Economy
$62B Education Cuts Proposed, College Aid Could be Slashed
PRECINCT REPORTER GROUP NEWS — Every budget defines priorities and values. To put it another way, what’s really important in life gets supported financially. For many families, having a home, food, and utilities usually rank pretty high. Then there are other budgetary concerns like saving for college or having a ‘rainy day’ fund to cover less frequent costs that can be much higher than the size of the next pay check.
By Charlene Crowell
Every budget defines priorities and values. To put it another way, what’s really important in life gets supported financially. For many families, having a home, food, and utilities usually rank pretty high. Then there are other budgetary concerns like saving for college or having a ‘rainy day’ fund to cover less frequent costs that can be much higher than the size of the next paycheck.
Government budgets, built on taxpayer dollars, also reveal priorities. At the federal level, budgets are proposed by the executive branch, but it is the legislative branch that passes and funds budgets. What is in the best interest of the nation is supposed to be the guiding force in government budgets.
But as Sportin’ Life sang in the folk opera Porgy and Bess, “It ain’t necessarily so”.
The White House’s FY 2020 proposal cuts Education funding by $62 billion compared to that of FY 2019. Even worse, as the cost of higher education continues to climb, federal student aid would be seriously slashed while other programs would be totally eliminated.
Some of the most disturbing college federal cuts affect programs that lessen the amount of student loans that need to be borrowed for every academic term. As rising college costs have worsened the financial challenge faced by many Black and other low-wealth families, the availability of grant programs that do not have to be repaid and/or work-study programs are key sources for many college students and their families.
Among its many revisions, the Trump Administration stands ready to risk a sizeable portion of the proposed $7.25 billion in Pell Grant funding next year. This program is the single largest source of grant aid for low-income households for post-secondary education.
On March 26, the Fiscal Year (FY) 2020 Education budget was the focus of a hearing before the House Appropriations Subcommittee for Labor-Health and Human Services-Education. Secretary Betsy Devos delivered testimony that expanded upon previously released materials from the Trump Administration.
“Since President Trump took office, Congressional appropriations for U.S. Department of Education programs have increased dramatically – in spite of the Administration’s call to slow spending,” said Secretary DeVos. “We are not doing our children any favors when we borrow from their future in order to invest in systems and policies that are not yielding better results.”
In response, Connecticut’s Rep. Rosa DeLauro, the subcommittee chairwoman did not mince words. “This budget underfunds education at every turn”, said DeLauro who added “This budget inflicts harm.”
Even Rep. Tom Cole from Oklahoma who serves as the subcommittee’s Ranking Member viewed the White House proposal as “short-sighted”.
Representatives DeLauro and Cole were absolutely correct.
The Work-Study program that brings campus-based jobs to students would suffer a double blow. Its monies would be reduced by 55 percent and remaining funds would be shared with proposed pilot program that targeted to private sector employers for workforce development of nontraditional and low-income students. That’s the window dressing on these cuts.
The Work-Study program that received over $1.2 billion in 2019 would be cut to $500.4 million. Secondly, instead of students working on campus, they would need to figure out how to reach employment at private business.
Not every student has a car. Nor is public transit always available near college campuses. These businesses would supplement their revenue streams with public monies but the profits derived would still be private. Previously, Work-Study was jointly funded by the federal government paying 75 percent of hourly wages, with the remaining 25 percent paid by the college employer.
What for-profit business wouldn’t want the government to pick up 75 percent of its labor costs? Seems that the private business – not the student – is the greater concern with this budget.
“Betsy DeVos has some explaining to do – her disinterest in prioritizing quality and affordable education for students is disheartening and erodes the confidence the public has in the Department of Education,” said Debbie Goldstein, an EVP with the Center for Responsible Lending.
Currently, the formula-based Pell Grant award averages $4,251 per participating student. Next year as proposed, the program’s average award will be slightly less at $4,149 and traditional grant recipient students would be forced to share those funds with others enrolled in workforce development training that does not accrue credit hours or traditional academic terms.
