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Education is an investment that contributes to the direct economic success of individuals, benefits the economy, and attracts and supports business, WEAC President Mary Bell said Tuesday (November 13, 2007) in testimony before the State Senate Economic Development Committee.
"Few people, if any, deny the compelling bit of common sense which suggests that a healthy and successful child will contribute more to society in the long run than will a child that fails to thrive," Bell said. "The success of public education in helping today’s children acquire the skills they need to participate in our democratic society, find gainful employment, and realize their full potential is in no small way linked to the overall prosperity of our state."
"The choice before us is rather simple: we can pay now to help children succeed, or we can pay more later." --------- Mary Bell |
Bell testified at a hearing on the topic of "Building Wisconsin's Workforce: The Link Between Education and Economic Development." The committee also heard from representatives of the business community, education foundations, and experts in educational policy.
Bell said the Federal Reserve Bank of Minneapolis recently published a series of reviews that concluded that investments in early childhood "are the most effective investments society can make in order to promote economic development – bar none." In addition, she said, economic research has consistently found that high school graduates make more than dropouts, and that college graduates make even more still.
"The choice before us is rather simple: we can pay now to help children succeed, or we can pay more later," she said. "The costs of welfare, social services, increased police protection and incarceration – which too often tragically follow unsuccessful students – are costs borne by the state."
By contrast, she noted, successful graduates overwhelmingly go on to earn higher incomes and contribute to society.
An educated citizenry also benefits a community by serving as a magnet for business, generating new jobs and raising property values, she added.
"Educational spending, then, has both primary economic effects, where individuals are hired and supplies are purchased, and secondary effects, where positive economic activity ripples throughout the economy. These findings stand in stark contrast to those who view government spending as detrimental to economic growth," Bell said.
She said the nation's "new economy" demands workers who are skilled, flexible and capable of creative and independent thought.
"In today’s economy of fast-paced change, top-down models of management are being replaced with business models that instead rely on flexibility, innovation and adaptation to rapidly changing markets. Such models depend on a well-educated and skilled workforce to be part of the decision-making process that contributes to business success."
All this suggests, Bell noted, that pundits often incorrectly view tax cuts as supportive of economic development when, in fact, investments in education more than pay for themselves.
In addition to spurring economic development, education provides opportunities for strengthening the middle class and allowing upward mobility.
"At the heart of our nation’s democratic promise is education; and equal opportunity for education is at the heart of the American Dream. The ability of every man and women to get ahead through hard work is one of the nation’s founding ideals," Bell said.
The future of our economy and society are integrally linked to great schools and a high quality system of public education, she said.
"The democratic promise of public education is perhaps the greatest economic engine of all because it taps the hopes and dreams of our people," Bell said. "The political debate before us today is clear: shall we as a state find fair and effective ways to further invest in education, or shall we continue to blunder along embracing unproven strategies for economic growth simply because of the fervor with which the ideology is delivered?"
The complete testimony (opens pdf file)
Posted November 13, 2007