Ohio

Asset Outcomes

Coming in above average, Ohio shows a decent record in Asset Outcomes. The state ranks 12th and earns a B in the index. Most of the financial asset measures are relatively high compared with the rest of the states. Asset poverty is 17.6% (4th), indicating the state has a relatively small proportion of households without sufficient net worth to subsist at the poverty level for three months. Asset inequality between men and women is low (4th), asset inequality between whites and non-whites is relatively minimal (11th), and the number of households with zero net worth is also relatively few, ranking 8th. While the overall small business rate is low (just under 10%, ranking 46th), and minority entrepreneurship is also lagging (37th), the value of minorityowned firms is relatively high (9th).

Health insurance coverage in Ohio is better than in most states. Employer-provided health insurance is 9th, the percentage of uninsured low-income parents ranks 9th (22%), and the percentage of uninsured low-income children ranks 18th (16%). Bank access could be improved here. Only 29% of households have a non-interest-bearing checking account (ranking 44th).

Asset Policy

Ohio ranks 17th in the Asset Policy Index, collecting another good grade by receiving a B. The state has made attempts to boost financial assets for its lower-wealth residents through limited Individual Development Account policy and establishing less penalizing asset limits for public assistance eligibility. Policymakers here have shown a dedication to early childhood education (providing a state-funded pre-kindergarten program and supplementary funds for Head Start), yet more emphasis could be placed on adult training (customized job training ranks 36th).

Efforts to support business capital are apparent. Ohioan entrepreneurs benefit from microenterprise policy, assistance for asset-poor farmers, one of the most remarkable employee ownership initiatives, and a relatively high level of small business investment company investments (14th). Policies to enhance asset protection are needed in Ohio. The state is missing key policies for property protection (policies restricting predatory lending and insurance redlining) and for health insurance (transitional medical assistance for more than 12 months and state subsidies for small business health care coverage). The state does, however, have good workers? compensation coverage (6th).

Tax Policy and Accountability

Ohio has good accountability practices in place. The state issues a Tax Expenditure Report on the web, allowing state residents to easily view how the state government spends taxpayer dollars. Also, there is some capacity in Ohio to analyze how changes in the tax law will impact all taxpayers before legislation is passed. This is a sound practice in understanding the impacts of taxes of different income groups.