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Young Men Aren’t Falling Behind Young Women

Young women at all age levels are less likely than young men at all age levels to be in school or work.
The post Young Men Aren’t Falling Behind Young Women appeared first on Center for Economic and Policy Research.

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A recent Wall Street Journal article painted recent pandemic-driven declines in men’s postsecondary enrollment as an escalating crisis with “no reversal. . .in sight.”  Responding a few days later in the New York Times, Kevin Carey wrote that the picture is a more complex with “women keep playing catch-up in an economy structured to favor men.”

In the figures below, we add to that picture by charting the percentage of young men and young women who are not in school or paid employment, segmented by age levels. Internationally, this is sometimes referred to as the “not in employment, education, or training,” or NEET rate, a term we use here with the caveat that it isn’t clear how well short-term job training is captured in US data. 

As the figures show, young women at all age levels are less likely than young men at all age levels to be in school or work, however the NEET gender gap widens after age 24. Figure 1 charts NEET rates since 2013 for young women and men in three age bands (20–24; 25–29; and 30–34). In the first quarter of 2021, about 18 percent of men aged 20–24 and 18.5 percent of women in that same age range were not employed or in school. Among young men and women aged 25–29, about 17 percent of men and 23 percent of women were not employed or in school. Finally, among men and women aged 30–34, the NEET rates are 15 percent and 27 percent, respectively.

Figure 1

In short, the gender difference in NEET rates is narrowest at ages 20–24, but it widens at ages 25–29, and then again at ages 30–34.

Figure 2 charts the gender gap in NEET rates — women’s NEET rate minus men’s NEET rate — over time for each of these gender-age groups. For example, in 2019, women’s NEET rate at age 20–24 was about 2 percentage points higher than men. Among women ages 25–29, it was about 8.4 percentage points higher than men, and increased to about 14.6 percentage points at ages 30–34.

Figure 2

Fig 2

Over the past few years, the gender differences in NEET rates have narrowed, especially for the adults in their 20s. But women in their late 20s and early 30s have a long way to go before closing the gap. For example, for women aged 25–34 to catch up with men the same age, roughly 2 million more women would need to be in employment or school.

While the NEET rate is a useful indicator, it’s also important to note that it underestimates gender gaps when it comes to labor force attachment. This is because people who are “not in education or employment” include unemployed people (people in the labor force and actively looking for work) and people not in the labor force. If the numerator of the NEET rate excluded unemployed people who were looking for work (and not in school), the gender gap would widen somewhat because men are more likely to be unemployed and women are more likely to be out of the labor force.

The widening gender gap in NEET rates as young women enter their late 20s and early 30s is largely, if not exclusively, due to more women than men taking on greater unpaid care obligations. The current NEET gender gap for adults ages 25–34 who live with one or more of their own minor children is roughly 23 percentage points, while among adults in the same age range not caring for children, there is currently no meaningful gap (but there was a small one prior to 2020). One result is the well-documented “motherhood wage penalty” — the fact that mothers earn less than both men and childless women with similar educational levels and other characteristics.

Countries with expansive work-family policies, including paid leave and universal childcare have lower NEET rates for young adults and narrower NEET gender gaps than the United States. In Sweden, for example, there is no meaningful NEET gender gap at ages 20–24, and only a 3 percentage point gap in ages 30–34. Only about 10 percent of Swedish women ages 30–34 were not in employment or education in 2020 compared to about 29 percent of US women in the same age range.

The Build Back Better and infrastructure bills currently moving through Congress would increase the educational attainment, health, well-being, employment, and incomes of the diverse American working class. But for both young men and young women in the working-class to benefit in a roughly equal manner, both the infrastructure legislation and the economic security provisions in the Build Back Better Act, including universal childcare, paid family leave, and child allowances, need to be included.

The post Young Men Aren’t Falling Behind Young Women appeared first on Center for Economic and Policy Research.

