Get Smart! Investing in Education Boosts the Economy
By Marlana Wallace
Investing in education will not only improve student outcomes—it will actually spur economic growth in Colorado, shows our latest report.
The evidence is impressive:
• States with a well-educated workforce have a high median wage and a high level of economic productivity.
• Students learn better in small classes and go on to earn higher incomes as adults than their peers who were in more crowded classrooms as students.
• Children who go to full-day kindergarten outperform those in half-day kindergarten. Full-day kindergarten also plays a key role in narrowing the gap in learning and achievement between students from low-income families and those from better-off households.
• Full-day kindergarten increases the number of mothers who have full-time employment. It allows parents to enter the workforce a year sooner after a child’s birth and save a year’s worth of child-care expenses.
• Adults from low-income families who had early childhood education had higher earnings and were more likely to have graduated from high school and to hold a job. One study found that for every $1 invested in early education, as much as $13 was returned to society in the form of crime savings, increased revenue from taxes on higher earnings, and education savings over the long term.
• Children living in poverty who go through the Colorado Preschool Program consistently outperform children living in poverty who did not attend preschool in reading, writing and math, setting them on a course for better grades and higher-paying careers later in life.
The demand for well-educated, highly skilled workers is growing. More than ever, businesses are attracted to states where education is valued, schools are well funded and young people are prepared to join the workforce when they graduate from high school, technical school or college. Better jobs and better pay are the result.
Yet, despite the proven economic benefits of investing in education, Colorado spends less than most states on its public schools.
Amendment 66 will start to reverse that. If voters approve Amendment 66, Colorado will be able to enroll thousands more children in preschool, make full-day kindergarten available to all Colorado children, and increase funding for our schools, allowing for smaller class sizes. These targeted investments will boost the performance of thousands of children across the state, especially the most disadvantaged. These gains in the classroom will translate into better jobs and better earnings later in life, helping to strengthen Colorado’s economy.
In November, Colorado voters will have the opportunity to dramatically increase our commitment to Colorado students, and in doing so lay the groundwork for a brighter economic future for students, their families and the state as a whole.
CFI urges Coloradans to follow the evidence: support our students, support our parents, support our teachers, support our businesses, and support our economy –Vote yes on 66.
To read the full report, Investing in Education Will Boost Colorado’s Economy, click here!
This report is one of three issue briefs outlining the economic benefits of Amendment 66, jointly written by the Colorado Fiscal Institute, the Colorado Center on Law and Policy and the Bell Action Network.
