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Many small busiensses serve local needs...with local solutions.  But which solutions are most central to the heart of sustainable families and sustainable communities?  The Census Bureau has found that money isn't everything.  There are more tangible ways to measure standards of living and small businesses are in a great position to identify solutions that meet these basic human needs.

The living standards of U.S. households are traditionally measured by income.

This report takes a different approach.

Survey of Income and Program Participation (SIPP)

It measures living standards in terms of extended measures of well-being of households tracked in the Survey of Income and Program Participation (SIPP) to help deepen our knowledge about household conditions in ways not captured by money alone.

Some aspects of well-being, such as fear of crime or quality of local public services, may be only loosely connected with money. Other measures are more closely related to income but can also be effected by factors such as the cost of living, age, disability status, and sudden changes in circumstances.

Extended measures of well-being provide a more complete and detailed picture of household living conditions in the United States than income alone provides.

Well-being Metrics

The U.S. Census Bureau tracks extended measures of well-being in the SIPP.2.  The SIPP's "Extended Measures of Well-Being" topical module, on which this report is based, covers five broad domains:

(1) appliances and electronic goods, such as possession of refrigerators, landline and cellular telephones, and computers;

(2) housing conditions, including level of satisfaction with overall home repair, adequate living space, and sufficient privacy;

(3) neighborhood conditions and community services, such as: road conditions and the presence of abandoned buildings; satisfactory police, fire, and medical services; and attitudes towards local schools;

(4) meeting basic needs, including the ability to pay bills in full, to avoid eviction, and to have sufficient food; and

(5) the expectation of help, should need arise, from friends, family, and the community.

For this report, extended measures of well-being are used to describe living conditions in the United States for the time period 1992-2003.

2009 Financial Stability Plan by the US Treasury

FinancialStability.gov provides olutions available to direct distressed homeowners into finance modification that can be the foundation for maintaining their qualify of life.

The www.FinancialStability.gov site outlines the US Department of the Treasury "Make Home Affordable" Refinance Program for Responsible Homeowners. This program is offering assistance to as many as 7 - 9 million homeowners who are current on their mortgage, but may be upside down or facing imminent hardship.

THE GOAL: reduce the amount homeowners owe per month to sustainable levels to stabilize communities.

Who the Financial Stability Program Reaches

  • Homeowners at risk, such as those suffering serious hardships, decreases in income, increases in expenses, payment "shock," (with combined mortgage balance higher than the current market value of the house, etc.)
  • Reaching Homeowners BEFORE they have missed payments, where they are at risk of imminent default...
  • Only owner-occupied homes with a mortgage limit of $729,750 will be elligible.
  • Homeowners with "back end" debt equal to 55% or more of their income will be required to agree to enter a HUD-certified couseling program as a condition for a modification.
CONTACT Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
General Information:
(202) 622-2000
Fax: (202) 622-6415
www.FinancialStability.gov
www.makinghomeaffordable.gov

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