Things are about to get tough, and not just because everyone’s retirement savings accounts have been beaten into submission. Just a year ago, the America Competes act was passed to double the funding for science, technology, engineering and mathematics (STEM) research over the next 10 years.
To put mildly, things have changed, and we’re now reduced to trying to keep student loan infrastructure from feeling the heat of the larger meltdown.
At the root of the U.S. economy lies a highly productive workforce, one that is increasingly under assault from higher food prices, energy prices and a sharp drop in access to credit. Companies are feeling it, too, trimming 160,000 jobs in September; the overall economy is starting to feel the pull of gravity.
Jobs in science, technology, engineering and mathematics, however, will probably continue to grow (as well as those in the health services sector). The work that absolutely needs to get done for use to move forward will require sharp, innovative companies. But how will they maintain growth without anyone to do the work?
A bill extension awaiting signature by President Bush was passed by the Senate last month and pledges to purchase any loans from troubled lenders who are bailing out of the market so as to guarantee students continued access to funds that will allow them to finish their education and enter the workforce. But already reports are out there that students are having some trouble finding loans, particularly at community and technical schools. Lenders—some 137 of which have left the student loan business since last year—are reluctant to finance one- to two-year loans, indicating that the job market wants a four-year degree or more. And even if they do get the loan, circumstances can hurt both the student and lender.
Though the America Competes initiative (and science funding in general) hasn’t resulted in any actual funding increases, the high technology private sector remains relatively prosperous. But even STEM jobs need a steady influx of “fresh meat,” if you will, to remain vital. And it’s not happening: technology companies are accustomed now to reporting a shortage of qualified workers. The STEM workforce is aging rapidly and the younger scientists and technology professionals just aren’t there.
Hopefully, we can guide more students into full STEM degree programs, and that we have the money to keep them there. To not be able to do so is indicative of a much more serious problem.
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