Understanding the new federal school choice program

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Kimberly Adams (0:31)

New jobs data came in weaker than expected and new rules for how we pay for kids' education.

From Marketplace in Washington, I'm Kimberly Adams. The latest monthly federal jobs report is out this morning. We added 29,000 jobs in September. Analysts were expecting 84,000 jobs. The unemployment rate is up slightly to 4.2 percent. Joining me now for more on the report is Christopher Lowe, chief economist at FHN Financial.

Chris, this report missed expectations, but were there other surprises in it?

Christopher Lowe (1:04)

Yeah, it missed by a lot. Not only was the headline number weaker than expected in September, but there was also a big downward revision to July and August, meaning on net, we actually lost jobs.

Kimberly Adams (1:22)

We also got some data in here about labor force participation rates in terms of who among working-age adults are actually working. What did we learn there?

Christopher Lowe (1:32)

Well, in general, the labor force participation rate is rising. That is probably the most positive aspect of this report. It's an increase that explains the rise in the unemployment rate, which has crept upward by a little less than a tenth, two months in a row.

So, from 4.1 to 4.2 in the last month. And it suggests to me that while jobs are difficult to find, people are increasingly eager to find work.

Kimberly Adams (2:11)

Christopher Lowe is chief economist at FHN Financial in New York. Thank you, Chris.

Christopher Lowe (2:16)

Thank you, Kimberly.

Kimberly Adams (2:18)

This week, the Treasury Department released new rules for a nationwide school choice program that could end up providing billions of dollars to students attending private schools. Marketplace's Elizabeth Troval has more.

Elizabeth Troval (2:31)

Taxpayers will be able to opt in to the program by giving up to $1,700 to third-party groups that provide scholarships to students. They can later deduct that donation from their taxes.

Kristen Blagg is with the Urban Institute.

Kristen Blagg (2:46)

As a donor, you basically get a dollar-for-dollar rebate of your $1,700 donation come tax time.

Elizabeth Troval (2:53)

In participating states, most elementary and secondary students are eligible.

Kristen Blagg (2:59)

This program has a pretty wide eligibility criteria, up to 300% of area median income. That is typically well north of the six-figure mark for a household.

Elizabeth Troval (3:10)

Many public school advocates oppose the program. They say it's public schools that need taxpayer support, not private ones.

The new program is designed to benefit some public school students with scholarships for tutoring, technology and after-school programs. But John Volant, with the Brookings Institution, is skeptical.

John Volant (3:31)

I think disproportionately, people are going to raise money to pay for private school tuition because it's private school tuition that is the really big educational expense that families have.

Elizabeth Troval (3:41)

The government is planning to launch the Education Tax Credit in January 2027 I'm Elizabeth Troval for Marketplace.

Kimberly Adams (4:07)

For decades, research parks attracted the biggest names in tech and pharmaceuticals to suburban campuses. Millions of workers streamed in every weekday, but these places were kind of dead at night or on the weekends. That's starting to change. From WUNC in North Carolina, Bradley George reports.

Bradley George (4:25)

Founded in 1959, North Carolina's Research Triangle Park sprawls more than 7,000 acres between Raleigh and Durham. What was once pine forests and farmland is now home to companies like Cisco Systems, Lenovo and Novartis. The Triangle Community Foundation, a nonprofit group, moved its headquarters here about 10 years ago.

CEO L'Oreal Keefe likes the central location, but historically there haven't been many reasons to stick around when the workday is over.

L'Oreal Keefe (4:54)

The park was designed for people to come do their work and then like drive to the exurbs and spend time with their families.

Bradley George (5:02)

Travis Creighton is vice president of planning at Research Triangle Park. The Raleigh-Durham metro area is one of the fastest growing in the country, but he says RTP has pretty much stayed the same across five decades.

Travis Creighton (5:14)

Our region has been really unique in the history of North America, in that we have a region with a low density office park at its center.