Opening the Doors of Economic Opportunity

As New York State’s chief fiscal officer, it is my job to safeguard taxpayers’ dollars and advocate for policies that address our pressing economic and budget challenges.

The economy is the single most important driver of our state government’s ability to provide resources for the essential services New Yorkers need. Thankfully, our economy is now regaining momentum after the Great Recession of 2008-09. Part of our economic resurgence is due to international immigration. New Yorkers recognize that we gain economically from international migration – with a statewide net total of 485,000 residents added just from 2010 to 2014 due to immigration.

For native-born and new Americans alike, economic opportunity has always started with education. Across the state, the demand for higher-skilled workers is increasing. The unemployment rate in the downstate region for people with only a high school diploma averaged 10.5 percent through November 2013, compared with 7.3 percent for those with an associate’s degree and 5.7 percent for those with a bachelor’s degree.

Want more proof? The median wage for workers with a bachelor’s degree was 85 percent higher than those with only a high school diploma.

As the numbers show, New York needs the best educated workforce possible so that we can continue to attract employers that create well-paying jobs that help strengthen our economy. This is why I have strongly urged lawmakers to pass the New York State Development Relief and Education for Alien Minors Act (DREAM Act). This program would invest an additional $20 million into the state’s Tuition Assistance Program (TAP) in order to increase access to financial aid for undocumented students.

Today, approximately 8,300 such students attend public institutions of higher education throughout New York. Some of these students, however, are unable to attend college full-time or fail to graduate simply because the cost is beyond their means. The price tag of college also prevents many low-income undocumented high school graduates from ever enrolling.

In the coming decades, the influence of immigrants will only grow. The number of New York residents of Hispanic descent rose by 18 percent from 2003 to 2013, and New Yorkers of Latino descent are making an indelible mark on society, rising to the highest levels of politics and business.

The number of Hispanic-owned businesses is climbing sharply in New York. From 2002 to 2007, for example, Hispanic-owned firms grew by 44 percent compared to 15 percent growth by non-Hispanic owned businesses.

The National Council of La Raza estimates Latinos are the fastest-growing segment of the American workforce and by 2050 one in three working Americans will be Hispanic.

But we must bear in mind that Hispanics also endure higher unemployment levels compared to other workers. Poverty continues to hit the Latino population harder than others. And Hispanics are disproportionately employed in service and support occupations – jobs that are undeniably lower paying than management and professional occupations.

This year’s SOMOS Albany conference is focused on extending influence and power to the next generation of Latinos. My hope is this event helps drive home the message in Albany: the doors of opportunity are predicated on a quality education from kindergarten to college.

More than ever, we need to help young Latinos take the next step towards economic success. The prospect of financial aid will likely encourage more undocumented students to graduate from high school and enroll in college.