How the Financial Crisis and Great Recession Affected Higher Education - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook How the Financial Crisis and Great Recession Affected Higher Education write by Jeffrey R. Brown. This book was released on 2015-01-08. How the Financial Crisis and Great Recession Affected Higher Education available in PDF, EPUB and Kindle. The recent financial crisis had a profound effect on both public and private universities. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses and how the incentives and constraints facing different institutions affected their behavior.
The Great Recession
The Great Recession - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Great Recession write by David B. Grusky. This book was released on 2011-10-01. The Great Recession available in PDF, EPUB and Kindle. Officially over in 2009, the Great Recession is now generally acknowledged to be the most devastating global economic crisis since the Great Depression. As a result of the crisis, the United States lost more than 7.5 million jobs, and the unemployment rate doubled—peaking at more than 10 percent. The collapse of the housing market and subsequent equity market fluctuations delivered a one-two punch that destroyed trillions of dollars in personal wealth and made many Americans far less financially secure. Still reeling from these early shocks, the U.S. economy will undoubtedly take years to recover. Less clear, however, are the social effects of such economic hardship on a U.S. population accustomed to long periods of prosperity. How are Americans responding to these hard times? The Great Recession is the first authoritative assessment of how the aftershocks of the recession are affecting individuals and families, jobs, earnings and poverty, political and social attitudes, lifestyle and consumption practices, and charitable giving. Focused on individual-level effects rather than institutional causes, The Great Recession turns to leading experts to examine whether the economic aftermath caused by the recession is transforming how Americans live their lives, what they believe in, and the institutions they rely on. Contributors Michael Hout, Asaf Levanon, and Erin Cumberworth show how job loss during the recession—the worst since the 1980s—hit less-educated workers, men, immigrants, and factory and construction workers the hardest. Millions of lost industrial jobs are likely never to be recovered and where new jobs are appearing, they tend to be either high-skill positions or low-wage employment—offering few opportunities for the middle-class. Edward Wolff, Lindsay Owens, and Esra Burak examine the effects of the recession on housing and wealth for the very poor and the very rich. They find that while the richest Americans experienced the greatest absolute wealth loss, their resources enabled them to weather the crisis better than the young families, African Americans, and the middle class, who experienced the most disproportionate loss—including mortgage delinquencies, home foreclosures, and personal bankruptcies. Lane Kenworthy and Lindsay Owens ask whether this recession is producing enduring shifts in public opinion akin to those that followed the Great Depression. Surprisingly, they find no evidence of recession-induced attitude changes toward corporations, the government, perceptions of social justice, or policies aimed at aiding the poor. Similarly, Philip Morgan, Erin Cumberworth, and Christopher Wimer find no major recession effects on marriage, divorce, or cohabitation rates. They do find a decline in fertility rates, as well as increasing numbers of adult children returning home to the family nest—evidence that suggests deep pessimism about recovery. This protracted slump—marked by steep unemployment, profound destruction of wealth, and sluggish consumer activity—will likely continue for years to come, and more pronounced effects may surface down the road. The contributors note that, to date, this crisis has not yet generated broad shifts in lifestyle and attitudes. But by clarifying how the recession’s early impacts have—and have not—influenced our current economic and social landscape, The Great Recession establishes an important benchmark against which to measure future change.
The Global Financial Crisis
The Global Financial Crisis - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Global Financial Crisis write by Susan J. Hunter. This book was released on 2013-10-21. The Global Financial Crisis available in PDF, EPUB and Kindle. As with most sectors, higher education did not escape impact from the credit crisis caused by high-risk mortgage loans to individuals who could not afford to maintain the payments. The ensuing stock market crash created a cascade of loan defaults that produced portfolio declines of about 33 percent, creating a ripple effect throughout the entire economy. Because the majority of states were affected by the crisis, the United States Congress passed the American Recovery and Reinvestment Act (ARRA) in 2009. ARRA was a stimulus package and a portion of the funding was aimed at offsetting state budget cuts in the fiscal years 2009–2012. By the beginning of 2011, most of the ARRA funds had been depleted by states, so it is likely that they will not have federal funds to mitigate impacts occurring in future years. At least 43 of the 50 states have cut assistance to public universities since 2009, although states have been unevenly affected by the crisis. Overall appropriations for higher education decreased 3.8 percent nationwide between 2007 and 2012. The 2008 financial crisis resulted in a tightening of credit availability, making it more difficult for students to secure loans, which are commonly used to pay for higher education in the United States. Other forms of financial aid such as grant funding from the government also became scarcer. The combination of tough economic times and the inability to secure funding to pay for education caused some students to delay or discontinue higher education. The financial crisis also affected student decisions on where to attend college. Students began searching for more affordable options, such as staying in their home state and attending public institutions or choosing a community or technical college. Across Europe, the effects of the financial crisis on higher education systems were expressed unevenly, with some countries reporting increases in funding for research and teaching while others reported budget cuts greater than 10 percent. Higher Education in Asian countries was also affected unevenly by the crisis. UNESCO reported that some Asian countries successfully implemented stimulus packages and other forms of government assistance to lessen the impact of the crisis on higher education.
