Personal Reemployment Accounts: Mitt Romney's Training Voucher and Reemployment Bonus Proposal

Research Report

Personal Reemployment Accounts: Mitt Romney's Training Voucher and Reemployment Bonus Proposal

October 2, 2012

Abstract

A central component of Mitt Romney's job creation proposals is the Personal Reemployment Account (PRA), a plan to redesign publicly funded training and reemployment services for unemployed workers. This paper explores the components of the PRA and the 2003 legislative proposal that has been resurrected by Governor Romney. It also reviews lessons from past research that relate to the PRA components and their likely cost effectiveness, concluding that PRAs have design flaws. Finally, it provides six recommendations for improving the policy proposal and addresses the necessity for further research in this area.

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