How Can We Grade Universities on Their Local Economic Impact?

Apr 18, 2014

Roosevelt Institute Associate Director of Networked Initiatives Alan Smith and NYU student Eugenia Kim explain the Campus Network's Rethinking Communities Initiative and how universities can promote local development. 

Roosevelt Institute Associate Director of Networked Initiatives Alan Smith and NYU student Eugenia Kim explain the Campus Network's Rethinking Communities Initiative and how universities can promote local development. 

Click here to read more about Rethinking Communities.

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Daily Digest - April 11: Do Universities Make the Grade on Local Impact?

Apr 11, 2014Rachel Goldfarb

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What's the Deal: How Can We Grade Universities On Their Local Economic Impact? (YouTube)

Roosevelt Institute Associate Director of Networked Initiatives Alan Smith and NYU student Eugenia Kim explain the Campus Network's Rethinking Communities Initiative and how universities can promote local development.

Click here to receive the Daily Digest via email.

What's the Deal: How Can We Grade Universities On Their Local Economic Impact? (YouTube)

Roosevelt Institute Associate Director of Networked Initiatives Alan Smith and NYU student Eugenia Kim explain the Campus Network's Rethinking Communities Initiative and how universities can promote local development.

Don't Be Fooled: The Fed's New Rule Lets Banks Off Easy (TNR)

Roosevelt Institute Fellow Mike Konczal says that increased leverage ratio requirements aren't the end-all solution to Too Big To Fail, even though they are a strong regulatory tool.

Does Christianity Really Prefer Charity to Government Welfare? (The Week)

Elizabeth Stoker agrees with Mike Konczal: the social safety net allows private charities to function better. She also argues for the safety net from a Christian perspective.

  • Roosevelt Take: Stoker's piece responds to Mike's recent essay on "the voluntarism fantasy" in Democracy Journal.

Missing Ingredient on Minimum Wage: A Motivated G.O.P. (NYT)

The last three minimum wage increases have involved a president working with a congressional leader from the other party. John Harwood says President Obama seems unlikely to find such a partner.

Yes, Being a Woman Makes You Poorer (TAP)

Monica Potts lays out the complexities of the wage gap, and emphasizes that blaming the gap on women's choices ignores the realities of those choices. Wage gap deniers seem to suggest that gender discrimination doesn't exist.

The Safety Net Catches the Middle Class More Than the Poor (WaPo)

Safety net spending has increased since the 1990s, but not for those in deep poverty, writes Catherine Rampell. Paul Ryan's budget proposal takes the idea of supporting the "deserving" over the most needy even further.

MAP: In 31 States, Daycare Is More Expensive Than College (MoJo)

Erika Eichelberger looks at a comparison of the cost of in-state college tuition and infant daycare from Child Care Aware America. The growing cost of childcare may help explain a recent increase in stay-at-home mothers.

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Higher Education Financing Needs a Better Deal Than This

Mar 31, 2014Raul Gardea

Bipartisan budget proposals seek to address the debt-burden on students, yet merely underscore the need for a drastic overhaul of post-secondary education financing.

Bipartisan budget proposals seek to address the debt-burden on students, yet merely underscore the need for a drastic overhaul of post-secondary education financing.

The White House’s latest proposal for easing student-debt is a noble but ultimately bankrupt effort, which misses the forest for the trees. The plan includes an expansion of income-based repayment (IBR), makes the American Opportunity Tax Credit permanent past the current 2017 cut off, and places a cap on loan forgiveness for public sector workers. Yet like most college affordability proposals that have come out of Washington, the current plan offers Band-Aid “reforms” that fail to cut to the heart of the structural problems in how we finance higher education. Instead of trying to fix the debt, the conversation should center on solving why students should need to take out such massive debt in the first place, a discussion few in Washington are eager to have.

