Bloomberg Backs IDAs for Foster Teens

New York City is experimenting again with asset development strategies, this time providing individual development accounts (IDAs) and financial education to teens in the foster care system, according to a post at West Bronx Blog.

No one can accuse Bloomberg of being unwilling to try out some new ideas (see my April post on New York’s experimental, and controversial, payments to poor families in return for good parenting and other socially desirable behavior).