We work in conjunction with the Boyd Center for Business and Economic Research and the Howard H. Baker Jr. Center for Public Policy.
“The Class of 2020 could feel the effects of a recession well after the recession has ended. Prior research has found that U.S. college students who graduated during a recession earned 10 percent less the first year after they completed their studies than would otherwise be expected. And the negative effects lasted over the next seven years.”
Professor Bruce says it’s important to note that while most college students will not receive a check, there are other clauses in the bill that they can benefit from. “The increases in unemployment insurance, if those students were working and were laid off, as a result of this, they will be able to receive some of those public assistance benefits. I know some states are doing some aggressive work to provide additional support through their temporary assistance for needy families and snap and other programs that are being ramped up and actually expanded during this pandemic period.” Bruce said.
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Policy makers must weigh the risks of implementing and lifting COVID-19 restrictions.