Reuters Says Same-Sex Ban Bad for Biz; Sallie Mae Survey Says Students Are Borrowing More Than Ever
Media Giant Condemns Minnesota Gay Marriage Ban Amendment. Media conglomerate Thomson Reuters came out against a proposed amendment in Minnesota that would ban same-sex marriage, claiming that remaining silent on the issue would be bad for business. Several other corporations, including General Mills and St. Jude Medical, also joined in opposition to the amendment, which will face a voter referendum this fall. In a company statement, Reuters said the proposed amendment “would not be good for Thomson Reuters or the business community in the state.” Company spokesperson John Shaughnessy said the proposal would hinder the ability of companies to recruit future employees. “We believe the Minnesota Marriage Amendment, if passed, would limit our ability to recruit and retain top talent,” he said. The Executive Director Richard Carlborn of Minnesotans United for All Families, a group which is working to defeat the amendment, hailed Reuters decision. “More and more, companies in Minnesota are standing up and saying that this hurtful amendment is not in the best interests of businesses, families or the state of Minnesota.” [The Huffington Post]
Cities Push Corporations to Hire Youth Employees. Mayors in bustling cities like Baltimore, Boston and Philadelphia have pushed businesses to hire teens–who typically face higher unemployment rates. Several cities have seen money allocated to youth employment programs dwindle, leaving the demographic to fend for themselves.“It’s not about being marketed as a social program, but as a workforce preparation opportunity,” Karen Sitnick, director of the Mayor’s Office for Employment Development in Baltimore, said. Baltimore has placed 280 young people with companies this summer as part of the city’s Hire Our Youth Campaign. With one in four teens age 16 to 19 employed–the lowest share since World War II–the need for increased funding for youth work programs is apparent, said Linda Harris, a director at CLASP, a youth advocacy group for low-income citizens. “They are not having the opportunity to develop their work ethic, portfolio and resume,” said Harris. [CNN Money]
College Students Stuck Shouldering Burden of College Costs. A recent survey conducted by Sallie Mae, the largest private lender of student loans, indicates that today’s college student is forced to cover more and more of the cost associated with attending school via increased borrowing and out-of-pocket contributions. According to the survey, the average student lender covered 30 percent of the cost of college themselves during the most recent academic year—which constitutes the largest share in four years. Students spent an average of $2,555 from their income on college payments, and took out $3,719 in loans. The survey found more and more borrowers fell behind on their loans due to the increased burden of debt inflated by higher tuition and fees. “They broke the piggy bank to meet those tuition obligations [immediately after the recession],” said Sallie Mae's Senior Vice President for Public Policy Sarah Ducich. Now, she said, “families have adjusted.” The survey also found scholarships and grants have also wound down: 29 percent of college expenses come from such sources, down a third from the previous year. The survey also found that the price tag of college factored heavily into student enrollment decisions, as just over half of families said they had ruled out colleges due to costs, while a record 69 percent eliminated schools after receiving financial aid packages. “They’re narrowing their choices as they grow through,” Ducich said. “We’re seeing an increased consideration of cost all the way through.” [The Washington Post]
Christopher Boan is a journalism intern with Campus Progress.