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‘Build Back… You Know, The Thing’: Americans Have No Idea What’s In Biden’s Economic Plan

‘Build Back… You Know, The Thing’: Americans Have No Idea What’s In Biden’s Economic Plan

While Congressional Democrats spar over the ultimate size of President Biden’s "Build Back Better" economic plan, Bloomberg astutely points out that..

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'Build Back... You Know, The Thing': Americans Have No Idea What's In Biden's Economic Plan

While Congressional Democrats spar over the ultimate size of President Biden's "Build Back Better" economic plan, Bloomberg astutely points out that Americans have no clue what they're signing up for with their tax dollars. In fact, according to a CBS News poll published Oct. 10, just 10% of Americans say they know the specifics of the bill, while only 1/3 think it would benefit them directly.

What's more, "Not even Congress knows what the bill would accomplish, with the contents of the plan changing day-by-day as Democrats squabble over how much it should spend, who it should benefit and who should pay for it."

For example, on Tuesday, the White House suggested it would jettison free community college. The next day, Democrats were focused on proposed tax hikes after moderate Sen. Kyrsten Sinema (D-AZ) put her foot down over corporate and personal tax rates.

In an attempt to provide some clarity (don't hold your breath), Biden on Thursday night held a CNN town hall-style event (on the same night as Dune's US release).

In short, their messaging sucks.

"I will state the obvious, but they need to shift the focus away from process to policy. So far, the coverage around their proposal is all around Democratic divisions, which inevitably makes it impossible to sell," said former Marco Rubio communications director, Alex Conant. "Frankly, they need to talk about what their goals are," he added. "Why is this necessary?"

Republicans, on the other hand, are clear on their messaging; "Massive government spending leads to massive tax hikes," according to GOP strategist Ron Bonjean. "When you have a shifting number and shifting programs, it becomes confusing to follow."

Instead of focusing on the legislation’s new investments in child care, the elderly, education, healthcare and climate change, Democratic lawmakers have openly haggled over the price tag. A standoff between the party’s progressive and centrist factions has created cable news-ready drama.

Given how much is wrapped up in this package, it was always going to be a long and intense negotiation,”  said Ben LaBolt, a former spokesperson for President Barack Obama. “One way to start is to build the case for the way this will help middle class families and focus the public on those conversations, while at the same time preserving room for the closed-door negotiations to bring all of the elements of the party together for the biggest, most comprehensive approach possible.” -Bloomberg

In a Wednesday speech in Scranton, PA, Biden tried - and failed - to  convey how his economic agenda would help working class families - by intermingling stories about growing up in the area and programs contained in the legislation.

"Frankly, they’re about more than giving working families a break; they’re about positioning our country to compete in the long haul," said Biden, doing his usual poor job of reading a teleprompter. "Economists left, right, and center agree."

Meanwhile, Biden - let's face it, Biden's 'advisers' have failed to ink a final compromise between warring factions of Democrats. For the Build Back Better plan to pass, every single Senate Democrat must be on board. As moderates Sinema and Joe Manchin (D-WV) balk on the price tag and demanding deep cuts, progressive House Democrats are sure to similarly balk at passing the smaller, $1.2 trillion infrastructure package that's already passed the Senate.

While advocacy groups have started to spend heavily to promote policies in the plan, most of the discussion remains centered on its cost.

Biden’s advisers are banking on the presumption that ordinary Americans don’t pay much attention to the machinations of everyday Washington. Much as they were during the presidential campaign, the president’s aides are largely dismissive of what they call horse-race stories.

But Biden’s team had a much easier time selling his pandemic relief legislation, the American Rescue Plan, in March, with its convenient focus on three clear issues -- money for vaccines, money to re-open schools and checks sent directly to American households. -Bloomberg

"They haven’t laid out why we need this, other than Democrats are in power now and aren’t going to have it again for a long time," said Conant.

Good luck with that.

