Commentary: WASHINGTON, D.C. – Joint Economic Committee Democrats released the first in a series of reports today on education as the foundation for economic success. The introductory report outlines the value of education in today’s economy, and where the United States falls short. Although overall educational attainment has been on the rise, many groups of Americans are being left behind in a labor market that increasingly requires more education.
“Education is a vital part to the economic success of every American, and a key aspect of a skilled, 21stcentury labor force,” said Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “Congress must close educational attainment gaps so that everyone has access to higher education, regardless of how much money their parents make or what zip code they live in. Congress also should work to create more options for students to find paths to successful careers like apprenticeships and career technical education, for those Americans who do not pursue a college degree. These are crucial goals we must meet in order to ensure that everyone is able to succeed in our labor market and have a fair shot at getting ahead.”
The report, “Education: The Foundation for Economic Success,” finds that although Americans have become steadily more educated, there are wide racial and ethnic disparities at every level of education. White adults are substantially more likely to have completed a college degree than black and Hispanic adults. Disparities also occur between rural and urban communities. Urban residents are almost twice as likely as rural residents to have a bachelor’s degree, and rural residents are also more likely to have not completed high school.
The report also finds that more education leads to lower levels of unemployment, higher levels of labor force participation, and higher incomes. Over the course of their lifetimes, a worker with a bachelor’s degree earns $920,000 more than a worker with a high school diploma, on average.
Click here to view the report.