Economic

Rising Education Levels Provide Diminishing Economic Boost

The U.S. lacks a key ingredient that helped propel it to economic dominance in the 20th century: productivity gains from higher education. Figuring out why could help influence the economy’s long-term trajectory once it emerges from the coronavirus crisis.

In 2009, President Obama, worried about the economy’s global standing, set a goal for the U.S. to have the world’s most-educated workforce by 2020.

The share of U.S. workers with college degrees has grown significantly, even if the country fell short of his goal. But those gains haven’t translated into a substantial productivity boost as Mr. Obama and economists hoped.

Rising education levels—first in high school, then in college and graduate school—helped fuel strong economic growth in the latter half of the past century. In 1910, just 14% of Americans age 25 or older had a high-school diploma and just 3% had a bachelor’s degree, census data show. By 2000, 84%

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The Economic Model of High Education Was Already Broken

With the fall semester upon us, colleges and universities unveiled their plans for students—and many are just as quickly upending those plans. The University of North Carolina and Notre Dame recently announced they were changing their on campus plans as COVID-19 cases spiked. Many other universities are sure to follow. Already, universities ranging from Syracuse to Ohio State are suspending hundreds of students for violating social distancing rules, while COVID-19 outbreaks are on the rise on campuses such as the University of Alabama. While there is considerable variety in the actual plans, ranging from mostly in-person to all virtual, they all share one imperative: to maintain an economic model that is as imperiled by the pandemic as the hardest hit service industries.

Over the past decade, colleges and universities have taken on staggering amounts of debt to expand their physical plant and justify spiraling fees. The selling point for

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Football’s economic impact on college towns, players and NFL

You know my saying: The business of sports always wins. This week, however, my adage was proven wrong, as the Big Ten and Pac-12 conferences pulled the plug on fall college football, setting fire to a collective billions of dollars worth of sorely needed revenue. For these two power players in the business of college football, health and safety, surprisingly, won out over the business of sports.

For now, the other Power 5 conferences—SEC, ACC and Big 12—are forging ahead with football. Perhaps their conference leaders received different medical and scientific opinions; perhaps they received different legal opinions (there are always lawyers). Either way, those conference leaders, for now, are more comfortable and confident managing the medical and legal risk of playing through a pandemic. And while reports indicated Big Ten presidents were clearly affected by evidence of myocarditis in athletes, those concerns and risks have not impacted

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Coronavirus child care pinch in U.S. poses threat to economic gains of working women

By Jonnelle Marte and Rachel Dissell

CLEVELAND (Reuters) – Most days, Zora Pannell works from her dining room table, sitting in front of her computer, turning off the video on Zoom calls to nurse her one-year-old daughter, Savannah.

Pannell has balanced working from home and caring for her daughter and son Timothy, aged 2, since March when she started a new job as a manager for a language services company the same week that Ohio issued a “stay at home” order to stop the spread of the coronavirus.

Working from home is an exhausting daily juggle but she’s more worried about being told it’s time to return to the office. Her husband cannot watch the children during the day because he has a job at a local steel mill and the couple have been unable to find a daycare center they deemed safe and affordable close to their Shaker Heights

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Young People Will Be The Pandemic’s Long-Term Economic Victims

The coronavirus pandemic has caused unprecedented economic damage.

In the United States, President Donald Trump has claimed that the economy is “roaring back.” Yet more Americans are currently unemployed than at any point since World War II.

The surging number of coronavirus cases in many parts of the country will likely cause millions more to lose their jobs, as states move to reimplement lockdown restrictions and businesses are forced to close. And the labor market will not return to pre-pandemic levels for at least the next decade, according to a forecast from the Congressional Budget Office.

Globally, too, the fallout from the pandemic has been dire. In contrast to the United States, many European countries have adopted large-scale economic relief programs designed to prevent mass unemployment. But as countries begin to emerge from lockdown, governments are beginning to wind down those job-retention schemes — a situation that could

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