The economic effect of the racial achievement gap
Our education system may be responsible for sewing the seeds of a “permanent national recession.”
Or so it is implied in a report on “The Economic Impact of the Achievement Gap in America’s Schools,” recently released by management consulting firm McKinsey & Co. As it is summarized in the ASCD SmartBrief:
The negative economic effects of poor performance by U.S. students — especially those with economic, racial or geographic disadvantages — has exceeded those of the recession. Closing such achievement gaps would increase the nation’s gross domestic product by some $3 billion to $5 billion per day, the report says.
Publicschoolinsights highlights the main takeaways from the report:
- “Race and poverty are not destiny.”
- “Investments in equity do pay off.”
- “You should worry about other people’s children, because your well-being depends on their well-being.”
See also the NYT article about the report and its implications.
In other news related to education, economics, and responsibility… The Chicago Public Schools are adding financial literacy to its high school curriculum, meaning that in addition to learning traditional math and economics (e.g., algebra, geometry, statistics), the system’s 113,000+ secondary students will also learn “to pay bills, balance a checkbook, [and] make car and mortgage payments.”
Entry filed under: etc, think. Tags: achievement gap, Chicago Public School, CPS, economic effect, economic impact, economics, education, education public policy, financial literacy, financial literacy curriculum, gross domestic product, McKinsey, permenant recession, personal financial management, personal responsibility, publicschoolinsights, race, racial achievement gap.