Tyler Durden Fri, 10/22/2021 - 08:51

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Parents were fine with sweeping school vaccination mandates five decades ago – but COVID-19 may be a different story

Public health experts know that schools are likely sites for the spread of disease, and laws tying school attendance to vaccination go back to the 1800s.

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Children and parents lined up for polio vaccines outside a Syracuse, New York school in 1961. AP Photo

The ongoing battles over COVID-19 vaccination in the U.S. are likely to get more heated when the Food and Drug Administration authorizes emergency use of a vaccine for children ages 5 to 11, expected later this fall.

California has announced it will require the vaccine for elementary school attendance once it receives full FDA approval after emergency use authorization, and other states may follow suit. COVID-19 vaccination mandates in workplaces and colleges have sparked controversy, and the possibility that a mandate might extend to younger children is even more contentious.

Kids are already required to get a host of other vaccines to attend school. School vaccination mandates have been around since the 19th century, and they became a fixture in all 50 states in the 1970s. Vaccine requirements are among the most effective means of controlling infectious diseases, but they’re currently under attack by small but vocal minorities of parents who consider them unacceptable intrusions on parental rights.

As a public health historian who studies the evolution of vaccination policies, I see stark differences between the current debates over COVID-19 vaccination and the public response to previous mandates.

Compulsory vaccination in the past

The first legal requirements for vaccination date to the early 1800s, when gruesome and deadly diseases routinely terrorized communities. A loose patchwork of local and state laws were enacted to stop epidemics of smallpox, the era’s only vaccine-preventable disease.

Vaccine mandates initially applied to the general population. But in the 1850s, as universal public education became more common, people recognized that schoolhouses were likely sites for the spread of disease. Some states and localities began enacting laws tying school attendance to vaccination. The smallpox vaccine was crude by today’s standards, and concerns about its safety led to numerous lawsuits over mandates.

The U.S. Supreme Court upheld compulsory vaccination in two decisions. The first, in 1905, affirmed that mandates are constitutional. The second, in 1922, specifically upheld school-based requirements. In spite of these rulings, many states lacked a smallpox vaccination law, and some states that did have one failed to enforce it consistently. Few states updated their laws as new vaccines became available.

School vaccination laws underwent a major overhaul beginning in the 1960s, when health officials grew frustrated that outbreaks of measles were continuing to occur in schools even though a safe and effective vaccine had recently been licensed.

Many parents mistakenly believed that measles was an annoying but mild disease from which most kids quickly recovered. In fact, it often caused serious complications, including potentially fatal pneumonia and swelling of the brain.

With encouragement from the Centers for Disease Control and Prevention, all states updated old laws or enacted new ones, which generally covered all seven childhood vaccines that had been developed by that time: diphtheria, pertussis, tetanus, polio, measles, mumps and rubella. In 1968, just half the states had school vaccination requirements; by 1981, all states did.

Smiling boy rolls up his sleeve to get a shot from a nurse
Sometimes, students even received vaccinations from nurses at school. NIH U.S. National Library of Medicine, CC BY-ND

Expanding requirements, mid-20th century

What is most surprising about this major expansion of vaccination mandates is how little controversy it provoked.

The laws did draw scattered court challenges, usually over the question of exemptions – which children, if any, should be allowed to opt out. These lawsuits were often brought by chiropractors and other adherents of alternative medicine. In most instances, courts turned away these challenges.

There was scant public protest. In contrast to today’s vocal and well-networked anti-vaccination activists, organized resistance to vaccination remained on the fringes in the 1970s, the period when these school vaccine mandates were largely passed. Unlike today, when fraudulent theories of vaccine-related harm – such as the discredited notion that vaccines cause autism – circulate endlessly on social media, public discussion of the alleged or actual risks of vaccines was largely absent.

