Economic Stability and Opportunities

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What is Economic Stability and Opportunities ? Simply put, Economic Stability and Opportunities (ESO) seeks to help individuals overcome the economic, social, and policy barriers to achieving financial stability. Women In Government’s ESO Policy Resource Center is dedicated to connecting state legislators to policy resources that support financial stability for low-income, working families, individuals, and youth.

ESO Policies Include: Asset Building and Financial Literacy Earned Income Tax Credit Pay Disparity Predatory and Payday Lending Workforce Development Affordable Housing Juvenile Justice Youth and Foster Care Transitions Child Welfare, Community, and Permanence

Asset building enhances the growth of financial resources, creates a financial foundation, and results in stable futures. Significant degree of wealth inequality in the U.S. is among low-income minority population. Asset building can improve financial psychological, and social well-being of these populations. Asset Building and Financial Literacy

Earned Income Tax Credit State Earned Income Tax Credit (EITC) supplements federal credit and works as a rebate for state taxes paid by low-income working people. 25 states have enacted a state EITC, which is percentage of federal credit. States can create and expand existing Earned Income Tax Credits. They can exempt credits from Temporary Assistance for Needy Families (TANF), Medicaid, food stamp programs, and make state tax credit refundable.

Pay Disparity Women’s participation in the workforce has steadily increased over the last several decades to account for nearly half of all workers. The wage ration in the 10 most common occupations for women ranges from 71.2 percent of men’s earnings for retail sales managers to 93.6 percent of men’s for customer service representatives. Source: Institute for Women’s Policy Research

Predatory and Payday Lending Predatory lending is defined by inequitable market practices that result in charging inflated fees and interest rates for loans. Borrowers might not be capable of repaying loans and financial situation may get worse over time.

Workforce Development Workforce development incorporates specific measure to improve professional and personal growth necessary for securing stable job and ensuring financial independence. Ever increasing gap between educated and uneducated individuals, which weakens stability of uneducated population. Employment training programs enhance individual’s educational level and skills.

Affordable Housing Affordability is for a household to spend no more than 30 percent of its annual income on housing. Families who pay more than 30 percent of income for housing are considered cost burdened and may have difficulty affording necessities. Affordable housing project can be created at state and federal level, in addition states can implement laws and regulations designed to secure availability of affordable housing.

Juvenile Justice Incarcerated youth often face of lifetime of low educational achievement and struggle with marginal job stability and long term advancement in the labor force. WIG recognizes the importance of designing programs aimed to improve the odds of youth successfully transitioning to adulthood. Primary to achieving this goal is reforming the juvenile justice system so that fewer youth are locked up, and programs place more emphasis on interventions designed to create opportunities for positive youth development.

Youth and Foster Care Transitions After youth transition out of foster care they experience poor outcomes when compared to peers in general population. For example, youth transitioning from foster care suffer higher rates of incarceration, school drop-out, unemployment, and lack healthcare access. Policies and practices can be implemented to allow for youth to obtain necessary training and skills to become independent members of society.

Child Welfare, Community, and Permanence All children need a safe, nurturing environment and support system to protect and guide them. legislators can adopt policies that ensure the accumulation of social networks that can aid in healthy development and increase stability and permanency for children.

ESO Awareness & Education Toolkit Provide materials to enhance public awareness and a springboard for legislator action Sample legislation FAQ Sample constituent letters And more!