Regular readers of this column may recall, many career and technical training institutions are also for-profit entities that in recent years have either failed to provide the training promised, or the earnings assured by admissions personnel – or both. In the worst-case scenarios, tens of thousands of students have been enrolled at the time of closures that came with little or no notice.
The Supplemental Education Opportunity Grant is need-based and financially helps low-income, undergraduate students. For the past two fiscal years, this program was funded at $1.7 billion. If the Trump Administration’s proposal holds, no monies will support this program next year.
The Iraq and Afghanistan Service Grants are available to students whose parent or guardian was a member of the Armed Forces and died as a result of their military deployment in either Iraq or Afghanistan after September 11, 2001. In FY 2019, the average grant in this program was $5,293. In FY 2020, the White House would end it with no appropriation.
These are only a few of the cuts proposed to higher education at a time when education is more important today than ever before. The global economy requires a highly-skilled and knowledgeable workforce. It seems so ironic that this White House keeps placing businesses before the needs of people.
“Instead of punishing for-profit institutions that have deceived students and encouraged them to take on unaffordable levels of student debt, Secretary DeVos will defend President Trump’s proposal to extend taxpayer money to finance unproven short-term programs, many of which will be offered by these very same for-profit college,” added Goldstein.
Here’s hoping that Congress will hear a loud outcry on gutting federal financial aid. Enacting a budget that represents the needs of people should and must prevail.
Charlene Crowell is the Communications Deputy Director at the Center for Responsible Lending. She can be reached at Charlene.crowell@responsiblelending.org.
This article originally appeared in the Precinct Reporter Group News.
Economy
How the Sandwich Generation Can Help Protect Aging Parents’ Finances
One in four American adults now belongs to the “sandwich generation,” balancing the demands of raising children while supporting aging parents. Women frequently bear a disproportionate share of this responsibility, facing significant physical and financial strain. With November designated as Chase Fraud & Scam Prevention Month, caregivers are encouraged to initiate vital conversations regarding financial snapshots and long-term goals. Establishing a proactive plan and building a support system can help secure a family’s legacy while defending against common predatory tactics, and you can read more here.
Planning and scam prevention tips for caregivers balancing kids and parents
If you’re raising children while also supporting an older parent, you’re likely managing schedules, healthcare needs, day-to-day decisions and even finances. People in this group are often called the “sandwich generation,” which now encompasses one in four adults in the U.S.
Women also often carry a disproportionate share of this responsibility: three in five family caregivers are women. Women are more likely to report physical, emotional and financial strain from caregiving, which can make it harder to protect their own well-being and long-term financial security.
For the sandwich generation, the holidays can be a natural time to talk with parents about money, including how to protect their finances from scams. November is Chase Fraud & Scam Prevention Month – designed to help people recognize common scams, avoid in-the-moment mistakes and better protect their money and personal information.
Here are some tips to keep in mind.
Check In and Make a Plan
Finances can be incredibly personal, and many parents worry that accepting help means losing independence. Start by framing the conversation around peace of mind and organization – not control.
Check in on your finances and long-term plan, too. You’ll be better equipped to care for others when your own financial foundation is secure.
Also consider helping your parents create a “financial snapshot.” J.P. Morgan Wealth Management’s guide for supporting aging parents outlines a few considerations:
- Location of key accounts: banking, investments, retirement, credit cards, insurance
- How bills and recurring expenses are paid
- Whether beneficiaries are up to date
- Where important documents are stored and who has access
Then ask what goals matter most in the years ahead: staying in their home, supporting family, traveling, planning for healthcare or leaving a legacy. Goals can evolve, so revisit them periodically. Planning tools can help – like J.P. Morgan Wealth Plan, a free digital money coach in the Chase Mobile® app or at chase.com.
A financial advisor can help create a plan tailored to you and your parents’ needs. An estate planning attorney can document your parents’ wishes, including who may act if they cannot make decisions themselves.
Understand Common Scams
Scammers often use urgency, fear, secrecy or affection to pressure people into acting quickly. Recognizing these tactics can help you and your family spot red flags sooner. Common scams include:
- Investment scams: Promises of high or “guaranteed” returns with little risk.
