##ediment is the lack of preparedness among new college entrants, with large numbers of those students needing remedial courses that earn no college credit. low readiness contributes to persistently low college completion rates, especially among lower - income, parttime, and nontraditional students. higher dropout rates, in turn, contribute to a substantial reduction in the net expected and realized returns from college attendance. the third major barrier to college attendance and completion is the rise in the cost of a college education. while a college education is generally a good investment, the cost of attending a fouryear college has risen considerably faster than wages over the last several decades. this means that college has become increasingly unaffordable — which can act as a drag on economic mobility and the growth of a college - educated workforce, and by extension, on productivity growth and living standards. as has been well documented by my new york fed colleagues, many young americans have adjusted to rising tuition and fees by taking on more debt. this trend highlights the importance of the federal student loan program, which has helped mitigate the impact of the shift in financing of 1 / 2 bis central bankers'speeches higher education from state and local funding to students and their families over the past few decades. however, the end result is that more students leave college with significantly higher amounts of debt. student loan debt has more than tripled over the past two decades and now totals over $ 1. 4 trillion. it is important to consider what these changes in financing higher education mean for economic mobility. first, new york fed researchers have documented that a large percentage of student borrowers — especially those who attend less selective colleges or drop out — have trouble staying current on their loans, and often become delinquent and default on their debt. we also know that these factors — slow repayment, delinquency, and default — are most prevalent among those from more modest family circumstances. in addition, there is evidence that student debt acts as a drag on homeownership. specifically, our research indicates that when college tuition rises in a state, it leads to higher levels of student debt and a lower homeownership rate. these factors matter for inequality and social mobility, because increasing home equity is the major form of wealth accumulation for the great majority of american families. thus, rising tuition and changes in the way that college is financed appear to have diminished the ability of higher education to lift people from poverty into the middle class.

( at constant 2010 prices ) declined by €65. 1 billion in the period 2010 – 2016. in order to raise the net capital stock over the next decade to pre - crisis levels, gross fixed capital formation at constant prices needs to increase by about 10 % per year by 2029. excluding residential investment, gross fixed capital formation at constant prices needs to increase by about 5 % per year by 2029. without ignoring the effects of relatively low domestic demand, the higher cost of capital and funding constraints that hinder new investment, the business environment cannot be considered investment - friendly and discourages investment. this is due to the high tax rates, excessive red tape, the existence of barriers and obstacles that have proven to hamper investment, and delays in court proceedings and rulings. in this context, it should be noted that non - price competitiveness, so - called “ structural competitiveness ", is not only low compared to the european partners, but has in fact fallen in recent years, according to the ease of doing business index of the world bank ( october 2018 ), the global competitiveness index of the world economic forum ( october 2018 ) and the global competitiveness ranking for 2019 of the imd world competitiveness center. 5. the prerequisites for sustainable growth to address the challenges facing the greek economy, speed up the recovery and strengthen investor confidence in greece ’ s long - term economic prospects, economic policy should focus on the following policy actions : 1st reducing the high stock of npls with the timely implementation of the systemic solution proposed by the bank of greece, as well as the solution proposed by the ministry of finance, which will supplement banks ’ own efforts. 2nd reducing the primary surplus target from 3. 5 % of gdp to 2. 2 % until 2022 as well as changing the fiscal policy mix, with an emphasis on lower tax rates and higher public investment, 4 / 11 bis central bankers'speeches so as to boost the growth impact of fiscal policy. with a public debt - to - gdp ratio of 180 %, higher growth ( or lower interest rates ) is 1. 8 times more effective in reducing the debt ratio than a higher primary surplus. 3rd broadening the scope for public - private cooperation, in line with best international practices, for example by strengthening public - private partnerships in investment, social security and healthcare. 4th improving the effectiveness of public administration and the efficiency of state - owned enterprises. 5th stepping up the pace of the privatisation programme and improving