Romney and Obama both have plans for the job market in America that will affect current and future students as they break out into the job market. Jobs have been an important subject this election year — discussed several times throughout this campaign due to the continually high unemployment rate in America. Romney’s plan for this issue is based on future job creation, whereas Obama’s plan focuses on more immediate employment.
Senior Sienna Cittadino stated her personal worries concerning employment prospects after college. “I don’t spend much time thinking about the job market. It’s upsetting.”
Mitt Romney’s main objectives for the American job market are “retraining workers” and “attracting the best and the brightest.”
Romney believes that many of the retraining programs in place are redundant and plans to consolidate the programs them. He also believes that these kinds of programs are not successful because they cannot cater to each state’s needs. Therefore, he wants to give this power to the states along with a block grant to fund them.
Instead of so many retraining programs, Romney is advocating for setting up an account like Medicare that unemployed individuals would be eligible for. These individuals could then use that money for whatever retraining programs they see fit, such as college or technical classes, though the plan does not state specifically where that money would come from. Personal Reemployment Accounts could also be used to promote private sector participation by using the money as an incentive to hire and train new workers.
Romney’s second objective of “attracting the best and the brightest” mainly focuses on changing immigration laws. His idea is to attract people from other countries to either start their businesses here or stay in the United States once they graduate to further promote businesses. Romney wants to achieve this by raising visa caps for skilled workers and granting permanent residency to eligible graduates with advanced degrees in math, science and engineering.
Obama’s major objectives for creating jobs are cutting taxes, rebuilding infrastructure and reforming current policy.
Obama plans on cutting taxes in order to incentivize many businesses to hire and thrive in the economy. He plans on giving tax cuts to businesses that hire veterans, a payroll tax holiday to businesses that hire more people or increase the wages of their staff and tax cuts for a business’ first five million dollars in payroll to focus the tax cuts on smaller businesses instead of large corporations. This plan would allow more money to be put into the company and the payroll which, in turn, would allow for more jobs. Obama also intends to make sure that police officers, fire fighters and teachers keep their jobs.
Obama continues his job plan by focusing on rebuilding our country. This includes improving infrastructure such as roads and bridges, remodeling schools and expanding wireless Internet connections across the nation, which would allow for more opportunities in the job market.
Obama intends to largely reform the unemployment insurance plan for the first time in forty years. This reform would give states more flexibility but would not give them complete control. States would be encouraged to give incentives to hire older people and make it easier for the unemployed to start a business.
One of the most interesting things about these two plans is that they could both be put into effect, and very few parts would conflict.
“The current job market is tricky because they tell us that you have this liberal arts education and that that’s going to get you a job because it makes you more diverse and it makes you unique, but the job market isn’t great right now… I’d have to apply to thirty to forty places to find a job that I wanted,” senior Amanda Lee said.
Although every student interviewed said that the job market was poor, many of the students were confident they would find a position after graduation.
“For what I’m majoring in I think I’ll be okay,” senior Daniel Johnson said.
The job market is not only affecting students planning to enter the job market after graduation, but students going on to graduate school, too.
“I know that graduate school has always been something that I have been really driven towards… people now are like, ‘Okay well if I’m not going to get a job I might as well go on to get my degree’… making applications for graduate schools a lot more competitive,” seniorLizzy Warner said. “I’m also afraid that it will potentially bust in the validity and worth of my degree once I am able to receive that.”