What South Carolina Can Do
There are many policies that South Carolina could enact to improve its climate for asset building and preservation:
Strengthen K-12 Education: To increase math and reading proficiency and high school graduation rates, South Carolina should increase K-12 education funding in high-poverty school districts and implement a stronger system for teacher evaluation and retention.
Increase Incomes, Savings and Investment: To reduce income poverty and increase net worth, South Carolina should adopt a state Earned Income Tax Credit; remove the disincentive to save for very-low-income families by lifting asset limits in its cash welfare and Medicaid programs; and fund a state Individual Development Account program to help families to purchase a home, business or college education.
Protect Consumers in the Financial Marketplace: To protect unbanked and underbanked households from predatory products and improve credit scores, South Carolina should ensure residents have access to fair financial products by regulating payday, car-title and short-term installment loans.