Investment in Education: What's it worth to My Kids?

A parent listening to the public debate over whether, and how much the state should invest in education, might be tempted to ask, What's in it for me? ...or, in this case, my kids.

In his 11th edition of American Education, Joel Spring gives us an idea.

According to 2004 NCES data, the median income for men (and women) was $37,669 ($25,809)Most men who earn that amount have graduated high school and have some college. Men with advanced degrees can expect to earn about $58,362 ($39,330) compared to high school dropouts who tend to earn about $22,255 ($13,951).

Estimated Lifetime earnings for a man with a professional degree comes in at $4.8 million compared to a low of $1.1 million for the dropout. Professional women only come in at $2.9 million and $700,000 lifetime earnings for women who do not graduate high school.

Substantial investments in education benefits the individual who receives the education. But that's not why we should support it. An educated citizenry benefits the entire economy and makes Kentucky a better place to live. Schools educate future workers. Better workers increase productivity and may even create new opportunities. Economic growth pays for future investment in education while employed workers reduce the burden on the state's health care expenses.