A common critique of debt forgiveness is that such policies encourage students to take on a heavier financial burden and leads to schools hiking tuition to compensate. On paper, tuition deferral methods like IBR coupled with loan forgiveness are sound. This method shifts the costs from the individual to the taxpayer, as they should if we still value higher education as a public good. Currently, students who demonstrate need can enroll in “Public Sector Loan Forgiveness” (PSLF) which is an IBR plan that forgives debt after ten years of public sector or non-profit employment. The new proposal lifts the needs-based eligibility requirement to allow larger numbers of individuals to sign up, but places a $57,500 cap on forgiveness for public sector workers and requires payments for twenty-five years instead of ten for any amount over that.

Yet despite the White House’s claim that the proposal provides a “safeguard against raising tuition at high-cost institutions,” there is little reason to believe that will be the case. If the school has already been paid, and taxpayers will foot the bill in twenty-five years as the proposal stipulates, what incentive would there be for colleges to keep tuition low? Since schools have nothing at stake, it is likely that they will continue to increase tuition without regard for what happens to graduates. Students who may have considered serving their communities by pursuing careers as, say, public interest lawyers, relying on the promise of loan forgiveness after ten years are now having the rug pulled out from under them.  A quarter-century of indebtedness is simply absurd to imagine.

Republicans have also weighed in on higher education spending through their tax code reform proposals. They include repealing or consolidating various credits into a permanent American Opportunity Tax Credit, taxing PSLF, and repealing several tax breaks for students, among several other proposals. While this legislation will likely go nowhere as it is, several of these items could linger for a while and undoubtedly worm their way into more digestible, passable bills.

All this back and forth about restoring the promise of higher education hides the urgent need for a massive overhaul of the way the U.S. finances post-secondary education, something that Washington seems unwilling to do. Thinking back to the hopefulness of 2009 now seems like a lifetime ago. That year appeared to signal a turning point in history: a return to a strong, activist, solutions-oriented federal government. The 111th Congress was the most productive Congress in a generation. Certain sectors of the economy appear to be correcting course, with health care costs dropping and financial markets rising again. Yet the cost of a college education, an issue that President Obama is supposedly obsessed with, has continued to increase during this tenure. As his presidency winds down, it’s easy to feel like the window for passing any kind of comprehensive reform has shut. A large segment of our generation is chronically underemployed.  Students continue getting fleeced as the federal government hands out mortgages and lends to banks at lower interest rates. 41% of student loan holders are behind on their payments. Sen. Elizabeth Warren says government should not profit off the backs of students. As one of the few consistent voices advocating for this issue, she must get lonely.

Just as income inequality has become part of the national dialogue through grassroots efforts, reeling in higher education costs is something that requires broader strokes. Local efforts like the Kalamazoo Promise or San Francisco’s Kindergarten to College must be commended for expanding college access to students who might otherwise be shut out. But these programs assume higher education will remain exorbitantly expensive. Rather than trapping students in a debtor’s prison for twenty-five years, policymakers should be deep-diving into an audit of bloated university president and administrative pay, intercollegiate athletic subsidies, and educational outcomes per tuition dollar, among other things. During election years, the Obama White House tends to revisit its college affordability agenda, and this time is no different. But even without re-election to worry about, we have yet to see this administration truly go big on this issue. As campaign season heats up, access to an affordable higher education should be a bigger part of the conversation and indeed, must be a part of any serious policy agenda.

Raul Gardea is the Roosevelt Institute | Campus Network's Senior Fellow for Education.

 

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Snowed Under: When Keeping Schools Open Puts Low-Income Students Further Behind

Feb 18, 2014Sarah Pfeifer Vandekerckhove

New York City's public schools may provide hot lunches, but keeping them open in a snowstorm does no good if students aren't able to attend.

New York City's public schools may provide hot lunches, but keeping them open in a snowstorm does no good if students aren't able to attend.

On January 22, New York City saw its third major snowstorm in just three weeks. Despite nearly a foot of snow in the city and treacherous travel conditions, NYC Department of Education Chancellor Carmen Fariña and Mayor Bill de Blasio announced schools would remain open. Even so, just 47 percent of New York City’s 1 million public school children made it to school that day.

