In a recent article on social mobility in the U.S., Jennifer Wadsworth discussed data on the effects of a child’s family income from The Hamilton Project’s recent policy memo, “Thirteen Economic Facts About Social Mobility and the Role of Education.” Wadsworth highlighted a chart from the paper on the probability of a child’s future income level, given their parents’ income level, which suggests children born into low-income families are likely to stay at the low end of the income distribution when they grow up. “That inequality manifests itself in higher education, too. While graduate rates for wealthy students continues to climb, those for their low-income counterparts remain stagnant,” Wadsworth writes. To read the full piece, click here.
The Hamilton Project Blog
This weekend in The New York Times, Robert J. Gordon discussed the decline in education attainment and its potential economic effects. In his piece, he highlighted research that shows low-income students “often don’t apply to elite colleges and wind up at subpar ones, deeply in debt” by Caroline Hoxby. In a recent Hamilton Project discussion paper, “Informing Students about Their College Options: A Proposal for Broadening the Expanding College Opportunities Project,” Hoxby and Sarah Turner outline a strategy for improving college outcomes for high-achieving, low-income students. Building on previous research showing that most high-achieving, low-income students do not even apply to selective colleges, Hoxby and Turner propose expanding a recently piloted informational intervention called the Expanding College Opportunities (ECO) Project. To read the full piece, click here.
In a recent column for Project Syndicate, Advisory Council Member Laura D’Andrea Tyson discussed why capital flows to emerging markets has slowed recently. She wrote that declining growth and “policy missteps,” combined with signs that the U.S. Federal Reserve will start tightening monetary policy have led to sell-offs in emerging markets, and notes that the trend is “a harsh reminder of an inconvenient truth: when the Fed tightens monetary policy to manage macroeconomic conditions in the US, there are large unintended spillover effects on capital flows to emerging markets.” To read the full piece, click here.
In his latest Bloomberg View column, Advisory Council member Peter Orszag discusses growth in the nonprofit sector. Based on Internal Revenue Service data that show about 75% of nonprofits work in health care or education, and Orszag discusses whether increased spending on these areas is a positive trend. To read the full piece, click here.
In a recent Washington Post op-ed, former Secretary of Defense Leon Panetta discussed the “mounting evidence that the sequester is doing serious damage to our defense, our society and our economy.” He outlines how the cuts are affecting defense readiness and argues that lawmakers should avoid “political gridlock” and take action. Two recent Hamilton Project papers propose strategies to create greater efficiency in the U.S. defense budget while maintaining our national security: “National Defense in a Time of Change,” by retired four-star Admiral Gary Roughead and Kori Schake, a research fellow at the Hoover Institution, and “Making Defense Affordable,” by Cindy Williams of the Massachusetts Institute of Technology. Williams proposes measures for sustaining a strong military while reducing future annual defense expenditures, mainly through addressing growing internal costs in the defense budget and reshaping military forces in a way that reduces future budgets while preserving strong and ready military capabilities. Roughead and Schake propose restructuring the force to improve the military’s ability to respond to modern challenges, making military procurement of assets more efficient and competitive, and creating benefits packages more in line with troops’ preferences.
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- What is Happening to America’s Less-Skilled Workers? The Importance of Education and Training in Today’s EconomyDecember 2011
- Where is the Best Place to Invest $102,000 — In Stocks, Bonds, or a College Degree?June 2011