LongTerm

COVID-19 puts our children at high risk of long-term hardship

We as governors — along with decision makers in state legislatures, school boards, workforce boards, and city and county governments — assess each day the growing damage of COVID-19 to our economic, educational, social and health care systems. We are especially concerned about the millions of young Americans who have been away from school for many weeks and graduating seniors who seek to enter the workforce and higher education. 

The latest national data highlights the growing risk that we may lose a critical part of our next generation. 

Federal Reserve Chairman Jerome Powell noted that 40% of all households earning $40,000 or less lost their jobs in March. Further, recent surveys of teachers reveal increases in truancy (27%) and dramatic declines in student engagement — up to 50% or higher in some cases, especially among poor and vulnerable youth, as the school year came to a close.

We are honored

Read More

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

Read More