- Tech support scams: Requests for payment or remote device access.
- Impersonation scams: Messages impersonating trusted organizations or loved ones, asking for money, passwords, account details or other personal information.
- Romance scams: Online relationships that lead to requests for money.
Chase hosts more than 1,000 free fraud and scam prevention workshops annually, including hundreds across all lower 48 states throughout November.
Stay Proactive and Vigilant
If you or a loved one suspects a scam, slow down and stop communicating with the individual immediately. Contact your bank through a trusted channel to review recent transactions and report the incident to appropriate authorities.
Also consider a few simple steps for protection:
- “Trusted Contact Person”: Designate a trusted adult who may be notified about certain online wire activity.
- Tech tips: Use unique passwords, multifactor authentication and account alerts, keep devices updated and monitor accounts regularly for unusual activity.
- Behavior changes: Watch for secrecy around finances, unusual transactions, unexpected changes to financial documents or pressure from new acquaintances.
You’re Not Alone
Caregiving is demanding, and it shouldn’t be a solo effort. Build a support system – which can include family, friends and professionals such as healthcare providers, attorneys and financial advisors. A thoughtful conversation now can help your parents stay organized and protected in the future.
For free educational resources on planning for yourself and loved ones, visit chase.com/theknow
For more information and practical tips about fraud and scam prevention, visit chase.com/security
The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice and may differ from those expressed by other areas of J.P. Morgan.
This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.
JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC (JPMS), a registered broker-dealer and investment adviser, member FINRA and SIPC.
Business
Oakland Latino Chamber of Commerce Hosts Statewide Convention, Generating $3 Million in Economic Impact
The Oakland Latino Chamber of Commerce recently hosted the 47th Annual California Hispanic Chambers of Commerce Statewide Convention, drawing more than 1,000 attendees to the city. The event generated an estimated $3 million economic impact, benefiting local retailers, hotels, and small businesses throughout the region. Organized in partnership with Visit Oakland, the convention featured a marketplace for local entrepreneurs and focused on advancing economic prosperity for Latino-owned businesses. Several innovative features were introduced during the summit to provide lasting resources for the state’s business community, read more.
The Oakland Latino Chamber of Commerce (OLCC) recently served as the Host Chamber for the 47th Annual California Hispanic Chambers of Commerce (CHCC) Statewide Convention, held in Oakland in August 2026.
The Convention welcomed more than 1,000 attendees from throughout California and generated an estimated $3 million economic impact for the City of Oakland, providing significant support to local hotels, restaurants, transportation providers, retailers, and small businesses.
In conjunction with Visit Oakland, OLCC brought in various local sponsors and worked closely with the California Hispanic Chamber of Commerce, to make the Oakland Convention a success.
The success of the 47th Annual CHCC Statewide Convention demonstrates what is possible when business leaders, entrepreneurs, community organizations, and public partners work together with a shared vision, said Aliza Gallo, president of the OLCC.
“By welcoming more than 1,000 attendees and generating an estimated $3 million economic impact, we not only showcased Oakland as a premier destination for business and innovation but also created lasting opportunities for local businesses and entrepreneurs,” said Gallo, who also served as co-host of the event.
She adds that the “convention elevated Oakland’s visibility, strengthened statewide and local partnerships, and reinforced the Oakland Latino Chamber of Commerce’s commitment to advancing economic prosperity for our members and our community.”
As part of its leadership role, OLCC introduced two innovative features designed to extend the convention’s impact beyond the event itself. Conference workshops were recorded and made available for continued learning and professional development.
These recordings will be shared with OLCC members and made available for broader public access, expanding educational opportunities for businesses and entrepreneurs throughout California. The workshop content will also be distributed to the 85 Latino Chambers and Affiliate Members within the CHCC network, which collectively is 135 member organizations statewide.
In addition, OLCC created and managed the Oakland Mercadito, a vibrant marketplace showcasing local Latino and Latina entrepreneurs. The Mercadito provided small business owners with an opportunity to market their products and services, connect with new customers, and gain exposure to business and community leaders from across the state.