Last week, as another snowstorm made its way toward the New York City metro area, Fariña and de Blasio repeated that decision, simultaneously proclaiming travel hazardous and schools open. This time attendance was even lower at less than 45 percent.

Fariña has defended her decision to keep schools open in these bleak conditions by arguing that it is critical for the many poor students who depend on school for hot meals. But her argument is misguided, as it fails to acknowledge that those very students are the ones who have the greatest difficulty getting to school in inclement weather. Most are more likely to live and/or attend school in the outer boroughs of New York City. The Bronx and Brooklyn, home to the highest percentage of NYC K-6 public school students receiving free or reduced-price lunch, suffer from greater lack of access to public transportation and slower snow clean-up, which makes getting to school all the more difficult.

Source: New York State Well Being Indicators for 2010-2011 school year.

Aside from the physical danger it creates, keeping schools open when students can’t get there only serves to put these students further behind academically. As the Education Week blog pointed out after the January 22 snowstorm, keeping schools open despite low probability of attendance can mean disadvantaging the students who stayed home or inconveniencing the teachers and students who were present.

The low-income students in whose interest Fariña claims to work – those who theoretically benefit from school being open for the hot meals – already face enough of an achievement gap at school, performing worse academically than their middle- and upper-class counterparts. They don’t need one more reason to fall behind. Students from low-income families also suffer from Summer Slide, a phenomenon in which students experience summertime learning loss due to lack of educationally enriching resources and opportunities.  

Last Thursday’s public school attendance numbers not only showed results worse than the January 22 attendance numbers, but also demonstrated that the attendance rates disproportionately affect the outer boroughs. The Bronx and Brooklyn had 37 percent and 44 percent attendance rates, respectively, both below the total New York City average. (Staten Island had the lowest attendance rate at 26 percent).

Source: New York Department of Education

At a Bronx school only 15 percent of the students showed up, many leaving before lunch, according to one teacher. And Bedford-Stuyvesant Preparatory High School in Brooklyn recorded just 6 percent attendance while 37 Manhattan schools recorded attendance of over 80 percent.

For Fariña, as the leader of the nation’s largest school system, to close schools due to inclement weather is inevitably a tough choice with many complicating factors – as de Blasio pointed out, it has happened just 11 times in the last 36 years. But when less than half of the city’s students are able to attend school, and boroughs with the highest numbers of students receiving free or reduced-price lunch record some of the lowest attendance rates, it’s clear that simply keeping schools open for students who need the hot meals doesn’t add up.  

Sarah Pfeifer Vandekerckhove is the Roosevelt Institute's Director of Programmatic Operations.

Image via Thinkstock

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Daily Digest - January 29: The State of Our Union Depends on Our Communities

Jan 29, 2014Rachel Goldfarb

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Student-Run Group to Evaluate Cornell-Community Relations (Ithaca Journal)

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Student-Run Group to Evaluate Cornell-Community Relations (Ithaca Journal)

D. W. Nutt speaks with Roosevelt Institute Associate Director of Networked Initiatives Alan Smith and Roosevelt Institute | Campus Network Cornell chapter president Matthew Clausen about the launch of Rethinking Communities, an initiative examining the ways that Cornell and its peers contribute to local economies.

  • Roosevelt Take: Alan discusses the theory behind the project, which focuses on driving change to economic and social policy at the hyper-local level.

State of the Union: Right on Wages, Wrong on Trade (The Nation)

John Nichols writes that the president's calls for free trade weakened another excellent discussion of income inequality and how to fix it. Back in 2008 on the campaign trail, Obama tied trade deals to growing inequality, and Nichols says that's still true.

Obama: Time for Congress to Get Out of the Way (MSNBC)

Suzy Khimm argues that the State of the Union emphasized the ways that Congress is blocking even the policies that both parties agree on. The president's willingness to work around Congress, as with his executive order raising the minimum wage for federal contractors, could be key.

Kain Colter Starts Union Movement (ESPN)

Tom Farrey reports on the Northwestern University football team's first steps toward collective bargaining. On Tuesday, they filed a petition and unions cards with the National Labor Relations Board, becoming the first college athletes to attempt to unionize.

