The Economic State Of The United States - 1218 Words

The United States today is a paradox, where corporations prosper despite the dire economic state of the rest of the country (Reich, 519-520). This paradox continues to remain true, despite any individual effort a person may make. As Robert Reich, a political economist and professor at Berkeley concludes, this is because the workforce is shifting from the manufacturing industry to service jobs and mostly, jobs that require college degrees(519-521). Presently in the U.S., one s competitive position in the world economy is starting to depend one’s function, and in this environment, the rich prosper (Reich, 519-520). In response to this situation, many now view a college degree as a key to success, and are seeking out higher education.†¦show more content†¦Financial Aid programs in the form of loans, although helpful in paying for college, do little to shorten the gap between high and low income students in higher education. The College Board, which is responsible for the SAT, AP, and other acclaimed standardized exams, states that, about two-thirds of full-time students pay for college with the help of financial aid, most of which is federally funded (Federal State AP Exam Fee Assistance,† 1) This is partly because college tuition and fees have surged 1,120 percent since 1978, causing the financial burden taken on by college applicants to become almost overwhelming (Jamrisko, 1). For this reason, financial aid is seen by low-income college applicants as a necessary means to attending college. In theory, the use of financial aids should encourage low-income people to attend college and provide equal opportunity between high and low-class students, however, it has no such effect. According to a study done by the Pew Research Center, which is known for researching trends in professional environments, college enrollment in the U.S. among low income students is still 30% below that of high income students (Desilver, 1). As Tamy Luhby, an economis t and author for CNN Money says, high income-students are still 8 times more likely to graduate with a degree. Although financial aid temporarily covers the cost of college, it is basically a system of debt accumulation due to fact that many low income students can only