Reimagining the Fight Against Poverty: A Conversation with David Erickson

Last week in New York City, I had the privilege of sitting down with David Erickson, author of The Fifth Freedom, and a long-time leader in community development at the Federal Reserve. Our conversation was both affirming and energizing, especially as we reflected on the work underway in Tennessee to test and transform our approach to poverty.

David’s book, The Fifth Freedom, expands on President Franklin D. Roosevelt’s original four freedoms by proposing a fifth: the freedom from economic insecurity. He argues that in a country as wealthy and resourceful as ours, it is both possible and necessary to build systems that protect and uplift every individual—especially those trapped in cycles of poverty by outdated, fragmented, and often ineffective social programs.

In our meeting, David characterized the pilot work in Tennessee as a test of the current system’s potential—and its limitations. His question was pointed:

What can the existing infrastructure actually accomplish when it is used intentionally to support households fully out of poverty?

This is more than a policy experiment. It’s a stress test on the old assumptions—one that is beginning to map the path toward a new system that is held accountable for real results. Tennessee’s $175 million investment in these pilot initiatives is not just a budget line—it’s a learning lab for what it actually takes to help families thrive economically and socially.

David was also candid about the sobering reality: most efforts aimed solely at adults fail to create lasting change. He emphasized the need to shift focus toward long-term impact by investing in children and youth as well. This aligns perfectly with the two-generational framework we’ve been using in Tennessee, which seeks to support both adults and their children simultaneously—breaking the cycle at both ends.

We agreed that real progress requires more than isolated programs. It demands a coordinated, well-funded, and fully accountable system—one that spans generations, integrates services, and tracks whether families achieve economic stability over time. David is particularly excited about how Tennessee’s work might inform and even expand national efforts to finance a truly new approach to poverty reduction—one rooted in outcomes, not compliance.

As The Fifth Freedom reminds us, freedom from economic insecurity isn’t a dream—it's a right we have yet to fully realize. 

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Change is possible—but only if we pursue it together. Join the movement to create a system that delivers not just services, but lasting economic freedom.

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