Newark Passes The Country’s Eighth Paid Sick Leave Law (ThinkProgress)

Bryce Covert reports on the newest in a wave of paid sick leave laws, which the mayor of Newark, NJ has promised to sign. This is the second municipality in New Jersey to mandate paid sick leave, which she says puts more pressure on statewide lawmakers.

New on Next New Deal

It's Time to Raise Wages: Local Leaders Should Follow the President's Example

Roosevelt Institute Associate Director of Networked Initiatives Alan Smith urges anchor institutions, like universities or hospitals, to consider ways that they can quickly improve their economic impact, like paying a living wage and requiring contractors to do the same.

Republican Alternative to Obamacare: Pay More, Get Less, Put the Insurance Companies Back in Charge

Roosevelt Institute Senior Fellow Richard Kirsch says that the introduction of a GOP plan for replacing Obamacare gives Democrats a moment of opportunity. Comparing this plan to the Affordable Care Act demonstrates the ways the Republican plan will harm the health care system.

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Daily Digest - January 22: Which Schools Will Make the Grade on Economic Impact?

Jan 22, 2014Rachel Goldfarb

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Students to Analyze Yale’s Impact on New Haven (Yale Daily News)

Click here to receive the Daily Digest via email.

Students to Analyze Yale’s Impact on New Haven (Yale Daily News)

Nicole Ng reports on the launch of the Roosevelt Institute | Campus Network's Rethinking Communities initiative at Yale University. Students will examine how Yale influences local economic development in New Haven and be able to compare Yale to other institutions across the country.

  • Roosevelt Take: Roosevelt Institute Associate Director of Networked Initiatives Alan Smith explains the ideas behind the Rethinking Communities initiative.

Why the Rich Don't Think They're Rich. And Why It Matters (PolicyShop)

David Callahan looks at polls and surveys that show that wealthy Americans don't consider themselves to be wealthy. He suggests that most rich people compare themselves to even richer peers, but this perception is a problem when trying to implement policies that reduce inequality.

Janet Yellen Should Ignore the Unemployment Rate (Slate)

Matt Yglesias writes that the new Federal Reserve chair should recognize that the unemployment rate is not actually a useful measure of the health of the economy. The unemployment rate has been dropping recently, but that's because of the decline in labor force participation.

Want to Help the Middle Class? Don’t Kill Corporate Taxes (WaPo)

Juan Carlos Suárez Serrato and Owen Zidar write that cutting or eliminating a state's corporate income taxes won't bring in new business, and will help shareholders rather than average workers. They call for increased infrastructure spending as a better method of attracting businesses.

Four Years After ‘Citizens United,’ There Is Real Movement to Remove Big Money From Politics (The Nation)

John Nichols reports on the growing movement to support a constitutional amendment that would declare money to be property rather than speech and reverse the Citizens United decision. Sixteen states have already passed resolutions supporting the proposed amendment.

New on Next New Deal

Citizens United for Real Civic Engagement

Roosevelt Institute | Campus Network National Field Strategist Joelle Gamble uses the fourth anniversary of Citizens United v. FEC to call for more diverse forms of civic engagement. She argues that practices like participatory budgeting strengthen citizens' voices beyond the voting booth.

Rethinking Diplomacy: Why Iran Should Have a Seat at the Table on Syria

Roosevelt Institute | Campus Network Senior Fellow for Defense and Diplomacy Jacqueline Van de Velde writes that without bringing more of the major players, including Iran, to the Geneva II talks that are meant to solve the crisis in Syria, it's unclear if any resulting plan can be seen as legitimate.

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Daily Digest - December 19: How Michigan Can Put Its Best Minds to Work

Dec 19, 2013Rachel Goldfarb

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Bill Helps Solve Michigan's Brain Drain (Lansing State Journal)

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Bill Helps Solve Michigan's Brain Drain (Lansing State Journal)

Sonja Karnovsky and Adam Watkins, co-Presidents of the University of Michigan chapter of the Roosevelt Institute | Campus Network, argue that a bill that would create a tax credit to reduce student loan costs for graduates who stay in-state, which is based on a Campus Network proposal, would also improve the state's economy.

