Creating a Sense of Urgency for Our Economic Future

According to their web site, the Milken Institute "is a publicly supported, nonpartisan, independent think tank whose work makes a difference in the lives of people worldwide by helping create a more democratic and efficient global economy."

They recently published their "2008 State Technology and Science Index" which ranks states on their ability to take advantage of tech-science related economic growth. It includes 77 unique indicators that are categorized into five major components: Research and Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Human Capital Investment, Technology and Science Work Force, and Technology Concentration and Dynamism. 

Guess where West Virginia ranks on most indicators?

What is most discouraging is that we actually slipped backward in many rankings from 2004 to 2008 (from 46th to 49th overall). Lest we think these rankings are biased towards large states with bigger resources: And lest we get discouraged that a low-ranking state can't make huge leaps in a relatively small period of time, North Dakota jumped 14 spots from 45th in 2004 to 31st place in 2008:

New Hampshire breaks into the top ten overall, moving up from 12th to 9th place. The state is boosted by its performance in the Research and Development Inputs Composite Index, where it places 5th. New Hampshire ranks 2nd in the nation for phase II Small Business Innovation Research awards per 10,000 business establishments and places in the top five for academic R&D dollars per capita. New Hampshire’s enhanced prowess in the technology and science commercialization area is highlighted by its 5th-place finish in the percentage of establishments in high-tech industries.

[North Dakota's] meteoric rise was driven by advancements in STTR awards; R&D expenditures in biomedical, physical sciences, and engineering; and improvements in industry R&D. North Dakota’s strong momentum stems from the state government’s commitment to develop “Centers of Excellence.” Unveiled in 2004, this plan earmarks a portion of the state budget to matching funds for universities and colleges that develop Centers of Excellence that foster regional development in science and technology.

So we're on the right track with Bucks for Brains, but we have to ensure those dollars get invested wisely and commercialized efficiently. North Dakota also gained from its efforts to retain talent through $5,000 tuition reimbursements for students in technology and teaching fields who chose to work in-state after graduating from local universities. (West Virginia's Promise Scholarship delivers its scholarship investment in students up front, but currently has no built-in incentive for staying in state after graduation.)

The current and future success of economies is tied more and more to technology. We can't afford to be ranked at the bottom of these categories year after year. Isn't it time we elevate this to the #1 issue for the long-term well-being of our state? 

Comments

[Sarah Barnes]

THANK YOU for mentioning this topic. I have been saying for the past 8 years that West Virginia has GOT to give a reason, a fiscal one, to graduates AND those who have long graduated but have yet to pay off their loans to stay.

Student loans are a necessary evil, but to graduate with the equivalent of a 30 year mortgage over your head before you even have your first job is a crushing, inescapable debt burden. The conundrum I personally have is that with my state employee salary I cannot afford to pay off these loans. Housing, car, childcare, food, other bills all take precedence. If I went out of state for a job, I might be able to get one that pays enough, but then we'd not be near our aging parents, brothers, sisters, friends, etc. Worst of all we'd be just another family that has had to move away from the place we love just because of money.

I think this is an untapped resource that would be a huge boost to the economy. For every dollar they put in to pay off a graduate's debt that graduate will spend a dollar HERE in West Virginia. That graduate will stay here at least as long as it takes to pay off his/her loans (and even if you only pay off 1-2,000 a year for them, that is a long time). That student will be able to better afford starting a family. Their children will attend our schools. They'll pay taxes here, buy goods here, and improve the quality to our workforce.

I actually wrote the Underwood, Wise, and Manchin administrations, the Charleston Gazette, our Congressmen and the ARC about this. Sens. Byrd and Rockefeller at least responded. To Jay's credit, he supported some changes in the college loan laws that might make it possible for public servants to have loans forgiven after 10 years (if they are in repayment) - but I haven't seen anything about this becoming officially an option.

I know small government folks will complain that such a program is a waste or that we shouldn't be forgiving loans for people that knew they were loans etc. I categorically reject those arguments for two reasons:
1) We have a fundamental need to educate our populace. We cannot reserve higher education and training for the wealthy (which is what you need to be to afford to go to school without assistance) if we want to maintain a middle class society. Education is key to upward mobility and essential for a living wage. If we truly value an educated workforce, we have got to provide ways to pay for that education and ways to escape the debts accrued to obtain that education.

2) Graduates who take out loans to pay for school did so because there is no other choice. I had jobs all through school, but I only earned enough to live on, not nearly enough to pay for tuition, fees, and books. My parents did not have the resources to pay for my education.

A decision made to take out a loan to pay for college is not truly a "decision." It is often the only option and thus condemning 18-22 year-olds to a lifetime of debt.

I'd also like to point out that Americorps is a fantastic program, BUT it is completely useless to anyone who has a family to support or a full time job in a career they have already begun. Often these positions only pay minimum wage, are only good for a year and only offer a few thousand dollars against your loans. That hardly makes a dent in the $50K I owe, not to mention the $80k my husband owes.

Here is one last option, since this comment has gone into overtime: Why can't I repay my loans through volunteer work? I work full time and have 2 kids to support, but I'd gladly make time to volunteer if I could work off the loan. As it is I spend my free time working a second job AND any freelance work I can get.

I apologize for the VERY long comment, but this is an area I am very passionate about.