CNBC’s “College Voices 2020” is a collection written by CNBC fall interns from universities throughout the nation about coming of age, getting their school schooling and launching their careers throughout these extraordinary instances. Colette Ngo is a senior at Chapman University.
Young voters are fired up and analysis reveals they are going to be a decisive issue in the 2020 election. And, they clearly have loads at stake: They are getting into the workforce throughout considered one of the most brutal economies since the Great Depression.
“In the next president, we need a leader who will recalibrate the ethical and moral compass of this nation, as well as work to repair the damaged relationships both domestic and abroad while representing the country and the diversity that makes up this country, properly on the global stage,” stated Jaden Cody, a Morehouse College scholar and director of “Get on the Bus,” an initiative he stated is geared toward “empowering young black men to take back their narrative.”
Jaden Cody, Morehouse College
Source: Jaden Cody
Students are anticipated to prove in document numbers for this election. In the Harvard Youth Poll, 63% of respondents indicated they may “definitely be voting,” in distinction to 47% in 2016. More than seven million young folks, ages 18-29, have already voted early or absentee in the 2020 elections.
With the financial system being a high voting concern, young voters need to know what the future will appear like for them. Will they have the option to discover a job in a post-pandemic financial system? Will they have the option to get reasonably priced well being care once they are off their dad and mom’ plans?
Here are a few of the financial issues that a number of school and graduate college students stated have been essential to them:
Most college students raised issues about the availability of reasonably priced well being care. The Affordable Care Act offered greater than 20 million Americans with medical insurance and has diminished disparities in entry to well being care amongst Black and Hispanic adults. But, the way forward for ACA is in jeopardy.
Several college students expressed concern about President Trump’s plans to substitute Obamacare, leaving insurance coverage firms to compete for patrons. Many favored Joe Biden’s plan to construct on the Affordable Care Act.
“I urge our next president to secure a health-care system that will not leave the millions of people that rely on the Affordable Care Act stranded and without access to proper medical care, especially those that live with pre-existing conditions,” stated Terrence Bourgeois Jr., an honors scholar at Xavier University.
“How is it that we can be one of the greatest nations in the world, but cannot offer affordable health care to all who need it?” requested Ashley Halter, a graduate scholar at Ohio State University.
Ashley Halter, Ohio State University Fisher College of Business
Source: Ashley Halter
Halter, who can also be a enterprise operations coordinator at James Cancer Hospital, stated she has seen sufferers spend stimulus checks on issues others usually would not, like remedy.
“I think about the people who are here doing chemo twice a week, and they’re maxing out their health care. And they’re paying for a lot of these things out of pocket. And so when the stimulus comes around, you know, it’s going to their third treatment,” stated Halter. “I want to see a health-care option available to every American.”
Students say the issues of well being care and race immediately correlate to each other, as Obamacare labored to slim racial disparities. A Commonwealth Fund examine says 5 years after ACA was carried out, Black adults residing in states that expanded Medicaid reported protection charges and entry to care measures pretty much as good as or higher than what white adults in non-expansion states report. If the ACA is taken away, this leaves hundreds of thousands of Americans with out medical insurance, which in flip, could exacerbate the racial wealth hole.
“The health-care disparity really affects African-American people and people of color in this country,” stated Cody. “For me, having a conversation about the health of the economy has a large part to do with the health of the people who are also going to be making this economy move.”
Jordan Centry, an MBA scholar at University of North Carolina’s Kenan-Flagler Business School and sophistication president of the MBA Student Association, introduced up the reality that the financial system is doing effectively in regard to the inventory market recovering from its 2020 losses. Yet wealth inequality continues to develop and it impacts low-income communities of colour the most.
Jordan Centry, UNC Kenan-Flagler Business School
Source: Jordan Centry
“The pandemic has a disproportionally negative effect on Black people and is further limiting our ability to invest in securities,” Centry stated.