Through most of the 20th century, parents were less likely to question pediatricians’ recommendations than they are today. In contrast to the empowered “patient/consumer” of today, an attitude of “doctor knows best” prevailed. All these factors contributed to overwhelmingly positive views of vaccination, with more than 90% of parents in a 1978 poll reporting that they would vaccinate their children even if there were no law requiring them to do so.

Widespread public support for vaccination enabled the laws to be passed easily – but it took more than placing a law on the books to control disease. Vaccination rates continued to lag in the 1970s, not because of opposition, but because of complacency.

Thanks to the success of earlier vaccination programs, most parents of young children lacked firsthand experience with the suffering and death that diseases like polio or whooping cough had caused in previous eras. But public health officials recognized that those diseases were far from eradicated and would continue to threaten children unless higher rates of vaccination were reached. Vaccines were already becoming a victim of their success. The better they worked, the more people thought they were no longer needed.

In response to this lack of urgency, the CDC launched a nationwide push in 1977 to help states enforce the laws they had recently enacted. Around the country, health officials partnered with school districts to audit student records and provide on-site vaccination programs. When push came to shove, they would exclude unvaccinated children from school until they completed the necessary shots.

The lesson learned was that making a law successful requires ongoing effort and commitment – and continually reminding parents about the value of vaccines in keeping schools and entire communities healthy.

Add COVID-19 to vaccine list for school?

Five decades after school mandates became universal in the U.S., support for them remains strong overall. But misinformation spread over the internet and social media has weakened the public consensus about the value of vaccination that allowed these laws to be enacted.

adults and kids with signs protesting COVID-19 vaccines
Some anti-vaccination activists are vocal opponents of vaccine mandates for kids. Sarah Reingewirtz/MediaNews Group/Los Angeles Daily News via Getty Images

COVID-19 vaccination has become politicized in a way that is unprecedented, with sharp partisan divides over whether COVID-19 is really a threat, and whether the guidance of scientific experts can be trusted. The attention focused on COVID-19 vaccines has given new opportunities for anti-vaccination conspiracy theories to reach wide audiences.

[Over 115,000 readers rely on The Conversation’s newsletter to understand the world. Sign up today.]

Fierce opposition to COVID-19 vaccination, powered by anti-government sentiment and misguided notions of freedom, could undermine support for time-tested school requirements that have protected communities for decades. Although vaccinating school-aged children will be critical to controlling COVID-19, lawmakers will need to proceed with caution.

The Conversation

James Colgrove has received funding from the National Library of Medicine, the Greenwall Foundation, the Milbank Memorial Fund, and the William T. Grant Foundation.

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2 High Yielding Canadian Dividend Stocks to Add Today

Many investors are looking to achieve financial freedom. Ditching that 9-5 job and being financially free is certainly a lifestyle to get excited about. To achieve this, many buy high-yielding Canadian dividend stocks. But, what many don’t realize is…

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Many investors are looking to achieve financial freedom. Ditching that 9-5 job and being financially free is certainly a lifestyle to get excited about.

To achieve this, many buy high-yielding Canadian dividend stocks. But, what many don't realize is that the dividend yield of a company is not the first thing you should be looking at. In fact, a high yield can sometimes be a looming disaster. Look no further than the record-breaking amount of dividend cuts we had during the COVID-19 pandemic.

There's no point in purchasing a high yielding Canadian dividend stock if you're going to watch your capital shrink. So, in this article we're going to highlight a few options that not only present a high dividend yield for investors buying stocks to churn out more passive income, but a reliable dividend yield, one that can stand the test of time.

Reliability found in Enbridge (TSX:ENB)

If you're an income investor, you've likely heard of Enbridge (TSE:ENB). The company has paid a notoriously high yield for decades, and has maintained one of the longest dividend growth streaks in the country, raising consistently for more than 2 and a half decades.

Enbridge is a midstream company with a growing renewable energy portfolio. To give an indication of the company's dominance, it states that it is responsible for shipping more than 20% of the natural gas that is consumed in the United States, and 25% of North America's crude oil.

