Assets and the Poor 20 Years Later

Bob Friedman has a really nice post up over at CFED's in-house blog, The Inclusive Economy. In it he commemorates the 20th anniversary of the publication of Michael Sherraden's seminal work, "Assets and the Poor," the book that essentially launched the asset building field and details his introduction to the book. It's a very nice piece, brimming with the passion and earnestness that I've found to be Bob's trademarks. Here he is on the early stages of the field: 

It has been my and CFED’s great honor to work with Michael and the Center for Social Development, and all the individuals and institutions who found inspiration and education in Michael’s ideas, throughout the last two decades. First we worked together to popularize the idea; I will never forget Jack Kemp, then HUD Secretary, carrying around his earmarked copy of Assets and the Poor and waving it around during his speeches in the early 90s. We worried that it would all be talk and no action. So, together, and with the support of a dozen leading foundations, we created the American Dream Demonstration, which proved, with more than 2,300 poor Americans, that, given a savings match and financial education, low-income and even very poor people, would save, go to college, buy homes, start businesses and move toward economic independence. In fact, participants at half the poverty line – less than $10,000 for a family of 4 – saved about as much and at 2-3 times the rate as folks at twice the poverty line, because, as they explained to us, this was the price of stability and hope.

I recommend reading the whole thing, and as a bonus, they've even got a video of Michael Sherraden talking about 20 years of "Assets and the Poor." There's going to be a lot forthcoming from us on this, there's no better way to plan for the future than to understand the past. In the meantime, here's Michael in his own words: