Support the ASSET Act
Eddie Torres, Grantmakers in the Arts
Grantmakers in the Arts (GIA) has been advocating for policies that increase the amount of assets that people with disabilities can hold while remaining eligible for public benefits because artists with disabilities – indeed, all workers – deserve to get paid for their work and to build savings, even when circumstances – like a disability – prevent them from working a conventional fixed role or schedule.
Federal means-tested benefit programs such as the Supplemental Security Income program (SSI), Temporary Assistance for Needy Families program (TANF), Supplemental Nutrition Assistance program (SNAP), and Low Income Home Energy Assistance (LIHEAP) program are all critical lifelines for low-income individuals and individuals with disabilities, including artists with disabilities, providing necessary financial support to meet basic needs. Some states apply asset caps on the receipt of TANF, SNAP, and LIHEAP. These asset caps limit program eligibility while discouraging savings for retirement or a medical emergency. SSI’s asset limits are set Federally, capping individual recipients at $2,000 in savings and $3,000 for couples. These limits are outdated and have not been raised or even adjusted for inflation since 1989. This restriction forces many individuals to remain in a state of perpetual poverty, unable to save for emergencies, invest in their futures, or even purchase essential equipment that could enhance their artistic practice. For artists with disabilities, who often face additional expenses related to their craft and healthcare, this cap is particularly debilitating and unacceptable.
That is why GIA is supporting Sen. Chris Coons’ (D-DE) Allowing Steady Savings by Eliminating Tests Act (the ASSET Act). The ASSET Act seeks to raise the SSI asset limit, recognizing the importance of enabling individuals with disabilities to achieve financial security. The ASSET Act raises SSI asset limits from $2,000 to $10,000 for an individual and $3,000 to $20,000 for a couple and indexes those thresholds to inflation. The bill also prohibits states from using asset tests for TANF, SNAP, and LIHEAP. Supporting the initiative to raise the SSI asset cap and block State required asset caps for the other programs is vital for the arts community. By allowing individuals with disabilities to accumulate more savings, they are empowered to invest in their careers, take creative risks, and achieve greater economic stability. This change would not only benefit individual artists but also enrich the cultural landscape, enabling a wider range of voices and perspectives to flourish. It is an investment in the creative potential of individuals who have historically been marginalized and underrepresented in the arts sector.
GIA invites all non-profit members to join us in advocating for and supporting this bill. Please contact your senators and ask them to co-sponsor this legislation. We also invite our foundation members to support applicants’ advocacy to facilitate earnings and protect the assets of all our nation’s artists and other workers. Raising the asset caps and indexing them to inflation for SSI and prohibiting asset tests for other programs as envisioned by the ASSET Act is an essential element of better support for artists with disabilities and other artists that receive public support. Especially now, as costs of living and healthcare costs continue to rise, it is more critical than ever to raise SSI asset caps and prohibit the use of asset tests for other programs to ensure individuals with disabilities and other low-income workers can maintain economic security and independence.
