CINCINNATI — The City of Cincinnati is putting forward a new blueprint to address economic inequalities among residents. Proposals include piloting a guaranteed basic income for qualified residents, starting savings accounts for children and erasing medical debt.
City leaders said many of the programs will be based on income, but will be open to all residents.
“It's our goal to drive at equity, to drive at opportunity,” said Assistant City Manager Virginia Tallent.
The blueprint is filled with proposals for programs to make it easier for residents to find financial freedom. City leaders said one of their primary goals is to reduce the racial wealth gap.
“Historically, both the local government but particularly the state and federal government passed laws that had a racial impact, that were fundamentally racist,” Tallent said. “So it's our charge as local government to begin to dismantle some of that systemic racism.”
About 27% of Cincinnati residents lived beloved the poverty level in 2021, according to Census data. Among white residents, the number was about 16%. Among Black residents, the number was about 40%.
“We're losing out on potential, we're losing out on growth by not allowing a certain segment of our population to fully achieve what their brain power suggests, what their energy suggests what hard work will provide for them,” said Eric Kearney, CEO and President of the African American Chamber of Commerce.
The city developed the blueprint by surveying residents and meeting with representatives from different organizations. The Cincinnati Financial Freedom Blueprint was put together in collaboration with the Mayor’s Office and City Administration.
Proposals focus on improving conditions for stability and security, managing debt, improving residents’ ability to save money and invest, expanding home ownership and increasing the number of residents who are able to successfully start their own business.
Tallent said the goal is to get three programs up and running before June 30 next year. Those projects would include medical debt forgiveness, children’s savings accounts and potentially the guaranteed income pilot project.
“What we heard from our residents who were surveyed and interviewed to build this blueprint is that debt is holding people back,” she said. “What we also learned is that one in three Cincinnatians struggle with some form of medical debt.”
Tallent said the medical debt forgiveness proposal could reach 30,000 residents.
“If we're going to talk about changing Cincinnati, those smaller steps lead to a bigger vision,” Kearney said. “The bigger vision is what is what moves Cincinnati forward.”
You can read the full blueprint here.
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