Young voters imagine it is vital for the subsequent president to handle the racial wealth hole. Brionna Bryant, a graduate scholar at Ohio State University’s Fisher College of Business who’s pursuing a profession in forensic accounting after commencement, proposed that the subsequent administration ought to create initiatives that will immediately advance equality throughout the financial system.
“I specifically would like to see action taken related to the wage gap, access to capital/lending [and] homeownership,” Bryant stated.
Brionna Bryant, Ohio State University Fisher College of Business
Source: Brionna Bryant
Student debt is considered one of the most extreme issues affecting school college students and paying it off can appear to be a endless course of. In the U.S., scholar mortgage debt is the second largest class of client debt, behind solely mortgage debt. There are presently 42 million scholar mortgage debtors, and the common stability is round $30,000. As rates of interest rise over time, scholar debt accumulates and creates an “inescapable hole for many people financially” Bourgeois stated.
The scholar debt disaster hits minorities and girls the hardest. Black graduates owe on common $7,400 extra on scholar loans than their white counterparts. Additionally, girls maintain two-thirds of the nation’s scholar debt and on common borrow $3,000 greater than males to attend school.
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On high of that, the return on funding for a school diploma is eroding as the likelihood of getting a job after commencement – and one that pays effectively – is lowering. At the identical time, the value of attending school is rising.
“Education is a privilege not just in the United States but all around the world. I wish this wasn’t a privilege though,” stated Halter. “I wish that education was an opportunity every single American had access to.”
Many young voters advocate at no cost schooling at the group school degree. They additionally hope, in the subsequent 4 years, that there can be packages for mortgage forgiveness or decreasing scholar debt rates of interest, like Morehouse College scholar Brandon White, who’s a first-time voter and presently undecided.
“In order to solve this, the president might have to partner with third-party educators to provide education at a cheaper price. This will guarantee that students will receive an education regardless of their socioeconomic status,” stated Brandon White, a Morehouse College scholar and an intern for the Federal Reserve Bank of St. Louis.
Brandon White, Morehouse College
Source: Brandon White
There can also be the concern of equal funding for college districts and the way it impacts the pipeline of scholars from highschool to school. Schools that lack funding typically can not present the identical schooling than these that get funding, Bryant stated. This can lead to decrease scholar GPAs that then hinder the alternative for entering into school, nevermind even having the ability to afford increased schooling.
“The improvement to the education system needs to start with K-12. Ensuring that all students have access to resources regardless of their social class,” Bryant stated. “The next president can improve the education system by making community college free and creating pipeline programs to four-year institutions.
College students are graduating into one of the worst recessions in history with high unemployment and lower earnings compared to those who graduated in previous years. The current unemployment rate is 8%, compared to what the natural rate of unemployment should be at around 5%. And youth unemployment for ages 16-24 is even worse at 13.5%, according to the U.S. Bureau of Labor Statistics.
Plus, with the unprecedented mass layoffs and hiring freezes for companies across the country, students will likely be competing with candidates with more work experience. Some industries, like restaurants, tourism and hospitality have been upended — graduates may be forced to pivot from their dream jobs to something more realistic.
“I imagine the president ought to contemplate an expansionary fiscal coverage and improve authorities spending, ensuing in increased employment,” Centry said.
It’s going to be difficult for many students to get a job after graduation and within months, their student loans are going to start coming due. They’ll need a job and access to health care. They’ve witnessed so much racial injustice and inequality and they’re outraged. They want to know that they have a leader who will help improve the economy they are graduating into and make it a place of opportunity not just for a select few but for everyone.
“My largest concern going into 2021 isn’t having the management in workplace that will shield all girls and their decisions, advance communities of colour by dismantling disparities and injustices, develop the financial system, and propel America ahead,” Bryant said.
Students from Ohio State University and Morehouse College will be part of CNBC’s special Election Night coverage. Tune in on Tuesday, Nov. 3 starting at 7pm ET to hear more about what matters to these young voters.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.