June 19, 2020

A looming financial meltdown for America’s schools

Photo by Ivan Aleksic on Unsplash

With the nation’s attention still fixed on the COVID-19 health crisis, school leaders are warning of a financial meltdown that could devastate many districts and set back an entire generation of students.

Schools receive nearly half of their funding from state coffers. But with businesses shuttered in response to the pandemic and the unemployment rate already nearing 15{310f4324ad65b0a2030a48dd153b38f905c81f5512720fdadc65be8f0797b958} — well above its 10{310f4324ad65b0a2030a48dd153b38f905c81f5512720fdadc65be8f0797b958} peak during the Great Recession — state income and sales tax revenues are crashing.

Schools won’t just need help making up for dramatic gaps in state spending. They’ll need extra money to pay for the extra things they’re being asked to do: feed children and families in hard-hit communities, help millions of students make up for learning time they’ve lost while home, and make sure schools are safe when children do finally return to class.

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