National Scorecard Shows a Mixed Bag
for Working Families
September 12, 2007
When it comes to achieving the American Dream, while Washington residents are ahead of other states in the country, in many key areas
we rank close to the bottom according to a report released today by
the Corporation for Enterprise Development (CFED), a national
economic nonprofit.
“Our nation has a growing economic divide, the real estate market is in crisis, wages are not keeping up with inflation and health care costs are soaring. This national report shows that for many in our state, they’re getting little support to reach financial security,” said Aiko Schaefer,
Director of the Statewide Poverty Action Network.
Washington State scored high in providing support for people to access higher education. Last session, lawmakers increased financial aid for students pursuing a post-secondary education through programs like Opportunity Grants. In addition, Washington State became a leader in
the nation by providing comprehensive health care coverage for all
children, creating a strong foundation for kids to succeed later in life.
However Washington State lags behind in key areas that include:
- Homeownership – Overall we received a grade of “D” with our
state ranking 42nd in homeownership rate, 47th in
homeownership by income, and 40th in affordability of homes. - Debt – Families in our state hold high levels of debt in all categories, ranking 43rd in revolving debt, 44th in installment
debt, and 43rd in mortgage debt. - Predatory Lending – Our state has no policies in place to
curb predatory lending.
CFED’s Assets and Opportunity Scorecard- online at www.cfed.org/go/scorecard - measures the financial security of families
in the US by looking beyond just income to the whole picture of building ownership and protecting against financial setbacks. The Scorecard
ranks the 50 states and the District of Columbia on 46 performance measures in the areas of Financial Security, Business Development, Homeownership, Health Care and Education.
The Scorecard also provides state-by-state information on 38 key policies that can help or hinder citizens’ abilities to succeed financially, including detailed information on 12 core policies that have the potential to leverage maximum benefits.