320,000 people in our state are unemployed (over 9 percent) and nearly 890,000 people in our state now live below the federal poverty line (13 percent). State investments are necessary to help people get and keep jobs.
  • Further budget reductions being considered include additional limits to assistance for families seeking employment which would impact an estimated 4,000 adults and children, and completely eliminating support for 37,000 people with disabilities.

econ security1

In the face of further revenue declines, policymakers should take a different approach to solving the budget situation. That approach must include boosting our revenue so we can maintain our commitment to those most impacted by the recession. This can be accomplished by modestly increasing state tax rates, eliminating unproductive tax breaks, or both.

Click here to read the full brief.

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