NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT
"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams
Wednesday, July 5, 2017
"Pay people to save money" says Leftist San Francisco
From Each According
To Their Ability . . .
(Market Watch) - With nearly half of Americans lacking enough cash savings to cover even a $400 emergency, the City of San Francisco is trying a new way to get people to save money — paying them to do it.
The city is recruiting 1,000 people to participate in a campaign called Saverlife that gives participants $60 if they save $20 a month for six months. Participants link their bank accounts electronically to Saverlife so their savings activity can be monitored. They earn $10 a month in rewards and claim their $60 at the end of six months of continuous saving.
The program is open to anyone 18 or older in the Bay Area, but it’s aimed at getting the poorest households to create a modest financial cushion, said Leigh Phillips, CEO of EARN, a nonprofit “micro savings” provider that partnered with the city to create Saverlife.
San Francisco is one of the most expensive cities in the country — it takes $110,357 a year to live “comfortably” there, a recent analysis found. Mirroring a nationwide trend, about 47% of San Francisco families are financially insecure, meaning they don’t have at least $2,000 in savings, a recent study by the Washington D.C.-based think tank The Urban Institute found.