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Kentucky Asset Development Summit

Kentucky Asset Development Summit. October 10, 2012 Louisville, KY. Americans with Disabilities Act

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Kentucky Asset Development Summit

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  1. Kentucky Asset Development Summit October 10, 2012 Louisville, KY

  2. Americans with Disabilities Act The Nation’s proper goals regarding individuals with disabilities are to assure equality of opportunity, full participation, independent living, and economic self- sufficiency for individuals with disabilities. 42 U.S.C. §1201(a)(8)(2005)

  3. Growing Poverty, Not Prosperity • 54 million Americans in poverty • 18 million children • People with disabilities 2 to 5 times more likely to experience poverty (She & Livermore, 2009) • Over half people that report income poverty report disability (Fermstad, 2009) • Pay higher out of pocket health expenditures $795 vs. $256 (Livermore & Hill, 2002)

  4. Profile & Gaps- Taxpayers with Disabilities FINANCES TECHNOLOGY • 54% earn < $20,000 compared to 35% without disabilities (Adjusted Gross Income) • 22% earn > $40,000 compared to 42% without disabilities AGI • 35% employed full time compared to 66% without disabilities • 46% unemployed or on disability compared to 13% without disabilities • 30% of taxpayers with disabilities using free tax preparation (NYC) reported using a checking account compared to 66% without disabilities (Ford Study 2006) • 12% of taxpayers using free tax preparation reported having a savings account compared to 44% with no disability (NYC) (Ford Study 2006) IRS Benchmark Study: 2007/2010 • 2% of people have a disability/illness that makes it harder or impossible to use the internet • 39% of Americans without broadband access living with a disability • 54% use the internet compared to 81% without a disability • 10% use tax prep software compared to 20% with no disability Pew Internet & American Life Project January 2011

  5. Financial Status of Americans with Disabilities • A Harris Poll from 2010 found that 58 percent of people with disabilities are either living paycheck to paycheck or going into debt as compared to only 34 percent of people without disabilities.

  6. For millions of working age adults with disabilities a dependence on public benefits for income, health care, food, and housing becomes a trap that requires staying poor to stay eligible

  7. No group in America is more in need and more deserving of economic recovery

  8. Where do we begin? Economic Empowerment

  9. A paradigm shift that moves us from the acceptance of a life of poverty due to the need for public assistance to the right to equality of opportunity, full participation, independent living, and economic self-sufficiency. Economic Empowerment, What is it?

  10. New Tools and Strategies • Increase access to health care through enrollment in the Medicaid Buy-In • Increase access and benefit from the Earned Income Tax Credit (EITC) and other favorable tax provisions • Qualify for an Individual Development Account (IDA) to achieve an asset goal through matched savings • Increase use of Social Security Work Incentives • Benefit from financial education and affordable financial services • Set savings and asset goals as part of peer-support strategies • Consider the possibilities of self-employment

  11. New Partnerships • Establish community-wide savings and asset building work groups • Build a bridge across disability and non-disability, public and private, for profit and not for profit entities

  12. New Partnerships • Mayor’s Offices • United Way • IRS FDIC • IDA Providers • EITC Coalitions • Financial Institutions • Microenterprise Lenders • Home Ownership and Credit Counseling Programs • DD Council • VR Agency • Social Security Field Office • WIPA Grantees • Peer Support Groups • Centers for Independent Living • OMH • Community Action Agencies

  13. Summit Goals • Build relationships between the Asset Development and Disability communities • Increase understanding of tools and strategies to advance a better economic future for people with disabilities • Increase understanding of current needs and available services to assist people with disabilities become more economically stable

  14. Summit Outcomes • Develop a coordinated action agenda that mobilizes the resources of government, business, financial institutions, and community nonprofits to build a better economic future for people with disabilities

  15. Summit Outcomes • Set short-term objectives and longer term goals • Building the capacity of Asset Development Programs to serve people with disabilities • Design and implement education and training for people with disabilities to utilize effective tools and strategies that advance a better economic future • Agree on an infrastructure and lead collaborators to move forward the agenda

  16. Presenter: Michael Morris, J.D. mmorris@ndi-inc.org

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