Street Protests Can Foil Congress (NYT)

Roosevelt Institute Fellow Dorian Warren suggests that anyone seeking to reform today's Congress should look at the response to the filibusters of the Civil Rights era. Social movement politics pushed through filibuster reform in 1975, and similar pressures could help end today's dysfunction.

Not So Fast: New Budget Deal Leaves a Lot to Deal With (MoJo)

Patrick Caldwell points out that the Ryan-Murray budget is only a broad framework, and Congress still needs to pass an omnibus appropriations bill to set spending levels on a program-by-program basis. With $46 billion to cut, that's not going to be an easy process.

Looking for a Job? Congress Doesn’t Seem to Care (The Root)

Charles D. Ellison points out that while Congress continues to focus on the Affordable Care Act and the budget deficit, polling data shows that the majority of Americans would rather see their representatives shift their attention to jobs. Sadly, Congress seems to have missed these polls.

The Taper is Here, and the Stock Market Seems to Love It (Quartz)

Matt Phillips reports that the Federal Reserve has begun to taper its bond-buying program, and the S&P 500 shot up in response to the news. But the Fed isn't done pushing for low inflation, so Phillips argues that the central bank will remain a major market presence.

The Fed Tapered Perfectly—Here's What It Needs To Do Next (The Atlantic)

Matthew O'Brien explains how the Fed has managed to keep markets from reacting badly to tapering, as they did when the very suggestion was made back in May. He adds that with inflation still below target and unemployment still too high, expanded monetary policy will still be needed.

Charting a Mismatch in Housing Spending (Off the Charts)

Will Fischer looks at federal housing spending, which disproportionately subsidizes wealthier households and favors homeownership over renting. Since low-income renters are far more likely to need support, he says Congress should put more resources into rental assistance.

UAW Wants to Eliminate Two-Tier Wage System: Official (Reuters)

Ben Klayman reports on the United Auto Workers' new push to eliminate dramatically lower pay for entry-level hires compared to veteran workers. A UAW vice president says that to do away with this system, they'll need to organize non-union plants in the South.

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Daily Digest - December 12: Too Cooperative for a Tea Party

Dec 12, 2013Rachel Goldfarb

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A Tea Party For Liberals (Majority Report)

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A Tea Party For Liberals (Majority Report)

Sam Seder and Roosevelt Institute Fellow Mike Konczal discuss what has prevented the rise of a liberal equivalent of the Tea Party. Liberal groups would need a lot more funding before they could break the historic partnerships with moderates that have helped them beat Republicans.

US Budget Deal: What Does It Add Up To? (FT)

James Politi gives a full breakdown of the budget deal, complete with numbers. There are no tax cuts, because that's too much compromise for the GOP, so all the increases in revenue come from higher fees. (This article is behind a paywall.)

Federal Budget Deal Hits Worker Pensions (MSNBC)

Ned Resnikoff focuses on how the budget deal will affect federal workers. Even though there are no real concerns about the long-term sustainability of the federal retirement system, the deal increases employee contributions to create savings in the budget.

Don’t Deck the Halls for This One (Other Words)

Mattea Kramer compares the Murray-Ryan budget deal to polling data on what Americans want from the budget, and finds the deal lacking. When 80 percent of Americans want higher taxes on corporations, for example, why is there no new tax revenue?

Tax Dollars for Law Breakers? (Policyshop)

Amy Traub presents what may be the least-controversial policy idea ever: the government shouldn't do business with law-breakers. A new study shows that we've failed to meet even that basic standard, with many federal contractors paying large fines for labor law violations.

ALEC Has Tremendous Influence in State Legislatures. Here’s Why. (WaPo)

Roosevelt Institute | Campus Network alum Alexander Hertel-Fernandez ties ALEC's success to the resources available to legislators. Lawmakers with smaller budgets and shorter legislative sessions are more likely to introduce pre-fab bills from ALEC.

