As it has at the national level, North Carolina’s official unemployment rate continues to fall. And while there’s certainly some good news there, numerous analysts continue to explain why this recovery is especially tepid and shallow for a huge proportion of North Carolinians (and why the trickledown economic policies pursued by state leaders continue to fall short). The latest comes from the economic wonks at CFED. Here’s the release:
New Report Finds North Carolina Ranks Near the Bottom for Financial Security of its Residents
Overall Poor Performance Shows Persistent Financial Insecurity, Need for Comprehensive Public Policy Response
Washington, D.C. – Despite an improving national economy, new data released today by the Corporation for Enterprise Development (CFED) show many North Carolina residents are barely scraping by. CFED’s 2015 Assets & Opportunity Scorecard ranked the state near the bottom among all states for its high number of low-wage jobs (ranked 41st), as well as its high number of low-income residents who don’t have health insurance (42nd) or a four-year college degree (44th).
The troubling data underscore the need for programs and policies that help more families achieve financial security, including reinstatement of the state’s Earned Income Tax Credit (EITC) and expansion of Medicaid. Additionally, a Children’s Savings Account program would provide every child in the state with their own matched savings account for postsecondary education. Recent research has shown that these accounts dramatically increase college attendance and graduation rates. Read more