Increasing High School Grad Rate Significantly Boosts Job Creation, Home Ownership, and Car Sales, New Alliance Study Finds
March 22, 2011 02:02 pm
Cutting the high school dropout rate in half for just one class would likely lead to billions of dollars in increased earnings, provide a boost to home and automobile sales, and create more than 50,000 new jobs nationwide, according to a ground-breaking new study released on March 22 by the Alliance for Excellent Education.
The publication, “Education and the Economy: Boosting the Nation’s Economy by Improving High School Graduation Rates,” made possible through the generous support of State Farm®, demonstrates the economic benefits the nation—as well as each state—would likely see if its number of high school dropouts was cut in half. The state-by-state and national findings include the growth in jobs, home ownership, levels of spending and investment, and car sales. This study builds on the Alliance’s previous work examining education and the economy and provides clear evidence that in an information-age economy, education is the only currency.
According to Bob Wise, Alliance president and former governor of West Virginia, these findings clearly prove that everyone benefits from improved education. “Decisions on how to close budget gaps and build a strong economy must begin with ensuring better educational outcomes for the nation’s students,” he said. “There’s been a lot of talk about how budget deficits threaten our children’s future, but the best way to cut budget deficits is to cut dropout rates,” concluded Wise.