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Government Spending on College Students - 3/20/15

As recently reported by Bloomberg, in forty-eight U.S. states, government spending on each college student remains below where it was before the recession that began in December of 2007.  Governors in Wisconsin, Louisiana, Illinois, Arizona, Alaska, West Virginia and Connecticut are each poised to reduce support for colleges and universities in budgets under consideration this year. 

The result – rising tuition.  In 2013, the latest year for which data are available, tuition accounted for about forty eight percent of public higher education revenue.  That’s double what it was in 1988 when states provided relatively greater support for higher education.  Many economists believe this pattern to be deeply problematic. 

According to Georgetown University’s Center on Education and the Workforce, two thirds of the one hundred sixty five million U.S. jobs in 2020 will require education beyond high school.  In 1973, fewer than a third did.  New York and Maryland have been the East Coast’s leaders in terms of sustaining support for higher education since the recession began.

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.