Paying the Price
Paying the Price - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Paying the Price write by Sara Goldrick-Rab. This book was released on 2016-09-01. Paying the Price available in PDF, EPUB and Kindle. A “bracing and well-argued” study of America’s college debt crisis—“necessary reading for anyone concerned about the fate of American higher education” (Kirkus). College is far too expensive for many people today, and the confusing mix of federal, state, institutional, and private financial aid leaves countless students without the resources they need to pay for it. In Paying the Price, education scholar Sara Goldrick-Rab reveals the devastating effect of these shortfalls. Goldrick-Rab examines a study of 3,000 students who used the support of federal aid and Pell Grants to enroll in public colleges and universities in Wisconsin in 2008. Half the students in the study left college without a degree, while less than 20 percent finished within five years. The cause of their problems, time and again, was lack of money. Unable to afford tuition, books, and living expenses, they worked too many hours at outside jobs, dropped classes, took time off to save money, and even went without adequate food or housing. In many heartbreaking cases, they simply left school—not with a degree, but with crippling debt. Goldrick-Rab combines that data with devastating stories of six individual students, whose struggles make clear the human and financial costs of our convoluted financial aid policies. In the final section of the book, Goldrick-Rab offers a range of possible solutions, from technical improvements to the financial aid application process, to a bold, public sector–focused “first degree free” program. "Honestly one of the most exciting books I've read, because [Goldrick-Rab has] solutions. It's a manual that I'd recommend to anyone out there, if you're a parent, if you're a teacher, if you're a student."—Trevor Noah, The Daily Show
Children of the Great Recession
Children of the Great Recession - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Children of the Great Recession write by Irwin Garfinkel. This book was released on 2016-08-21. Children of the Great Recession available in PDF, EPUB and Kindle. Many working families continue to struggle in the aftermath of the Great Recession, the deepest and longest economic downturn since the Great Depression. In Children of the Great Recession, a group of leading scholars draw from a unique study of nearly 5,000 economically and ethnically diverse families in twenty cities to analyze the effects of the Great Recession on parents and young children. By exploring the discrepancies in outcomes between these families—particularly between those headed by parents with college degrees and those without—this timely book shows how the most disadvantaged families have continued to suffer as a result of the Great Recession. Several contributors examine the recession’s impact on the economic well-being of families, including changes to income, poverty levels, and economic insecurity. Irwin Garfinkel and Natasha Pilkauskas find that in cities with high unemployment rates during the recession, incomes for families with a college-educated mother fell by only about 5 percent, whereas families without college degrees experienced income losses three to four times greater. Garfinkel and Pilkauskas also show that the number of non-college-educated families enrolled in federal safety net programs—including Medicaid, the Earned Income Tax Credit, and the Supplemental Nutrition Assistance Program (or food stamps)—grew rapidly in response to the Great Recession. Other researchers examine how parents’ physical and emotional health, relationship stability, and parenting behavior changed over the course of the recession. Janet Currie and Valentina Duque find that while mothers and fathers across all education groups experienced more health problems as a result of the downturn, health disparities by education widened. Daniel Schneider, Sara McLanahan and Kristin Harknett find decreases in marriage and cohabitation rates among less-educated families, and Ronald Mincy and Elia de la Cruz-Toledo show that as unemployment rates increased, nonresident fathers’ child support payments decreased. William Schneider, Jeanne Brooks-Gunn, and Jane Waldfogel show that fluctuations in unemployment rates negatively affected parenting quality and child well-being, particularly for families where the mother did not have a four-year college degree. Although the recession affected most Americans, Children of the Great Recession reveals how vulnerable parents and children paid a higher price. The research in this volume suggests that policies that boost college access and reinforce the safety net could help protect disadvantaged families in times of economic crisis.
