Almost across the board, US corporate profits are struggling–down almost 12% compared to a year ago. While financial and economic analysts can point to a number of things this could be the cause–or the result– of, Fortune Magazine,Deutsche Bank and KitCo, among others, fear a recession could be on the horizon for the United States.
An unfortunate and perhaps the most obvious result of recessions, as we’ve seen in the past, is job security plummeting. A primary concern of recessions is who will be able to retain their position and their steady income, and who will suffer? Those who are the primary providers for children are among the most at-risk–without a source of income children could undoubtedly suffer the consequences of an economy that is wholly out of their control.
Among those that lose their jobs are teachers, particularly those in public schools.
When state and local budgets are slashed, children receiving primary school educations across the country are hurt substantially, a fact that often falls out of consideration for many adults. When over 90% of your budget comes from state and local government, a recession can have an overwhelming impact on students.
Fortunately, there are things that you can do to properly prepare for a recession (whether it happens or not) and the potential impact on your children’s education.