The initiative highlighted Oakland’s entrepreneurial talent and demonstrated OLCC’s commitment to supporting small business growth and economic opportunity.
“Oakland is one of the most diverse cities in the United States” commented Peter Gamez, president & CEO of Visit Oakland. “Our city’s celebration of culture makes everyone feel they belong here and allows for truly authentic experiences.
“Our diversity is a powerful draw for groups and individual visitors. We are extremely proud of this and continue to cultivate and grow this message as we welcome conferences and conventions to The Town,” Gamez said.
For more information, see the Visit Oakland video about the CHCC Convention In Oakland: https://lnkd.in/p/eRpe2sYD
The Oakland Latino Chamber of Commerce is the source of this story.
About The Oakland Latino Chamber of Commerce
Oakland Latino Chamber of Commerce (OLCC) www.oaklandlatinochamber.com is dedicated to advancing economic opportunity, strengthening business capacity, and elevating the visibility of Latino-owned businesses throughout Oakland and the East Bay. Through advocacy, partnerships, technical assistance, and community engagement, OLCC works to ensure that Latino entrepreneurs have the resources and support necessary to thrive.
Business
AG Bonta Announces Action on Cryptocurrency, Sextortion Fraud – Increasingly Targeting Gen-Z
California Attorney General Rob Bonta is warning residents about a surge in cryptocurrency fraud and online sextortion schemes that increasingly target Gen Z through social media platforms. With internet-based scams costing Americans nearly $21 billion in 2023, Bonta highlighted how artificial intelligence and deepfakes allow criminals to impersonate loved ones and promote fraudulent investment groups. The Attorney General’s Office has already shut down over 100 fraudulent websites and is now utilizing new legislative tools to recover assets for victims. Read more.
California Attorney General Rob Bonta warned residents about rising cryptocurrency fraud and online sextortion scams, urging Californians to recognize warning signs and protect themselves as scammers increasingly target younger people through social media.
Speaking at a news conference on Oct. 19, Bonta said Americans lost $20.9 billion to internet-based scams in 2025, including $11.4 billion to cryptocurrency scams. He said artificial intelligence, deepfakes, and malicious smart contracts have made fraud easier to carry out and more difficult to detect and prevent.
While older Californians remain targets, Bonta said his office has seen a sharp rise in reports of Gen Z consumers being targeted on platforms such as Twitch, TikTok, and Instagram.
One growing scheme involves so-called rug-pull scams, in which fraudsters promote low-priced stocks or volatile cryptocurrencies through online investment groups and streaming communities. After generating interest and driving up prices, scammers sell their holdings, causing values to collapse and leaving investors with losses.
Bonta also warned about sextortion, in which scammers trick or coerce victims into sharing explicit images before threatening to distribute them to friends and family unless they pay. He advised victims not to give in to demands, saying scammers often do not release the images when victims refuse to pay. Instead, he recommended ignoring and blocking the perpetrators.
Another scheme, known as recovery fraud, targets people who have already lost money to cryptocurrency scams. Fraudsters impersonate blockchain recovery specialists or law enforcement officials and demand additional payments while promising to recover stolen assets.
Bonta urged Californians to be skeptical of promises of large returns on small investments, fake cryptocurrencies resembling established ones, and celebrity endorsements that may have been generated using artificial intelligence. He also warned that scammers can use AI to impersonate loved ones through manipulated video and audio.
“Never use a crypto ATM,” Bonta said, emphasizing that transactions can be difficult to trace and reverse and that the machines lack adequate consumer protections.
His office has shut down more than 100 fraudulent websites over the past two years that collectively scammed victims out of at least $8.3 million, he said.
Bonta also highlighted Senate Bill 1208, which he said was recently signed into law. The measure allows law enforcement to petition a court to return seized cryptocurrency to victims, including when alleged perpetrators are outside U.S. jurisdiction.
Residents who have fallen victim to scams can report them to the California Department of Justice at oag.ca.gov/report.
Bonta also urged victims not to feel embarrassed, stressing that scammers are responsible for the harm they cause.
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