New on Next New Deal

Corporate Education Reform Won’t Solve the Problems Caused by Poverty

Roosevelt Institute | Campus Network Senior Fellow for Education Raul Gardea criticizes the profit motive in education reform. Inequality causes many of the problems facing education, and those problems won't be solved by getting the market involved in our schools.

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Corporate Education Reform Won’t Solve the Problems Caused by Poverty

Dec 11, 2013Raul Gardea

Arne Duncan’s latest gaffe highlights the critical inequities of federal education “reforms.” Reversing these trends will require policymakers to acknowledge that education alone cannot create perfect equity of opportunity. 

Arne Duncan’s latest gaffe highlights the critical inequities of federal education “reforms.” Reversing these trends will require policymakers to acknowledge that education alone cannot create perfect equity of opportunity. 

Secretary of Education Arne Duncan hastily walked back his comments recently after dismissing Common Core opponents as “white suburban moms”  who had suddenly realized that their kids aren't as bright as they thought. This sparked a furor amongst parents and educators and thrust the Common Core back into the spotlight. Although the controversy over standards-based education is nothing new, it speaks volumes that the outrage doesn’t make the evening news until white suburban moms are singled out. If there is something positive to be gleaned from Duncan’s tactless comments, it is the public recognition that these federal policies have stratified education along race and class divisions—policies that Duncan presides over and advocates for as Obama’s education secretary.

Perhaps the uproar prompted by Duncan’s comments has less to do with white suburban outrage and instead signals a tipping point: a mainstream rejection of policies that are finally being exposed for their disproportionately detrimental impact on poor and minority communities. Duncan’s remarks provided a glimpse at the man behind the curtain. Race and class matter in education and Duncan simultaneously acknowledged and dismissed this.

It’s hard to sympathize with Duncan’s dismissiveness.

Common Core is just one of several examples of corporate influence in education. The foundations and consortiums behind these policies, like the Gates Foundation, Pearson, and others, all stand to profit from adoption of their methods, resources, and technology. But that’s neoliberalism in a nutshell. What is truly surprising has been the full-fledged support of high-stakes testing by the US Department of Education (DoE) under a Democratic president, continuing the infamous legacy of No Child Left Behind (NCLB). The mission of the DoE has been to fire “bad” teachers, as determined by their students’ test scores, and close schools which don’t meet these arbitrary and subjective goals.

Few would dispute that we should hold our educators and the children they are entrusted with to a high bar of excellence, but evaluating performance on test scores has never been a viable strategy. As Common Core test results have started trickling in, the results aren’t pretty. In New York, they show a widening of the achievement gap between black and white students. This leaves young teachers at a disadvantage since they are often placed in high poverty schools and are still learning on the job. They often have to also play the role of counselor, psychiatrist, and day care provider. So while the White Suburban Mom is disappointed because she’s tried her best to ensure the highest quality of life for her daughter, the Single Black Urban Mom who works two jobs simply can’t be as engaged with her son’s education: a child afflicted with toxic stress who then takes the same exam on an empty stomach. Ignoring these elements and relying solely on improving testing scores demeans the teaching profession and puts the students who need the most attention and wraparound services at a disadvantage.

Of course, this forms the ideological basis of corporate reform: firing “bad” teachers will fix education which will lead to middle class prosperity which will alleviate poverty. “College and career readiness” are the choice buzzwords found in the text of the Common Core. Speaking to Politico, Duncan said, “the path to the middle class runs right through the classroom.” Such a perspective, keen in the 1960s, sounds positively outmoded in 2013. As Millennials are quickly realizing, that rose-tinted vision of education as the great social equalizer simply cannot reconcile the effects of the Great Recession and decades of bad policy.

This is the crux of the issue. It really is all about money. Merit pay, standardization, union-busting, school closures, austerity budgets, unregulated charters, all coupled with persuasive messaging and the endorsement of both major political parties means corporate reform will make a few people very rich at the expense of equity and inclusiveness. Education is just another avenue where the profit motive has been pecking away at the remains of public institutions that we spent decades building.

