tailieunhanh - THE COLLEGE ADVANTAGE: WEATHERING THE ECONOMIC STORM 2012

In fiscal year 2010–2011, the state of California provided $ billion per year in funding for child care and development programs, though this amount is slated to be cut in fiscal year 2011–2012 (Ehlers 2011). Some of these state expenditures are paid for using federal funding through the Child Care and Development Fund, the Temporary Assistance for Needy Families program, and the American Recovery and Reinvestment Act of 2009. Overall, current state funding meets only 60 percent of the need: while the state subsidizes the child care expenses of 300,000 children, there are nearly 200,000 children on waiting lists (CBP 2011) | QEORgETOW UNlVERSITY Georgetown Public Policy Institute ANTHONY P. CARNEVALE TAMARA JAYASUNDERA BAN CHEAH Center on Education and the Workforce THE COLLEGE ADVANTAGE _ WEATHERING THE ECONOMIC STORM EXECUTIVE SUMMARY W hen it rains hard enough and long enough everyone gets a little wet. Economic storms are like that too. In the Great Recession that began in December 2007 even college graduates lost jobs or ended up in jobs beneath their skill levels. Unemployment and underemployment for new college graduates approached double digits. But college has proved to be the best umbrella in this historic economic storm and the best preparation for the economy that is emerging in recovery. For college graduates the dark clouds have come with a silver lining. IT IS A TOUGH JOB MARKET FOR COLLEGE GRADUATES BUT FAR WORSE FOR THOSE WITHOUT A COLLEGE EDUCATION. Since the recession began the economy has not been able to create enough jobs for the college-educated labor force but unemployment rates for college-educated workers have stayed low relative to unemployment rates among those with only a high school diploma or less. The unemployment rate for all four-year college graduates is percent but the unemployment rate for recent four-year college graduates is more than 50 percent higher at At the same time unemployment rates for recent high school graduates are near 24 percent. For college graduates the dark clouds have come with a silver lining. Unemployment rates for four-year college graduates went up during the recession but never exceeded percent compared to the peak percent in February 2010 and the current percent unemployment rate for high school graduates. Unemployment rates for new four-year college graduates peaked at percent in July 2011 before declining to percent in May 2012. Meanwhile unemployment rates for new high school graduates peaked at 30 percent in January 2010 and are still at 24 percent in May 1 The unemployment