Idea of the Day: Reduce the High Cost of Being Poor

April 28, 2008

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Reduce the high costs of being poor and increase access to financial services. Despite having less income, lower-income families often pay more than middle and high-income families for the same consumer products. We recommend that the federal and state governments should address the foreclosure crisis through expanded mortgage assistance programs and by new federal legislation to curb unscrupulous practices. And we propose that the federal government establish a $50 million Financial Fairness Innovation Fund to support state efforts to broaden access to mainstream goods and financial services in predominantly low-income communities.

Vote for this idea at On Day One

For more on the Center's policies to fight poverty, please see:

• From Poverty to Prosperity: A National Strategy to Cut Poverty in Half by the Center for American Progress Task Force on Poverty