Immigration, in recent years, has been a hot-button topic in American politics.
Most recently, the debate has centered around DACA, or Deferred Action for Childhood Arrivals. The three-day government shutdown in January was instigated by Democrats to push for a vote in the Senate on this issue. This program, instituted by the Obama administration, gives legal status to people who were brought into the United States illegally as children. Every two years, these people can apply for a temporary work visa. This visa gives them deportation relief and allows them to work legally in the country. This group is often referred to as “Dreamers."
Because this program was created through an executive order, the president has full authority to revoke it at any time. In September 2017, the Trump administration announced that it would phase out the DACA program with a six-month delay. Meaning, the deadline for Congress to act would fall on March 5, 2018. This deadline has pushed Democrats to fight for legislation that would create a program to replace DACA.
After the government shutdown, Senate Republicans and Democrats have an agreement to debate and vote on this issue February 8. However, there are still questions of whether the vote will actually happen and what exactly they would be voting on. Or even if the same bill could pass the House afterward as well as whether Trump will sign it.
There are a lot of things up in the air when it comes to DACA. With indecision on this issue from Congress, it looks more certain that the program will be ended completely. This would leave about 690,000 immigrants to face deportation when the program shuts down. If these people were forced to leave the country or did so voluntarily, what would be the possible economic effects?
The majority of DACA recipients are students. All of those covered by the program must be enrolled in school, or have a high school degree or an equivalent. Seventeen percent are working toward an advanced degree. As they complete their education, this group will look more like the highly skilled individuals with Bachelor's or Master's degrees who receive H-1B visas. Dreamers are also more likely to be employed in higher-skilled jobs than immigrants who are residing in the country illegally.
But not all enrolled in DACA are students. About 55 percent are working in some capacity in a variety of service and professional jobs. Many work in retail, food services, or hospitality. Some are enlisted in the military. But many still are business managers, social workers, teachers, and health care providers.
About 5,400 DACA recipients are practicing physicians. Without the program, these doctors will likely be forced to leave the country. According to the Assocation of American Medical Colleges, the shortage is expected to increase from 40,800 and 104,900 physicians by 2030. With the removal of DACA, the shortage could potentially worsen, especially in rural areas.
Additionally, around 20,000 enrolled in DACA are currently working as teachers nationwide. Most of them are in California and Texas. If the program is ended, all of these teachers would potentially be lost. This situation could leave many schools in limbo. Most Dreamers are also fluent in Spanish, an increasingly valuable skill in education and other fields.
That's not even counting other economic impacts. All of the DACA recipients are spending money and participating in the economy. They buy groceries, pay rent, and own cars and fill up their tanks. Once their DACA status lapses, they could potentially lose their jobs. This loss of income would prevent them from participating in the economy in the same way. This participation even includes the $495 application fee to enroll or renew their status every two years. Losing thousands of people freely participating in the U.S. economy will have an impact, especially in states where most Dreamers are settled. Over the next ten years, projections range from $200 billion to more than $400 billion in economic growth that could be lost if the DACA program were ended.
- Trump Ends DACA, Calls On Congress To Act : NPR ›
- DACA alive, barely, a year after Trump ended it - CNNPolitics ›
- It's time to end DACA – It's unconstitutional unless approved by ... ›
- What is DACA and why is it ending? - CNNPolitics ›
- DACA: Experts Predict Big Economic Consequences of Rescinding ... ›
- DACA Recipients' Economic and Educational Gains Continue to Grow ›
- DACA: Economic Cost of Deporting Undocumented Immigrants ... ›
- Economic Effects of DACA Are $460 Billion Per Year | Observer ›
- DACA deportations could cost US economy more than $400 billion ›
- Rescinding DACA Will Cost the US Economy $200 Billion ›
What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.