The legislative task force formed by House Speaker Christopher G. Donovan to address the needs of children affected by the recession will meet at 1 p.m. on Tuesday, September 29, in Room 2-C of the Legislative Office Building in Hartford. The Connecticut Network plans to cover it; check the CT-N website for program times.
Meeting agenda
More on the task force
Monday, September 28, 2009
Thursday, September 17, 2009
Another recession casualty: college savings
Parents of high school children say the past year has seen a significant drop in how much of their kids' college education costs they can cover.
The findings come in Fidelity Investments' third-annual College Savings Indicator study.
Fidelity says it found that parents can cover only 11 percent of the total cost of their children’s college education. That's down from 15 percent in 2008. This is a concern, Fidelity notes, because the cost of a college education continues to rise at 5.8 percent a year, totaling an estimated $124,400 for today’s high school seniors.
On the bright side: This year’s study found that more parents of college-bound children, aged 18 and younger, have started saving and are better utilizing tax-advantaged savings accounts such as 529 plans. Still, the "challenging economic environment of the past year" has impacted overall savings levels, Fidelity reports.
The findings come in Fidelity Investments' third-annual College Savings Indicator study.
Fidelity says it found that parents can cover only 11 percent of the total cost of their children’s college education. That's down from 15 percent in 2008. This is a concern, Fidelity notes, because the cost of a college education continues to rise at 5.8 percent a year, totaling an estimated $124,400 for today’s high school seniors.
On the bright side: This year’s study found that more parents of college-bound children, aged 18 and younger, have started saving and are better utilizing tax-advantaged savings accounts such as 529 plans. Still, the "challenging economic environment of the past year" has impacted overall savings levels, Fidelity reports.
Thursday, September 10, 2009
Alarming numbers from the Brookings Institution
The Brookings Institution, using data from the Congressional Budget Office, estimates that poverty in the U.S. will worsen through 2011 or 2012, with children really taking it on the chin:
"There were 37 million people in poverty in 2007, so our results indicate that the recession would increase the number of people in poverty by about 8 million, or 22 percent. Our estimates for the increase in poverty amongst children are even more dramatic. There were about 13 million children living in poverty in 2007, and we estimate that the number of poor children could increase by at least 5 million, or 38 percent." (Emphasis added.)
Download the entire 11-page report here.
"There were 37 million people in poverty in 2007, so our results indicate that the recession would increase the number of people in poverty by about 8 million, or 22 percent. Our estimates for the increase in poverty amongst children are even more dramatic. There were about 13 million children living in poverty in 2007, and we estimate that the number of poor children could increase by at least 5 million, or 38 percent." (Emphasis added.)
Download the entire 11-page report here.
Friday, September 4, 2009
Recovery likely to be 'weak and fragile'
The unemployment rate jumped to 9.7 percent in August, "amplifying worries that millions of households are likely to endure financial anxiety and lean times for months to come," the New York Times reported today.
The Times added that while most economists believe the United States has escaped the grip of recession "as a technical matter," the federal government's new jobless figures "lent credence to a growing consensus that the recovery is likely to be weak and fragile, prompting most companies to hold back from hiring aggressively."
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