An asset-building agenda for the twenty-first century: giving families something to live for

Though studies have clearly illustrated that education is one of the primary paths to upward mobility, a growing body of research is beginning to show that the returns on education are determined more by initial wealth than innate ability and exerted effort in school. This accounting directly contradicts Americans’ understanding of the promise of the American Dream: a level playing field and a path towards a more prosperous future. Currently, this contradiction goes largely unchecked by researchers because of their reluctance to engage in a discussion about values. As a result, the mere discussion of wealth transfer, a policy about thriving, is seen as taboo, and we are left with conversations about how to provide the poor with enough merely to survive. However, in this paper, the conversation about wealth transfer is revived and articulated as an American idea consistent with American values. It goes on to offer Children’s Savings Accounts, in combination with a substantial progressive wealth transfer into these accounts, as a means of leveling the playing field and restoring education as an equalizer in society.