Reducing the Price of Opportunity

This section offers new approaches to broaden the average American’s share in the gains of globalization and reduce middle-class financial insecurity in an age of job dislocation and rising health care costs. Jacob Hacker’s essay highlights the increasing shift of financial risk onto individual families and offers solutions that spread risk more equitably across society through new social insurance programs and reform the nation’s safety net to adjust to growing income volatility. In a similar vein, Michael Lind provides an alternative paradigm to the much ballyhooed “stakeholder society” in what he terms the “smallholder society.” Helping low and middle-income families achieve a measure of financial security and opportunity is a centerpiece of Michael Barr’s proposals, forming the basis for a new “inclusive, progressive national savings and financial services policy.” Finally, in their essay on “Service Pays,” Elizabeth Warren, Sandy Baum, and Ganesh Sitaraman propose linking college aid with national service, thereby increasing opportunities for all students to attend college while simultaneously providing a new structure for national service. Together, these essays promote a remarkable range of ideas, both grand and incremental, that can have real impact on increasing economic opportunity and security for more Americans.

The New Economic Insecurity - And What Can Be Done About It
Jacob S. Hacker

Service Pays: Creating Opportunities by Linking College with Public Service
Elizabeth Warren, Sandy Baum, and Ganesh Sitaraman

The Smallholder Society
Michael Lind

An Inclusive, Progressive National Savings and Financial Services Policy
Michael S. Barr