Sec. 2. Findings and purpose
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Congress finds the following: It will not be possible for adult workers in the United States to maintain a high standard of living in a competitive global economy without a dramatic increase in their skills. Workers need up-to-date skills and skill credentials to keep pace with the changing and increasingly complex demands of the 21st century economy. The fastest-growing occupations and best-paying jobs are those that require some postsecondary education. Maintaining a competitive edge requires knowledge and other skills.
Increases in a country’s overall level of educational attainment lead to increases in its overall rate of economic growth. The high cost of education and skill development has limited the options of many workers. Current major benefits such as the use of a HOPE tax credit or a Coverdell education savings account are not available to students who attend school less than half-time. Other workers do not earn enough to qualify for available education and training tax credits and deductions.
Most available financial aid is intended for full-time students studying for degrees rather than the many adults who cannot attend education or skill development programs full-time because of demanding family and work commitments. Employers increasingly need workers with 21st century workplace and technical skills to stay competitive. The purpose of this Act is to establish an innovative program to support lifelong learning, that— motivates workers to participate in education and skill development activities in which the workers would not otherwise participate; provides a financial incentive to workers to save for education and skill development activities for their careers, and better manage their careers by upgrading, at the time and place of their choosing, their skills; offers workers labor market and career information to make informed choices when enhancing skills to prosper in today’s dynamic and highly competitive global economy; and provides an incentive to small employers to invest in and offer learning opportunities to improve their employees’ skills and productivity.