Presidential Candidates Must Address Skills Gap

Presidential Candidates Must Address Skills Gap
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Fifth-grader Heaven Scott plays with gears Wednesday, Aug. 27, 2014, in the gymnasium at Mercer County Intermediate School in Harrodsburg, Ky., during a STEM program by mobile ed productions. STEM (science, technology, engineering, math) education is designed to create critical thinkers, increases science literacy, and enables the next generation of innovators. (AP Photo/The Advocate-Messenger, Clay Jackson)

RCEd Commentary

Hillary Clinton is frequently heard calling for “debt-free college,” while also sending out a clarion call to improve the education system.

“I’ve set forth some big goals,” the Democratic nominee said during the second presidential debate Oct. 9. “Making sure that we have the best education system from preschool through college and making it affordable.”

Clinton’s proposal calls for allowing students whose families earn less than $125,000 a year to attend an in-state public college or university with the “free” tuition being covered by federal taxpayers. Her “tuition-free” program, estimated to cost $450 billion in its first decade, would be phased in over four years.

The plan will no doubt be debated further in the remaining weeks of the presidential campaign, and whether it becomes reality will depend on whether Clinton is elected, and on who wins control of Congress in November.

As Clinton and her Republican opponent Donald Trump head into the third debate tonight, the best thing for them to do right now would be to use their platforms as presidential candidates to address the skills gap in the fields of science, technology, engineering and math. The candidates should encourage students to pursue majors in these areas because they are in demand by employers. That wouldn’t increase costs to taxpayers, and if students heed that advice, they will be able to afford to pay back their student loans by way of increased employment and higher wages.

About 1.3 million new jobs become available each year in U.S. STEM fields. But only about 600,000 college students are graduating in those fields annually.

Freshmen arriving at college who are still undecided about their majors need only to do the math to see where the jobs of the future are going to be.

One thing to remember is that future earnings potential is just as important as job demand. Michigan State University’s Collegiate Employment Research Institute, which tracks what degrees garner the highest salaries, reports that the five highest-paying jobs are all in STEM fields. Chemical engineers top the list with the highest average starting salary at $63,389, followed closely by computer engineers ($63,313), electrical engineers ($61,173), software designers ($60,104) and mechanical engineers ($59,681). Compare these with average starting salaries across humanities and you’ll readily see the difference.

There’s no avoiding the fact that if students want to improve their employment prospects – as well as their earnings potential – they should explore a degree and career in STEM.

Some students may determine that STEM isn’t for them, but obtaining a solid foundation in STEM subjects is a smart, forward-thinking move, regardless of the career path they choose. According to a 2013 Brookings Institution report, “20 percent of all jobs require a high level of knowledge in any one STEM field.”

Even if a student goes on to pursue a non-STEM major, it would be wise to minor in or take elective courses in STEM fields. Science and technology is changing almost every industry from teaching and journalism to health care and construction. A background in STEM will provide students with cross-functional skills such as critical thinking and problem solving that will serve them well after graduation, and also put them in line ahead of their peers in the job market.

Unfortunately, too many students are graduating with degrees that don’t meet the needs of the growing STEM skills gap and therefore have a difficult time finding jobs or full-time employment. That’s problematic, and not just for graduates. According to an April report from the Economic Policy Institute, grads are still suffering from the “lasting effects on employment prospects of young people” of the Great Recession, which ended in 2009.

The skills gap also means companies have a harder time finding qualified employees and contributing to growing the economy. Students’ inability to pay back their loans is likewise a drag on the economy.

Total student loan debt increased by $80 billion last year, much of it in government-subsidized loans, and currently stands at $1.26 trillion, according to Studentloanhero.com, based on figures compiled by the New York Federal Reserve Bank. That’s more than either U.S. auto-loan debt ($1.1 trillion) or total credit-card debt ($730 billion).

Much has been written and said about the daunting debt burden students face today when they graduate or leave school without a degree. This has led to a borrower delinquency rate of 11.6 percent, according to Studentloanhero.com, whose co-founder/CEO notes on the site he personally was saddled with a staggering $107,000 in student loans. It is also a significant burden for U.S. taxpayers who are subsidizing the loans.

The “tuition-free” or “debt-free” college proposals being floated by Clinton and others on and off Capitol Hill aren’t going to solve the problem, and may in fact make it worse.

That’s because such infusions of additional federal cash will only further disincentivize colleges from any effort to minimize tuition cost increases. They would also encourage students to continue deferring the necessary hard choices of careers to pursue the courses to take in pursuit of those careers. “Undecided” is a very costly stalling pattern, not a major.

Federal education loans should be linked to the STEM workforce shortfall. If students want cheap or “free” (that is, low-interest) money for higher education, they should get a STEM degree – and they’ll more likely get a great job. That in turn will go a long way toward allaying worries about paying back those student loans.

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