Economics Works

Now that Jim and his great family are enjoying a break on the OBX, I thought some far Left stories from the New York Times might brighten his day.

I retired from teaching at the end of the 2008-09 school year. That was right in the middle of the financial crisis. Unlike Goldman Sachs, which was paid 100 cents on the dollar for credit default swaps, teachers didn’t get bailed out. In some states many were fired. At my former employer, Richmond’s Governor’s School, I believe they have had one two percent raise since I left. Even in these low inflationary times, teaching school has meant a decline in real income.

As a former teacher of economics, I often wondered how long teaching could remain a viable career for a recent college graduate. Today’s NYT answers this question.

Teacher shortages are showing up all over the country, from California to North Carolina. More interestingly, teacher prep programs at the university level dropped 30% from 2010 to 2014. According to this article, some districts are putting students in the class room before they finish their programs. I’m not sure how reflective the article is of the situation in this area, but the trend of a developing shortage does appear to be national.

— Les Schreiber