Enbridge (TSX:ENB) and the renewable future

Its renewable energy portfolio is quite small, accounting for only 3% of 2020 adjusted EBITDA, but it is one that is growing fast, and investors should take note. As we move further into the future, renewables will no doubt play a key role in Enbridge's growth.

There's also a chance you've glanced at Enbridge during a pre-screen and avoided the company due to excessively high payout ratios. Which, is fairly reasonable. The company is currently paying out over 110% of trailing earnings towards its dividend. But, you may be missing a massive opportunity here.

Why has Enbridge been able to grow its dividend for as long as it has, despite payout ratios being over 100% for the better part of a decade? This is because the payout ratio in terms of both earnings and free cash flows are useless when it comes to pipelines.

When analyzing pipelines, you want to be looking at something called distributable cash flow, or DCF. This cash flow calculation is produced by the company themselves, and calculations can vary to some degree. Given the complex business structure of a pipeline company, this is the most reliable indicator to use when it comes to dividend safety.

In 2021, Enbridge expects to generate $4.70-5 in distributable cash flow. With a dividend of $3.34 per year, this puts the company's payout ratio at 66.8% on the high end. Of note, Enbridge's target is to keep its payout ratio within this range, and the company has done so for quite some time.

Consistent cash flows in "take or pay" contracts

How has it managed to do so? Cash flow with pipelines is extremely consistent, due to long term take or pay contracts. Regardless of whether or not Enbridge is shipping product, the pipeline space is paid for. And not only this, Enbridge can turn around and charge someone else to utilize that space, even if it has already been paid for and goes unused.

This creates an extremely reliable cash flow stream despite the price of natural gas or oil, and is one of the major reasons why Enbridge and other midstream companies are not as susceptible to volatility in commodity prices.

Yielding 6.47%, Enbridge is a solid option to help you bolster your passive income stream and start generating long-standing wealth.

Beefy distribution in A&W Revenue Royalties Income Fund (TSX:AW.UN)

TSE:AW.UN Stock

Royalty funds are often avoided due to their complex and confusing structure. However, many of them provide excellent opportunities for investors looking to generate passive income. A&W Revenue Royalties Income Fund (TSE:AW.UN) is one that does just that.

Many bears will point out that A&W in the United States has been struggling. However, in Canada it is a much different story.

A&W thriving in Canadian space

The company has over 1,000 restaurants in Canada and had system sales of over $1.4B in 2020, despite being in a global pandemic. The company has proven to be exceptionally skilled at marketing its products and has some of the best industry leading growth out of all fast food chains in Canada.

As a royalty company, A&W Royalty collects "top line" cash flows. Which means it is solely dependent on the sales driven through A&W restaurants. This means that its distribution can vary depending on how well the restaurants do, but overall it has been extremely reliable when it comes to payments.

Yes, the chain did suspend its $0.10 monthly distribution because of the pandemic in 2020, however it quickly made up for this by providing 2 special distributions of $0.30 and $0.20 when operations started back up later in the year.

Sales growth through the first 6 months of 2021

Prior to the pandemic, the company had achieved mid to high single digit same store sales growth over the last half decade, and it's off to a roaring start in 2021 as well, with 12.2% sales growth through the first 6 months. Through the first 6 months of the year the company has also added 34 new restaurants. To put this into perspective, the company added 37 in all of Fiscal 2020.

The fund yields 4.77%, and pays out on a monthly basis. Payout ratios will look high, but if you understand the operations of a royalty company, you'll know that it aims to pay out the vast majority of its distributable cash back to shareholders.

Overall, it seems consumers are willing to eat at A&W despite higher costs, which bodes well for the company's growth. It does this with great marketing and higher quality food than similar chains like Burger King and Mcdonalds, and investors are likely to enjoy a beefy (no pun intended) distribution for quite some time.

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