G2TT
来源类型Testimony
规范类型其他
Reducing the High Costs of Being Poor
Matt Fellowes
发表日期2008-03-08
出版年2008
语种英语
摘要

Mrs. Chairman, and other members of the Committee, thank you for the invitation to testify today about the higher prices that lower-income individuals often pay for necessities and the private- and public-sector responses needed to bring down those higher costs of living. Price premiums tacked onto goods and services pose a serious obstacle for lower-income workers that are trying to convert scarce dollars into economic mobility. Fortunately, steps that a select group of states, cities, and private-sector partners have taken in recent years provide a roadmap for a new federal agenda that will lower these costs of living for households across the country.

I want to make three broad points.

First, moderate- and low-income households often pay higher prices for basic necessities, from basic financial services to cars to mortgages.

Second, these higher prices curb the ability of moderate- and low-income households to convert their wages into economic mobility and erode the efficacy of federal work-support subsidies, including the $42 billion Earned Income Tax Credit.

Third, federal policymakers can lower these higher prices by a) reducing the real higher costs of doing business with low-income consumers, b) curbing market practices that unnecessarily drive up prices, and c) boosting the ability of consumers to find the lowest possible price in a market for a good or service.

Author

Matt Fellowes

Former Brookings Expert

CEO and Founder - United Income

URLhttps://www.brookings.edu/testimonies/reducing-the-high-costs-of-being-poor/
来源智库Brookings Institution (United States)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/291365
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Matt Fellowes. Reducing the High Costs of Being Poor. 2008.
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