250 years has taught us that freedom comes only with economic security
Families living paycheck to paycheck face a financial crisis if a car breaks down, a person is laid off, or a child needs medical care.
In America, one broken-down car can cost someone a job. One medical bill can wipe out a bank account. One missed paycheck can push a family from stability to desperation.
That is not freedom in any real sense.
As the nation marks 250 years of independence, we should say plainly what too many families already know: Freedom requires economic security. And economic security is only achievable when people have resources that exceed the basic cost of living, allowing them to cover their daily needs and build essential wealth — the savings, assets, and financial cushion needed to withstand life’s inevitable shocks.
Pathway to opportunity
Two hundred and fifty years ago, our Founding Fathers made a promise that people would have a right to self-determination. It was a promise that hard work, responsibility, and perseverance would open real pathways to opportunity. As we mark this anniversary, we must ask an honest question: For how many Americans does that promise hold?
For too many, it does not. Millions of families are working, paying their bills, and doing everything right, yet have almost nothing set aside for the moment life goes wrong. A child spikes a fever. A parent grows too frail to climb the stairs alone. The cost of in-home care lands like a bombshell. One emergency room visit, one layoff, one transmission repair, and stability collapses into crisis. Their rights exist in theory, but their actual circumstances leave people with fewer choices, fewer chances, and far less control over their own lives.
The Constitution guarantees liberty, but circumstances can constrain it. People without the resources to withstand hardship face insurmountable barriers to education, purchasing homes, launching businesses, or saving for retirement. They cannot give their children a running start. They may have rights on paper, but lack the economic security to fully exercise them.
Essential wealth is the difference between recovering from a setback and being defined by it.
The founders understood at least this much: Liberty could not survive as an abstraction. The Virginia Declaration of Rights, a document that helped supply the moral language of the Declaration of Independence, described the inherent rights of the people as including life and liberty, but also “the means of acquiring and possessing property” and pursuing happiness and safety. That phrase matters.
Today, we understand “the means” less as land than as essential wealth. This is not wealth in the sense of luxury, privilege, or vast accumulation. It is the modest but vital foundation that allows a family to absorb a shock without being knocked flat. It is the money to repair the car that gets someone to work, cover the childcare that keeps a parent employed, pay for medicine before a condition becomes a crisis, or help an aging parent remain safe at home.
Essential wealth is what allows families to plan instead of merely react. It is the difference between recovering from a setback and being defined by it.
For generations, the government has measured economic well-being almost entirely by the absence of poverty. It tracks what people earn while paying little attention to what they own, save, or can lean on when hardship strikes. Income matters, but it cannot tell us whether a family is truly economically secure.
Wealth, not income
The real test comes when life happens. And in those moments, the difference between stability and crisis is not income. It is wealth, or the lack of it.
The cost of ignoring this is written across the country and across Pennsylvania. Tens of millions of American households cannot cover a modest emergency expense, including 48% of households here in the commonwealth, according to the “Measuring the True Cost of Economic Security” report. Wealth gaps yawn across race, geography, and generation, falling hardest on communities long denied the chance to build.
As we celebrate 250 years of American independence, we must think bigger.
We need policies that help families build assets, not just scrape by. Policies that expand pathways to homeownership, invest in children’s futures, widen access to savings and wealth-building, and tear down the barriers that block economic mobility. We need to ensure every child, no matter their zip code or their parents’ income, has the tools to build a secure future.
We must stop managing poverty and start measuring the true cost of living, which includes investing in freedom. Two and a half centuries in, the promise of America was never that people would simply get by. It was that they would have the freedom to get ahead. Living up to it now is the work this anniversary demands.
Michael A. Nutter served as the 98th mayor of Philadelphia from 2008 to 2016 and is currently a senior executive fellow at the Weitzman School of Design at the University of Pennsylvania. Jennifer Jones Austin is the CEO of the Federation of Protestant Welfare Agencies and cochair of the National True Cost of Living Coalition.
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