EDUCATION FOR EVERY ONE

The recent Bipartisan Budget Act passed by Congress and signed by the president is a significant step for our federal government for long-term deficit reduction, and it unwinds some of the damaging sequester cuts that have harmed students, seniors and many Americans across the country.

It will also help to begin a path for critical investments that have proven to help our economy grow and strengthen our communities.

Despite these positives, the bill continues to leave education financing programs, research funding and other higher education initiatives on uncertain ground.

For research and development at universities, sequestration has cut federal funding by more than $1 billion. As a result, dozens of university presidents, including University of Kentucky President Eli Capilouto and Harvard President Drew Faust, have indicated that this approach by leaders in Washington is having a devastating effect.

A survey conducted in October revealed that seven out of 10 universities are encountering delays in research projects and that the same share of schools are obtaining fewer new research grants. Furthermore, undergraduate student research and new federal training grants have been cut by as much as 30 percent. Over a third of research projects have been canceled.

As a former Kentucky secretary of state and current director of the Harvard Institute of Politics, I can attest that investments in higher education have a positive effect on economic growth and contribute greatly to Americans’ overall prosperity. Higher levels of education attainment directly impact one’s employment opportunities and earnings over the course of their career.

Earlier this year a study released by the Pew Center on the States noted that, during the recession, college graduates 21 to 24 years old were far less likely to lose their jobs or have their pay cut than high-school graduates of the same age. Overall, unemployment rates for individuals with at least a bachelor’s degree are three times less than for those without a high-school diploma.