Given the turmoil of the last few years, including near record income and wealth inequality, and all the derivative effects, if we truly want to build a more just, egalitarian America, we need to elevate public education to a strategic priority and resource it appropriately. With public school funding still highly imbalanced, and unemployment, under-employment, and poverty still running high, three specific areas of focus are recommended for all levels of government: further increase our focus and funding of primary grade reading programs, further increase the promotion and availability of skilled trades training programs, and reduce interest rates on all federal and state college loans.
If we are serious about wanting to significantly reduce poverty, it is essential we address the seeds of poverty which are often laid early in life. It doesn’t take a rocket scientist to know that children who don’t develop at least a reasonably good level of comfort reading by third grade are likely to struggle throughout their school years and beyond.
In 2010, Noble Prize-winning economist James Heckman said that here in America, “we have put investment in education on its head”. The greatest return on investment in education comes not from investing in college educations, but preschools. Heckman’s research found that providing stimulating educational environments to young children “when their brains are the most malleable”, provides the highest rate of return among all investments in education.
Heckman also found that investing in young children, particularly those from disadvantaged backgrounds, not only improves cognitive abilities but motivation, self-esteem, health, employment and reduced crime for decades. Given the key role early education plays in life, and the fact that most of our public schools are often under-resourced relative to the challenges they face, dare we continue to allow them to wallow below a top priority?
On a more short-term basis, a win-win opportunity exists to both reduce unemployment and under-employment and grow the economy by further ramping up skilled trades training. Many construction, industrial and service companies often struggle to fill openings because of a lack of applicants with even modest training. For too long “going to college” has been pushed onto young people, to the exclusion of other career options. For young people to discern the best way forward for themselves we must teach and inspire students about all their career options. Students need to know that careers that pay well, are secure, and that they can be proud of needn’t go through college.
With a firm belief that most people don’t want a hand-out, but a helping-hand up, we need to also expand free skilled trades training for adults. Investing in expanded skilled trades programs is a win-win opportunity because it reduces constraints on the economy, grows productivity, and enables people to build a good paying career for themselves and their family.
With respect to aiding those burdened with college debt, rather than forgive student debts, federal and state agencies can and should reduce the interest rates on student loans. While it would be nice to take the weight of these debts off the backs of students, having the federal government assume these debts would release students from taking responsibility for the choices they made, it would be a slap in the face to students and parents who paid-off student debts, and it would make everyone, including those who didn’t go to college, responsible for these debts. If, however, the interest rate on federal and state student loans were lowered from typically 2.75%-6.8%, down to just above the 10-year Treasury rate, currently at 1.65%, student loans would be substantially easier to pay off.
With our economy and tens of millions of people struggling to get their feet under them, searching for tangible means of hope, we have before us opportunities to invest in ways that pay huge dividends. Our children, many adults who are struggling, and we as a people are caulk full of potential. We need only eyes to see that potential, the courage to enable it, and the wisdom to know that we are all far better off when we lend a helping hand up. Public education, and a few strategic areas within it, are the keys to growing into the more just, egalitarian nation we know we can and ought to be.