National True Cost of Living Coalition

The official poverty measure says that a family of four living anywhere in #America needs just $32,000 to "not be poor." We know that's not true - especially in a place like #NewYorkCity. Our Co-Chair, Jennifer Jones Austin, debunks how this outdated #povertymeasure keeps #Americans economically deprived and makes the case for how our True Cost of Economic Security (TCES) measure can promote #economicsecurity for all on a recent interview with David Lombardo from #CapitolPressroom: bit.ly/41i3sL3 #Antipoverty #PovertyMeasurement #OfficialPovertyMeasure #Affordability #Food #Housing

Why is #NewYork and the rest of America so unaffordable? Simple: we rely on outdated economic measures that only?center on acute basic needs?to shape?economic policies. ? If we want #Americans to?be able to plan beyond their next paycheck and save for #retirement, pay for emergency and medical expenses, and set future generations up to thrive and be financially secure, we?have to start measuring what matters –?and the True Cost of Economic Security (TCES) measure can get us there. ? Created by the National True Cost of Living Coalition in partnership with the Urban Institute, Co-Chair Jennifer Jones Austin?joins David Lombardo on Capitol Pressroom to discuss?how the TCES measure?can make economic security attainable for all.? Full interview: bit.ly/41i3sL3 ? #Affordability #Wages #poverty #povertymeasurement #economicpolicy #housing

Economic security means being able to plan for the future, handle unexpected expenses, and invest in long-term goals, whether that’s buying a first home or starting a family. We know in NYC and beyond that's not possible – 62% of New Yorkers live below the True Cost of Economic Security. Nationally, 54% of families in the U.S. couldn't afford a $2,000 emergency expense, and 18% couldn’t pay a $100 emergency expense. That’s why we commissioned the Urban Institute to create a national #EconomicSecurity measure that would provide the insights we need to see where families are financially secure and where more support is needed. Learn more at https://lnkd.in/ehwcEhR7

The Great Wealth Transfer, $124 trillion in assets that older generations will pass down over the next two decades, is already reshaping New York. And in a city where the cost of living is outpacing the salaries and resources that individuals & families need to live, that wealth transfer is what’s offsetting those growing costs for some. But for the 60% of New Yorkers living below the True Cost of Economic Security Measure, or what’s needed to not just survive but thrive, not having a padding for economic security means many are just able to get by month-to-month. “We are living in a city that assumes, requires, and depends on the idea that every salary be augmented by a secret stash of funds.” Check out the full article in New York Magazine: bit.ly/4hVf4u9 and visit https://lnkd.in/ehwcEhR7 to learn more about how we’re advocating to measure what matters so that all New Yorkers can live with dignity.

Why should policies center on #economicsecurity over addressing acute deprivation? Michael A. Nutter reminds us that withholding economic security is deeply tied to limiting freedoms. Current poverty measures provide a picture of the poorest families in the U.S., but there are many families who aren’t captured by these measures who are still struggling to thrive. Our new True Cost of Economic Security (TCES) measure fills this critical gap. The?TCES measure provides a clearer picture of what it takes to achieve financial stability in the U.S. and equips policymakers with data they need to craft informed, targeted solutions to address the real financial challenges Americans face today. Find out more at https://lnkd.in/e65wvFGF

Our TCES is a national measure of need that moves beyond poverty and basic needs to center on economic security as the standard for all Americans’ well-being. You can learn more about this new measure in this recent blog post from the Urban Institute: https://lnkd.in/ebepUb5J

A new blog by the Urban Institute evaluates how families’ financial situations vary across states using the True?Cost of Economic Security (TCES)?measure. Their analysis finds that 52% of Americans did not have the resources necessary to thrive in 2022, but rates differed across states. With a more comprehensive understanding of families’ costs and resource gaps, federal and state policymakers can work toward crafting solutions to help families struggling to get ahead. Find out more by reading the blog here: https://lnkd.in/ebepUb5J

Our True Cost of Economic Security (TCES) measures and values authentic economic agency as a baseline metric for promoting human dignity. You can learn?about it at https://lnkd.in/ehwcEhR7.?

Millions of New Yorkers may not meet the definition of poor by traditional economic indicators like the Official Poverty Measure, but they're one car problem, one layoff, one emergency, one crisis away from not being able to get by. They can't begin to save for retirement, for college, for their children, or even to think about buying a home. FPWA and Community Service Society of New York wanted to get to the bottom of this problem, which is why they partnered to co-create the National True Cost of Living Coalition, calling for the nation to establish a true cost of living, so that we can see Americans and what they need. The Coalition commissioned the Urban Institute to develop a measure that fundamentally shifts the discourse on law and policy?from just getting by to economic security.?This first-of-its-kind measure evaluates what resources families need not just to survive, but to actually thrive and live with dignity. Yesterday's event explored how our new TCES measure will impact New Yorkers, nonprofits, and government policies. Thank you to our esteemed panelists for joining us including,?Gregory Acs, Vice President, Income and Benefits Policy, Urban Institute;?Sideya Sherman, NYC Chief Equity Officer and Commissioner, NYC Mayor's Office of Equity & Racial Justice;?Ana L. Oliveira, President & CEO, The The New York Women's Foundation;?louisa chafee, Director, NYC Independent Budget Office;?Michael A. Nutter, Former Mayor of Philadelphia; and?Darrick Hamilton, Economist, The New School. Learn more and join the movement at?https://lnkd.in/ehwcEhR7

We'd love to see you on Wednesday, December 11, at 8:30 AM. Join the National True Cost of Living Coalition, FPWA, and Community Service Society of New York to learn more about the nation's first 'true cost of economic security' measure and what it means for New Yorkers. Reserve your seat at https://bit.ly/3AqOER5