It seems like grassroots uproar is finally coming to a head. The start of National Education Week this year saw anti-Common Core protests in New York, South Carolina, Maryland, and several other states. Much like the solidarity seen in recent fast food employee strikes and Black Friday protests from workers demanding fair wages and labor practices, teachers, parents, administrators, and legislators from all political stripes are uniting in opposition to unproven policies and their slapdash implementation across the country. Parents and educators should not be pitted against one another but realize their interests are very much aligned.

We have to acknowledge that non-school factors play a major role in learning outcomes and policymakers must know that enough is enough. Vast income inequality can lead to inequality in education, so we must ensure adequate funding formulas can meet the needs of diverse demographics. We must ensure access to affordable, quality healthcare for all families. We must further integrate schools to reduce achievement gaps. We must support the collective bargaining rights of teachers, who are often overburdened by factors outside the scope of their profession. As progressive populism is reignited, we must recognize that these issues are not about ideology but about pragmatism. Reinventing our social infrastructure for the 21st century means we simply cannot afford to treat our schools as a market ripe for competition any longer.

Raul Gardea is the Roosevelt Institute | Campus Network's Senior Fellow for Education.

Photo via Shutterstock.

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Daily Digest - December 4: Youth Unemployment Is Leading to Tragedy

Dec 4, 2013Rachel Goldfarb

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"Tragedy as a generation" for U.S. Youth (Marketplace)

David Brancaccio speaks to Roosevelt Institute Senior Fellow Jeff Madrick about the problems young people are facing in today's economy. He says that without professional lobbyists, other groups' needs are being heard over young people's.

Click here to receive the Daily Digest via email.

"Tragedy as a generation" for U.S. Youth (Marketplace)

David Brancaccio speaks to Roosevelt Institute Senior Fellow Jeff Madrick about the problems young people are facing in today's economy. He says that without professional lobbyists, other groups' needs are being heard over young people's.

CFPB To Supervise Largest Student Loan Servicers (HuffPo)

Shahien Nasiripour reports that the Consumer Financial Protection Bureau has finalized a rule giving it oversight over the companies that collect payments on federal student loans. This should hopefully ensure more borrower-friendly practices.

Detroit Is Bankrupt: What Now? (Pacific Standard)

Anna Clark lists the three most important things to be aware of now that the courts have approved Detroit's bankruptcy filing. She notes that this case will have a major impact on other cities, which look to Detroit as an example of the possibilities in their future.

Fighting Corruption Polls Off the Charts (MSNBC)

Zachary Roth reports on a new poll from represent.us which shows that the vast majority of Americans support tougher campaign finance laws. Unfortunately, incumbents seem uninterested in changing the rules that helped to get them elected.

  • Roosevelt Take: Jeff Raines, Chair of the Roosevelt Institute | Campus Network Student Board of Advisors, explains how a current Supreme Court case could further weaken campaign finance law.

Black Friday and the Race to the Bottom (The New Yorker)

George Packer ties low retail sales during the extended Black Friday weekend to the fights for a higher minimum wage. Executives should recognize the practical truth that workers need to be able to afford to shop too.

Tax Breaks for CEOs Pay for Million-Dollar Salaries (The Guardian)

Jana Kasperkevic explains the performance pay loophole that allows corporations to deduct millions in executive compensation from their federal income taxes. She draws a parallel between the results of that policy and the low wages of average fast food workers.

  • Roosevelt Take: Roosevelt Institute Director of Research Susan Holmberg and Roosevelt Institute | Campus Network alum Lydia Austin wrote a white paper calling on Congress to close the performance pay loophole. Read it here.

Low Bank Wages Costing the Public Millions, Report Says (WaPo)

Danielle Douglas writes that new data from the University of California at Berkeley's Labor Center shows that bank employees are relying heavily on public assistance, to the tune of $900 million a year. The banking industry reported $141.3 billion in profits last year.

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